Mark Khuri reviews up to 700 deals a year. He invests in 10. Here's his filter. from Real Estate Underground

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Ed Mathews

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Mark Khuri reviews up to 700 deals a year. He invests in 10. Here's his filter.

40 minutes Posted Sep 8, 2026 at 4:00 pm.

Cold open: "We like to see underwritten returns versus reality"

Real Estate Underground intro

Welcome Mark Khuri, SMK Capital Management

From property operator to fund-of-funds: the 2017 pivot

Going for the no: SMK's first filter on any deal

The 40-point sponsor due diligence checklist

Red flags: the people behind the deal

The exit-strategy question that reveals alignment

Why mobile home parks: the supply story

Ownership is still mom-and-pop: the value-add opportunity

Converting park-owned homes to tenant-owned

Still a darling, or getting crowded? Cap rate compression

Where SMK's deals actually come from

Questions from the Underground: the contractor who took the draws and vanished

The hardest deal Mark walked away from

"Pro forma is Latin for full of shite"

Cashflow gets you through the downturns

Final five: purpose, mentors, and the "show them 15" lesson

Who Mark reads: Jay Parsons, Marcus & Millichap, Richard Duncan

Defining success, life in Bend, Oregon, and how to find SMK

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Mark Khuri co-founded SMK Capital Management with his father, Dr. Suheil Khuri, pooling family capital informally before opening the firm's doors in 2010. They operated properties directly through 2017, then pivoted entirely to the LP side. Today SMK reviews 600 to 700 private real estate deals a year and invests in roughly 1 to 2% of them, call it 5 to 10 deals annually, across diversified funds, single-asset deals, and one-off syndications for their investor base. Ed and Mark get into the m...

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