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You walk through a 220-unit property in Plano. You can see what needs to happen — kitchens are tired, lighting is dim, the hallways look 1990s. The math in your head is obvious: a renovation cycle would lift rent, fill units faster, reduce concessions. You bring it to the regional, who brings it to the owner. Three weeks later: "we're going to wait." The disconnect isn't bad judgment. It's translation. The property manager sees an operational problem. The owner sees a line it