Executive summary
The thesis, right now
Division Street entered Q2 2026 as a substantially repositioned asset in the second full quarter of Lombard's in-house management. Occupancy, which fell to an 84.7% trough in December 2025 during the management-transition turnover wave, has been rebuilt to 98.3% with no current vacancies. Bringing management in-house lifted operating margins from ~57% to ~65%, and normalized run-rate NOI of $769,769 now sits within ~2% of the original underwriting's Year-5 target of $783,168.
This week
What moved
OPS
Occupancy holding at 98.3% — zero vacancies on the renewal roll.
NOI
Normalized run-rate NOI $769,769 — within ~2% of the Year-5 plan ($783,168).
DEBT
Investor loan at $261,955 (~30% repaid); cash sweep continues before common distributions resume.
CREDIT
Nash (6452) court date June 18 (~$17,903 reserved); Stearns (6450) eviction pending, ~end of June.
WATCH
Senior $8.3M IO at ~6.23% (2021 bridge) — refi constrained; hold extended to a Sep-2029 exit.
LEGAL
Franklin Brooks (unit 6472) — non-payment eviction in process; intake form returned to Oregon Landlord, court date set for Aug 4. Now the only material 30+ balance at Division; likely to cure via rental assistance.
Data coverage
What this record contains
leasing efficiency: completedistributions: completedelinquency: completeexpenses: completefinancials: completemanagement load: completewatchlist: complete
This page is generated from the canonical record. Dimensions marked partial/pending are honestly incomplete — not zero.
Operations
Occupancy & income
96.6%
Occupancy (latest)
$770K
NOI run-rate
—
Plan NOI
—
% of plan
Occupancy trend
Aug'25 → Jul'26 · 12 months
Income · NOI · Expense by month
IncomeNOIExpenses
Monthly operating detail
| Month | Income | NOI | Expenses | Margin |
|---|---|---|---|---|
| 2024-10 | $79,320 | $55,582 | $23,738 | 70% |
| 2024-11 | $84,678 | $65,212 | $19,466 | 77% |
| 2024-12 | $84,129 | $65,268 | $18,860 | 78% |
| 2025-01 | $88,414 | $66,647 | $21,767 | 75% |
| 2025-02 | $86,421 | $75,304 | $11,118 | 87% |
| 2025-03 | $93,676 | $71,907 | $21,769 | 77% |
| 2025-04 | $85,940 | $51,342 | $34,598 | 60% |
| 2025-05 | $93,930 | $70,129 | $23,801 | 75% |
| 2025-06 | $89,953 | $50,319 | $39,634 | 56% |
| 2025-07 | $87,713 | $63,277 | $24,437 | 72% |
| 2025-08 | $85,189 | $61,245 | $23,943 | 72% |
| 2025-09 | $86,771 | $53,939 | $32,832 | 62% |
| 2025-10 | $83,191 | $55,744 | $27,447 | 67% |
| 2025-11 | $81,213 | $59,435 | $21,778 | 73% |
| 2025-12 | $89,030 | $37,417 | $51,613 | 42% |
| 2026-01 | $87,285 | $54,844 | $32,440 | 63% |
| 2026-02 | $81,945 | $47,290 | $34,655 | 58% |
| 2026-03 | $83,142 | $51,782 | $31,360 | 62% |
| 2026-04 | $87,427 | $52,376 | $35,051 | 60% |
| 2026-05 | $90,811 | $61,060 | $29,751 | 67% |
| 2026-06 | $88,964 | $45,623 | $43,341 | 51% |
Rent roll
Current rent roll · as of 2026-06
58/62
Occupied (93.5%)
$85K
In-place rent / mo
$1,459
Avg in-place rent
$276
Loss-to-lease (0.3%)
Note: this export populates Market Rent on only a few units, so loss-to-lease is understated. A comps feed or filled market-rent column is needed for a true LTL read.
Rollover risk
Lease-expiration schedule
Concentration of lease maturities is the rollover risk. Month-to-month tenants can be repriced now; clustered expirations are where re-leasing effort (and vacancy exposure) concentrates.
2026-03
$6K/mo
2026-07
$3K/mo
2026-08
$1K/mo
2026-09
$3K/mo
2026-10
$5K/mo
2026-11
$2K/mo
2026-12
$4K/mo
2027-01
$3K/mo
2027-03
$7K/mo
2027-04
$8K/mo
2027-05
$5K/mo
2027-06
$2K/mo
2027-07
$3K/mo
2027-09
$1K/mo
MTM / none
$32K/mo
Detail
Unit-by-unit
Rent roll · 62 units
| Unit | BD/BA | Sqft | Resident | Market | Actual | LTL | Lease to |
|---|---|---|---|---|---|---|---|
| 100 | 1/1.00 | 727 | Gerald Doss | — | $1,542 | — | 2027-03 |
| 101 | 2/2.00 | 948 | Crystal N. Perry | $1,595 | $1,795 | -$200 | 2026-12 |
| 102 | 3/2.00 | 1094 | Alyssa Humann | — | $2,095 | — | 2026-10 |
| 200 | 1/1.00 | 727 | Vincent Lopez | — | $1,680 | — | 2027-07 |
| 201 | 2/2.00 | 948 | Kayla Rumpp | — | $1,750 | — | 2027-06 |
| 202 | 3/2.00 | 1094 | Tiffany Allen | — | $1,900 | — | MTM |
| 300 | 1/1.00 | 727 | Maxx C. McKernan | $1,595 | $1,595 | $0 | 2027-05 |
| 301 | 2/2.00 | 948 | Katie McKinney | — | $1,873 | — | 2026-09 |
| 302 | 3/2.00 | 1094 | Anna Jensen | — | $2,095 | — | 2026-07 |
| 9 Units | — | VACANT | — | — | — | MTM | |
| 1 | 1/1.00 | 709 | Monique Dock | — | $1,386 | — | 2026-03 |
| 2 | 1/1.00 | 709 | Brent Arnold | — | $1,309 | — | 2027-09 |
| 3 | 2/1.00 | 862 | Oren S. Libbus | $1,449 | $1,449 | $0 | 2027-04 |
| 4 | 2/1.00 | 793 | David Estrin | — | $1,353 | — | 2026-07 |
| 5 | 1/1.00 | 683 | Julianna Hood | — | $1,214 | — | MTM |
| 6 | 1/1.00 | 637 | Curtis Drumm | — | $1,252 | — | MTM |
| 7 | 1/1.00 | 709 | Zenna R. Marr | $1,495 | $1,295 | $200 | 2027-01 |
| 8 | 1/1.00 | 709 | Sonia Garcia | — | $1,259 | — | MTM |
| 9 | 2/1.00 | 862 | John Crawford | $1,449 | $1,400 | $49 | 2026-10 |
| 10 | 2/1.00 | 793 | Hazel Carnahan | — | $1,508 | — | 2026-03 |
| 11 | 1/1.00 | 683 | Dennis Busz | — | $1,042 | — | MTM |
| 12 | 1/1.00 | 636 | Merilyn Gottlieb | — | $1,045 | — | MTM |
| 12 Units | — | VACANT | — | — | — | MTM | |
| 6400 | 2/1.00 | 874 | Sarahi Allungua | — | $1,434 | — | 2027-05 |
| 6402 | 2/1.00 | 874 | Angel J. Camacho | — | $1,715 | — | 2026-12 |
| 6404 | 2/1.00 | 913 | Mojo Mustapha | — | $1,224 | — | MTM |
| 6406 | 2/1.00 | 913 | Rebecca Murphy | — | $1,600 | — | MTM |
| 6408 | 2/1.00 | 941 | Bryce Logan | — | $1,542 | — | MTM |
| 6410 | 2/1.00 | 941 | Jaquelyn Doty | — | $1,088 | — | MTM |
| 6412-A | 2/1.00 | 950 | Caroline McBride | — | $1,534 | — | 2026-09 |
| 6414 | 2/1.00 | 950 | Alexander Beck | — | $1,650 | — | 2027-04 |
| 6416 | 2/1.00 | 866 | Garret L. Knauss | $1,449 | $1,449 | $0 | 2027-03 |
| 6418 | 2/1.00 | 866 | Blair N. Schreiner | $1,449 | $1,449 | $0 | 2027-04 |
| 6420 | 2/1.00 | 866 | Dustin Sturges | — | $1,608 | — | 2027-03 |
| 6422 | 2/1.00 | 866 | William Gregg | — | $1,525 | — | 2027-05 |
| 6424 | 1/1.00 | 755 | Valorie Blaser | — | $1,125 | — | MTM |
| 6426 | 2/2.00 | 976 | Jill Gibson | $1,650 | $1,595 | $55 | 2026-11 |
| 6428 | 2/1.00 | 857 | Josefina Sanchez-Rosas | — | $1,290 | — | MTM |
| 6430 | 2/1.00 | 857 | Maria Lopez-Hernandez | — | $1,610 | — | MTM |
| 6432 | 2/1.00 | 853 | Ben Robledo | — | $1,217 | — | MTM |
| 6434 | 2/1.00 | 853 | Mzakilu Kamdyanko | — | $1,434 | — | MTM |
| 6436 | 2/1.00 | 874 | Aevia Trainor | — | $1,434 | — | 2026-03 |
| 6438 | 2/1.00 | 874 | Steve Turner | — | $1,180 | — | MTM |
| 6440 | 3/2.00 | 1144 | Sara M. Nisenfeld | $1,895 | $1,918 | -$23 | 2027-01 |
| 6442 | 3/2.00 | 1144 | Heather Doty | — | $1,505 | — | 2027-07 |
| 6444 | 3/2.00 | 1120 | Sheila Saray | — | $1,841 | — | 2026-03 |
| 6446 | 3/2.00 | 1144 | Courtney B. Olsen | $1,895 | $1,800 | $95 | 2027-04 |
| 6450 | 1/1.00 | 594 | Robert Stearns | — | $1,441 | — | MTM |
| 6452 | 1/1.00 | 594 | Carlos Nash | — | $1,200 | — | MTM |
| 6454 | 1/1.00 | 594 | Makayla Wilson | — | $1,296 | — | 2026-08 |
| 6456 | 1/1.00 | 594 | Laura Rhude | — | $1,300 | — | MTM |
| 6458 | 0/1.00 | 474 | Jesse C. Zickel | $1,195 | $1,195 | $0 | 2027-03 |
| 6460 | 1/1.00 | 594 | VACANT | $1,295 | — | — | MTM |
| 6462 | 1/1.00 | 573 | Michael Zayechek | — | $1,576 | — | MTM |
| 6464 | 1/1.00 | 765 | Erik Koski | — | $1,350 | — | 2026-10 |
| 6466 | 1/1.00 | 755 | Matthew Burton | — | $1,295 | — | MTM |
| 6468 | 1/1.00 | 707 | Alayna K. Lagrew | $1,395 | $1,295 | $100 | 2027-03 |
| 6470 | 1/1.00 | 707 | Alisha Johnson | — | $1,377 | — | MTM |
| 6472 | 1/1.00 | 571 | Franklin D. Brooks | $1,195 | $1,195 | $0 | 2027-04 |
| 6474 | 1/1.00 | 571 | Brian Hampton | — | $1,200 | — | MTM |
| 6476 | 1/1.00 | 571 | David Roth | — | $1,275 | — | MTM |
| 38 Units | — | VACANT | — | — | — | MTM |
Financials
Operating performance · 2024-10 → 2026-06 (21mo)
$629K
NOI run-rate
58.9%
NOI margin
-20%
vs plan
$7,129
Opex / unit
NOI over time
NOI margin % over time
Year over year
| Year | Income | NOI | Margin | Opex |
|---|---|---|---|---|
| 2024 (3mo) | $248,127 | $186,062 | 75% | $62,064 |
| 2025 | $1,051,441 | $716,705 | 68% | $334,737 |
| 2026 (6mo) | $519,574 | $312,975 | 60% | $206,598 |
Expense analysis
Where the money goes
$400K
Total opex / yr
$6,774
Opex / unit
37.4%
Opex ratio
31.0%
Non-controllable
Operating expense by category · annualized run-rate, % of EGI ■ controllable ■ fixed (tax/insurance)
$115,358
10.8% EGI
$78,285
7.3% EGI
$73,439
6.9% EGI
$43,606
4.1% EGI
$36,000
3.4% EGI
$21,026
2.0% EGI
$14,428
1.4% EGI
$8,451
0.8% EGI
$5,004
0.5% EGI
$4,060
0.4% EGI
Anomalies to research
rising
Administrative
Administrative up 85% (recent vs earlier) — 13.1% of opex, ~$45,192/yr.
rising
Taxes
Taxes up 100% (recent vs earlier) — 12.7% of opex, ~$43,946/yr.
rising
Insurance
Insurance up 275% (recent vs earlier) — 1.6% of opex, ~$5,438/yr.
rising
Turnover
Turnover up 204% (recent vs earlier) — 0.9% of opex, ~$2,957/yr.
spike
Utilities
Utilities spiked to $18,289 in 2025-12 (~2.8x typical) — confirm one-time vs recurring.
spike
Administrative
Administrative spiked to $15,690 in 2025-09 (~9.0x typical) — confirm one-time vs recurring.
spike
Other
Other spiked to $9,696 in 2025-04 (~8.1x typical) — confirm one-time vs recurring.
spike
Insurance
Insurance spiked to $2,851 in 2026-01 (~4.0x typical) — confirm one-time vs recurring.
spike
Turnover
Turnover spiked to $3,893 in 2025-11 (~9.3x typical) — confirm one-time vs recurring.
Rising = recent months vs earlier; spike = worst month ÷ typical. One-time acquisition/financing costs are stripped to NOI automatically.
Leasing efficiency
Pricing power & velocity
Market trade-out
+2.4%
15 re-leases
Renewal increase
+2.9%
32 renewals
Value-add reno lift
+39.4%
2 renovated turns
Time to lease
33.5d
median · 12 turns
Time-to-lease is measured on Lombard's tenure only (takeover 2025-12-15). A unit that was already vacant when we took over is charged only the days from takeover to move-in; leases executed before takeover are excluded. This keeps inherited vacancy off our metric. Median 33.5d, average 52.7d across 12 market re-leases.
Trade-out = rent change re-leasing to a new resident; renewal = same-resident step-up; reno lift = outsized jump after a value-add turn. Together they separate market signal from manager pricing power from renovation premium.
Time-to-lease · detail
Actual days vacant, unit by unit
85d
Avg market re-lease (dated turns)
20/21
Turns with real move-out→move-in dates
19
Market trade-outs
Every market turn · days vacant = new resident move-in − prior resident move-out · newest first
| Unit | Re-leased | Prior move-out | New move-in | Days vacant | Basis | Type |
|---|---|---|---|---|---|---|
| 6460 | 2026-07 | 2026-04-17 | 2026-07-01 | 75d | actual | value-add reno |
| 300 | 2026-06 | 2026-05-09 | 2026-06-01 | 23d | actual | trade-out |
| 6418 | 2026-05 | 2025-10-31 | 2026-04-04 | 155d | actual | trade-out |
| 6446 | 2026-05 | 2026-02-10 | 2026-05-01 | 80d | actual | trade-out |
| 6472 | 2026-05 | 2026-03-13 | 2026-04-22 | 40d | actual | trade-out |
| 3 | 2026-05 | 2025-10-10 | 2026-04-17 | 189d | actual | trade-out |
| 6468 | 2026-04 | 2025-07-15 | 2026-03-05 | 233d | actual | trade-out |
| 6416 | 2026-04 | 2025-07-23 | 2026-03-28 | 248d | actual | value-add reno |
| 6458 | 2026-04 | 2025-12-01 | 2026-04-01 | 121d | actual | trade-out |
| 6440 | 2026-02 | 2025-12-01 | 2026-01-09 | 39d | actual | trade-out |
| 202 | 2026-02 | 2026-01-23 | 2026-02-01 | 9d | actual | trade-out |
| 7 | 2026-02 | 2025-06-30 | 2026-01-11 | 195d | actual | trade-out |
| 101 | 2026-01 | 2025-09-15 | 2025-12-19 | 95d | actual | trade-out |
| 6402 | 2026-01 | 2025-11-30 | 2025-12-19 | 19d | actual | trade-out |
| 6464 | 2025-12 | not recorded | ~2025-12-01 | 182d | est. | trade-out |
| 6426 | 2025-12 | 2025-10-05 | 2025-11-02 | 28d | actual | trade-out |
| 102 | 2025-11 | 2025-08-31 | 2025-10-19 | 49d | actual | trade-out |
| 302 | 2025-08 | 2025-05-31 | 2025-07-25 | 55d | actual | trade-out · prior mgr |
| 201 | 2025-07 | 2025-04-20 | 2025-06-06 | 47d | actual | trade-out · prior mgr |
| 6414 | 2025-05 | 2025-02-28 | 2025-04-04 | 35d | actual | trade-out · prior mgr |
| 6472 | 2025-04 | 2024-11-10 | 2025-03-14 | 124d | actual | trade-out · prior mgr |
"Actual" rows use recorded move-out and move-in dates from the rent rolls; "est." rows fall back to the monthly-snapshot gap where a clean date pair is missing (which over-counts). Renovation turns are listed but excluded from the headline market time-to-lease; phantom same-lease name-changes are dropped upstream.
Rent growth · repricing impact
Trade-outs & renewals — what repricing is capturing
Trade-out rent impact
+$420/mo
15 re-leases · avg +2.4% · +$5,040/yr
Renewal rent impact
+$1,222/mo
32 renewals · avg +2.9% · +$14,664/yr
Reno turn impact
+$775/mo
2 renovated · avg +39.4%
Combined repricing
+$2,417/mo
current-manager era · +$29,004/yr annualized
Trade-out impact = monthly rent gained (or lost) re-leasing vacated units to new residents; renewal impact = rent captured stepping up in-place residents who stayed. Together they show whether the current manager is growing scheduled rent — and through which lever. Figures are for the current-manager era.
$1,389→$1,456
Avg in-place rent (2024-10→2026-07)
+4.8%
In-place rent growth
+2.4%
Avg trade-out (15)
+2.9%
Avg renewal (32)
Average in-place vs market rent by month
2024-10 → 2026-07 · solid = in-place, dashed = market asking
In-place rentMarket asking
Every repricing event · dated · trade-outs, renewals & reno turns · newest first
| Month | Unit | Prior rent | New rent | Δ $/mo | Δ % | Type |
|---|---|---|---|---|---|---|
| 2026-07 | 201 | $1,750 | $1,800 | +$50 | +2.9% | renewal |
| 2026-07 | 6460 | $934 | $1,295 | +$361 | +38.7% | value-add reno |
| 2026-07 | 6410 | $1,088 | $1,190 | +$102 | +9.4% | renewal |
| 2026-06 | 6400 | $1,334 | $1,434 | +$100 | +7.5% | renewal |
| 2026-06 | 6422 | $1,450 | $1,525 | +$75 | +5.2% | renewal |
| 2026-06 | 2 | $1,259 | $1,309 | +$50 | +4% | renewal |
| 2026-06 | 300 | $1,613 | $1,595 | -$18 | -1.1% | trade-out |
| 2026-06 | 200 | $1,595 | $1,680 | +$85 | +5.3% | renewal |
| 2026-05 | 6418 | $1,480 | $1,449 | -$31 | -2.1% | trade-out |
| 2026-05 | 6414 | $1,600 | $1,650 | +$50 | +3.1% | renewal |
| 2026-05 | 6446 | $1,860 | $1,800 | -$60 | -3.2% | trade-out |
| 2026-05 | 6472 | $1,095 | $1,195 | +$100 | +9.1% | trade-out |
| 2026-05 | 6 | $1,144 | $1,252 | +$108 | +9.4% | renewal |
| 2026-05 | 6454 | $1,234 | $1,296 | +$62 | +5% | renewal |
| 2026-05 | 3 | $1,469 | $1,449 | -$20 | -1.4% | trade-out |
| 2026-04 | 6468 | $1,219 | $1,295 | +$76 | +6.2% | trade-out |
| 2026-04 | 100 | $1,431 | $1,542 | +$111 | +7.8% | renewal |
| 2026-04 | 6420 | $1,558 | $1,608 | +$50 | +3.2% | renewal |
| 2026-04 | 6470 | $1,258 | $1,377 | +$119 | +9.5% | renewal |
| 2026-04 | 1 | $1,336 | $1,386 | +$50 | +3.7% | renewal |
| 2026-04 | 6444 | $1,791 | $1,841 | +$50 | +2.8% | renewal |
| 2026-04 | 6416 | $1,035 | $1,449 | +$414 | +40% | value-add reno |
| 2026-04 | 10 | $1,458 | $1,508 | +$50 | +3.4% | renewal |
| 2026-04 | 6458 | $1,100 | $1,195 | +$95 | +8.6% | trade-out |
| 2026-02 | 6440 | $1,739 | $1,918 | +$179 | +10.3% | trade-out |
| 2026-02 | 202 | $1,984 | $1,900 | -$84 | -4.2% | trade-out |
| 2026-02 | 6464 | $1,100 | $1,350 | +$250 | +22.7% | renewal |
| 2026-02 | 7 | $1,234 | $1,295 | +$61 | +4.9% | trade-out |
| 2026-01 | 101 | $1,895 | $1,795 | -$100 | -5.3% | trade-out |
| 2026-01 | 6402 | $1,600 | $1,715 | +$115 | +7.2% | trade-out |
| 2025-12 | 301 | $1,819 | $1,873 | +$54 | +3% | renewal |
| 2025-12 | 6414 | $1,600 | $1,600 | +$0 | 0% | renewal |
| 2025-12 | 6400 | $1,334 | $1,334 | +$0 | 0% | renewal |
| 2025-12 | 6474 | $1,315 | $1,200 | -$115 | -8.7% | renewal |
| 2025-12 | 9 | $1,400 | $1,400 | +$0 | 0% | renewal |
| 2025-12 | 6422 | $1,470 | $1,450 | -$20 | -1.4% | renewal |
| 2025-12 | 201 | $1,750 | $1,750 | +$0 | 0% | renewal |
| 2025-12 | 12 | $1,125 | $1,045 | -$80 | -7.1% | renewal |
| 2025-12 | 4 | $1,353 | $1,353 | +$0 | 0% | renewal |
| 2025-12 | 6420 | $1,558 | $1,558 | +$0 | 0% | renewal |
| 2025-12 | 6462 | $1,567 | $1,576 | +$9 | +0.6% | renewal |
| 2025-12 | 6464 | $1,289 | $1,350 | +$61 | +4.7% | trade-out |
| 2025-12 | 6454 | $1,295 | $1,234 | -$61 | -4.7% | renewal |
| 2025-12 | 6412-A | $1,534 | $1,534 | +$0 | 0% | renewal |
| 2025-12 | 6470 | $1,150 | $1,258 | +$108 | +9.4% | renewal |
| 2025-12 | 6408 | $1,577 | $1,542 | -$35 | -2.2% | renewal |
| 2025-12 | 200 | $1,595 | $1,595 | +$0 | 0% | renewal |
| 2025-12 | 6426 | $1,610 | $1,595 | -$15 | -0.9% | trade-out |
| 2025-11 | 102 | $2,034 | $2,095 | +$61 | +3% | trade-out |
| 2025-09 | 6470 | $1,258 | $1,150 | -$108 | -8.6% | renewal · prior mgr |
| 2025-08 | 302 | $2,370 | $2,095 | -$275 | -11.6% | trade-out · prior mgr |
| 2025-08 | 4 | $1,314 | $1,353 | +$39 | +3% | renewal · prior mgr |
| 2025-07 | 201 | $1,639 | $1,800 | +$161 | +9.8% | trade-out · prior mgr |
| 2025-06 | 6 | $1,040 | $1,144 | +$104 | +10% | renewal · prior mgr |
| 2025-05 | 302 | $2,195 | $2,370 | +$175 | +8% | renewal · prior mgr |
| 2025-05 | 6414 | $1,534 | $1,650 | +$116 | +7.6% | trade-out · prior mgr |
| 2025-05 | 6450 | $1,310 | $1,441 | +$131 | +10% | renewal · prior mgr |
| 2025-05 | 6462 | $1,425 | $1,567 | +$142 | +10% | renewal · prior mgr |
| 2025-05 | 6476 | $1,231 | $1,275 | +$44 | +3.6% | renewal · prior mgr |
| 2025-04 | 6472 | $1,102 | $1,095 | -$7 | -0.6% | trade-out · prior mgr |
| 2025-04 | 6420 | $1,484 | $1,558 | +$74 | +5% | renewal · prior mgr |
| 2025-04 | 6436 | $1,431 | $1,502 | +$71 | +5% | renewal · prior mgr |
| 2025-04 | 1 | $1,273 | $1,336 | +$63 | +4.9% | renewal · prior mgr |
| 2025-04 | 300 | $1,480 | $1,613 | +$133 | +9% | renewal · prior mgr |
| 2025-04 | 6444 | $1,739 | $1,791 | +$52 | +3% | renewal · prior mgr |
| 2025-04 | 10 | $1,389 | $1,458 | +$69 | +5% | renewal · prior mgr |
Performance trends · since inception
Occupancy, rent & turnover across the hold
Physical occupancy (avg)
93.7%
Latest 96.6%
Economic occupancy (avg)
89.2%
In-place ÷ market
Avg in-place rent
$1,424
$1389 → $1456 (+4.8%)
Avg loss-to-lease
$9,567
per month · gross potential − in-place
Lease turns · time-to-lease
21 · 93d
median 65d · 20 date-verified
Avg trade-out
+2.2%
new-lease rent change
Charts and read-through load when this tab is opened.
Physical occupancy over time · occupied ÷ 59 units
In-place vs market (asking) rent
Economic occupancy & loss-to-lease
Not computable for this asset
This property's rent-roll export publishes a market (asking) rent only for vacant units — 23% coverage on occupied units. Gross potential rent therefore can't be measured, so economic occupancy and loss-to-lease are suppressed rather than shown as a misleading figure. Ask the manager to publish market rent on occupied units and this populates automatically.Average in-place rent by floorplan
Turnover — days vacant & trade-out % per lease · bars colored by speed; line = trade-out %
Debt & coverage
Debt-service coverage
1.19x
DSCR
$527K
Debt service / yr
$101K
Leveraged CF / yr
59%
LTV
Loans · 1 facility · IO uses interest, amortizing estimates P&I on 30yr
| Lender | Balance | Rate | Structure | Debt svc/yr | Maturity |
|---|---|---|---|---|---|
| CMBS - Trimont Servicing | $8.30M | 6.35% | IO | $527K | 2029-09-15 |
Leveraged cash flow by month · NOI minus debt service (≈$44K/mo)
Green = cash to equity that month, red = shortfall covered by reserves/equity.
Valuation & equity
Valuation & returns engine
Two engines: a mark-to-market of investor equity right now (choose the NOI basis and cap rate), and a go-forward projected net IRR to the LP through a full waterfall (senior debt → senior pref → LP capital + preferred return → GP promote). All inputs are live — dial them and the numbers recompute. Marks are model-implied, not appraisals.
Distributions & capital
Cash to & from partners
paused
Status
$219K
Distributed to date
6%
Cash-on-cash
0
Capital calls
Distribution history
| Period | Amount |
|---|---|
| 2021-12-31 | $59,904 |
| 2022-03-31 | $31,538 |
| 2022-06-30 | $20,628 |
| 2022-09-30 | $23,360 |
| 2023-03-31 | $58,928 |
| 2023-07-05 | $25,000 |
The partnership made 15 distributions to common (Dec 2021–Mar 2023), then paused. Under the cash-sweep, free cash flow retires the $375K investor loan before common distributions resume. This — not an operating shortfall — is the single reason no distribution has been made since March 2023.
Risk & action items
What needs attention
Open watch list · 1 item · as of 2026-07-17
| Priority | Theme | Item | Owner | Next step | $ impact | Raised |
|---|---|---|---|---|---|---|
| Medium | Legal | Franklin Brooks (unit 6472) — non-payment eviction in process; intake form returned to Oregon Landlord, court date set for Aug 4. Now the only material 30+ balance at Division; likely to cure via rental assistance. | Lombard PM | Proceed to the 8/4 hearing; pursue the rental-assistance cure in parallel. | — | 2026-07-10 |
Source: Notion — Property Issues & Conversations Tracker + Outlook sweep. Each item carries a named owner and a next step; nothing sits here without one.
Hardened 30+ delinquency · as of 2026-07-17
Hardened (resident-owed, net of housing-authority subsidy and the 0–30 timing bucket) is $107. ▲ $5,911 (41.9%) since 2026-01
Real-time adjustment · 2026-07-17: Real-time since the June month-end file: Nash (6452) evicted and gone, balance written off; Murphy (6406) paid her entire balance this week. Remaining 30+ is effectively just Franklin Brooks (6472), who is in the eviction process with an Aug 4 court date and is likely to cure through rental assistance. (Nash, Carlos — Evicted and vacated — balance written off; Murphy, Rebecca — Paid entire balance in full this week)
0–30 balances are excluded as payment-timing noise; the trend on hardened is the real credit signal. Month-end trend line predates the adjustment above.
| Unit | Resident | Hardened 30+ | Subsidy | Note |
|---|---|---|---|---|
| 6440 | Nisenfeld, Sara M. | $94 | — | 06/09/2026, Issued Balance Due for $196.36. Pay by 06/30/2026. |
| 6472 | Brooks, Franklin D. | $13 | — | 06/09/2026, 10-Day Notice served on 06/09/2026. Pay by 06/24/2026. |
watch
DEBT
Senior $8.3M IO at ~6.23% (~$43,921/mo), 2021 bridge vintage; current rates constrain refinance — the core reason the hold was extended.
watch
TIMING
Now targeting a Sep-2029 exit; value highly sensitive to terminal cap (5.5% → 1.82x / 8.06%; 6.0% stress → 1.56x / 5.93%).
info
DISTRIBUTIONS
Common distributions paused since Mar 2023 pending $375K investor-loan payoff (~30% retired).
monitor
CREDIT
Two inherited delinquencies/evictions still working through the courts.