Isn't this circular? How do you define "institutional"? Is it based on number of units and/or the use of a corporate structure? Nobody is stupid enough to own

Isn't this circular? How do you define "institutional"? Is it based on number of units and/or the use of a corporate structure? Nobody is stupid enough to own an apartment complex in their own personal name without the protections of some kind of corporate structure. If that and/or a number of units owned that is lower than the size of an apartment complex are part of the definition of "institutional investor," the definition is circular.