But for the umpteeth time, my issue is that a 20% IRR assumption for RE is reasonable. If you can find a US historical data set (or even a residential RE PE fund with a track record) which claims to have a 20% IRR assumption and I'll change my mind. But there isn't.
Cherry picking "ohh I have experienced 20% returns" or "poster XYZ has made 20% returns" doesn't mean that the 20% return assumption, going forward, is reasonable.