Gary, Indiana is a severely distressed post-industrial Tier C market with limited private investability due to steep population decline and public safety challenges; targeted industrial/logistics redevelopment along highway and rail corridors is the primary opportunity.

Pinellas County is a Tier B, densely built coastal market where redevelopment and infill drive investability; opportunities include workforce multifamily and adaptive reuse, while climate exposure and rising insurance costs are primary risks.

Retirement-anchored coastal market with selective investability; operators can deploy capital in workforce multifamily and medical-adjacent retail. Structural insurance risk and a thin labor base constrain broader diversification.