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Lombard Equities · GP Asset Review
General Partner · Internal — deep asset review

Glen Ellen Apartments

1305 E Denny Way, Capitol Hill, Seattle, WA 98122
30 unitsNWCREI (Northwest Commercial Real Estate Investments)value-add reposition (renovation-driven turnover + RUBS + capital)
$5.93M
Total capitalization
bridge $3.75M + common equity $2.18M
93.3%
Occupancy (Jun 2026)
2 vacant of 30; as of Jul'26
$40,675/mo
In-place scheduled rent
+67% vs Oct-24 trough
$190K
NOI run-rate (FY26 annualized, adj.)
vs ~$410K reconstructed UW stabilized
$25,000
Distributions to date
Feb-26 $10K + May-26 $15K
Executive summary

The thesis, right now

22 months into a value-add reposition. ~23 of 30 units turned with renovated re-leases at +21-28%; in-place rent +67% off the trough; occupancy recovered to 90% (100% peak Mar-26). Rents have reached the underwritten plan where renovated; the NOI gap to plan is expense-driven, not rent-driven - actual opex ~1.9x underwriting, concentrated in insurance (structural), an elevated affiliated property-management fee stack (~13% of EGI), and turn/maintenance (partly capital miscoded). Work orders reveal chronic electrical (patched not fixed) and plumbing waste-stack failures.

This week

What moved

GL forensics

~$315K of 2025-26 capital carries no CAPITALIZE tag - reclass review needed; part of 'expense overage' is capital in disguise

Operations

Electrical being patched not fixed - chronic outages persist despite $58K Moss Bay upgrade (reversed at year-end)

Verification

3 items flagged: Moss Bay $58K reversal, Coe/Visse partnership costs, interest payee (related-party?)

Data coverage

What this record contains

rent roll: completefinancials noi: completedebt: completevaluation: partialdistributions: completedelinquency: partialwork orders: completegl forensics: partialleasing efficiency: completefinancials: completeexpenses: completemanagement load: complete

This page is generated from the canonical record. Dimensions marked partial/pending are honestly incomplete — not zero.

Operations

Occupancy & income

93.3%
Occupancy (latest)
$190K
NOI run-rate
$410K
Plan NOI
46%
% of plan
Occupancy trend
Aug'25 → Jul'26 · 12 months
Income · NOI · Expense by month
IncomeNOIExpenses
2024-08 Income: $27,1562024-08 NOI: $1,6572024-08 Expenses: $25,4992024-09 Income: $31,7322024-09 NOI: $25,7312024-09 Expenses: $6,0012024-10 Income: $27,8742024-10 NOI: $14,0592024-10 Expenses: $13,8142024-11 Income: $28,4242024-11 NOI: $13,6132024-11 Expenses: $14,8112024-12 Income: $32,1122024-12 NOI: -$3242024-12 Expenses: $32,4362025-01 Income: $49,6302025-01 NOI: $26,0412025-01 Expenses: $23,5892025-02 Income: $17,6572025-02 NOI: -$9,2582025-02 Expenses: $26,9142025-03 Income: $38,0502025-03 NOI: $14,6652025-03 Expenses: $23,3852025-04 Income: $35,9222025-04 NOI: $6,5962025-04 Expenses: $29,3262025-05 Income: $33,0202025-05 NOI: $7482025-05 Expenses: $32,2712025-06 Income: $28,4782025-06 NOI: -$18,3572025-06 Expenses: $46,8352025-07 Income: $36,9162025-07 NOI: -$10,7892025-07 Expenses: $47,7052025-08 Income: $40,6132025-08 NOI: $11,5422025-08 Expenses: $29,0712025-09 Income: $31,7622025-09 NOI: -$11,7232025-09 Expenses: $43,4862025-10 Income: $50,6802025-10 NOI: $3,5982025-10 Expenses: $47,0822025-11 Income: $42,4922025-11 NOI: $20,2372025-11 Expenses: $22,2552025-12 Income: $54,3912025-12 NOI: $68,2642025-12 Expenses: -$13,8742026-01 Income: $34,5012026-01 NOI: $12,6602026-01 Expenses: $21,8402026-02 Income: $46,6692026-02 NOI: $21,8462026-02 Expenses: $24,8232026-03 Income: $44,6752026-03 NOI: $17,9172026-03 Expenses: $26,7592026-04 Income: $53,0252026-04 NOI: $25,4142026-04 Expenses: $27,6122026-05 Income: $34,7452026-05 NOI: -$6442026-05 Expenses: $35,3882026-06 Income: $33,1922026-06 NOI: $12,3692026-06 Expenses: $20,824
Monthly operating detail
MonthIncomeNOIExpensesMargin
2024-08$27,156$1,657$25,4996%
2024-09$31,732$25,731$6,00181%
2024-10$27,874$14,059$13,81450%
2024-11$28,424$13,613$14,81148%
2024-12$32,112-$324$32,436-1%
2025-01$49,630$26,041$23,58952%
2025-02$17,657-$9,258$26,914-52%
2025-03$38,050$14,665$23,38539%
2025-04$35,922$6,596$29,32618%
2025-05$33,020$748$32,2712%
2025-06$28,478-$18,357$46,835-64%
2025-07$36,916-$10,789$47,705-29%
2025-08$40,613$11,542$29,07128%
2025-09$31,762-$11,723$43,486-37%
2025-10$50,680$3,598$47,0827%
2025-11$42,492$20,237$22,25548%
2025-12$54,391$68,264-$13,874126%
2026-01$34,501$12,660$21,84037%
2026-02$46,669$21,846$24,82347%
2026-03$44,675$17,917$26,75940%
2026-04$53,025$25,414$27,61248%
2026-05$34,745-$644$35,388-2%
2026-06$33,192$12,369$20,82437%
Rent roll

Unit-level rent roll

Current rent-roll module not attached for this asset. Run rent_roll_parse.py on the latest month and pass the modules dir.

Financials

Operating performance · 2024-08 → 2026-06 (23mo)

$148K
NOI run-rate
35.6%
NOI margin
-64%
vs plan
$11,045
Opex / unit
NOI over time
NOI margin % over time
Year over year
YearIncomeNOIMarginOpex
2024 (5mo)$147,298$54,73637%$92,561
2025$459,611$101,56422%$358,045
2026 (6mo)$246,807$89,56236%$157,246
Expense analysis

Where the money goes

$316K
Total opex / yr
$10,545
Opex / unit
75.9%
Opex ratio
31.6%
Non-controllable
Operating expense by category · annualized run-rate, % of EGI   ■ controllable   ■ fixed (tax/insurance)
Taxes
$58,421
14.0% EGI
Utilities
$56,450
13.5% EGI
Repairs & Maintenance
$48,851
11.7% EGI
Insurance
$41,682
10.0% EGI
Other
$31,588
7.6% EGI
Marketing
$26,825
6.4% EGI
Administrative
$25,037
6.0% EGI
Management
$22,830
5.5% EGI
Turnover
$4,663
1.1% EGI
Anomalies to research
rising

Other

Other up 49% (recent vs earlier) — 11.2% of opex, ~$35,616/yr.

rising

Management

Management up 33% (recent vs earlier) — 7.1% of opex, ~$22,502/yr.

spike

Taxes

Taxes spiked to $25,499 in 2024-08 (~5.2x typical) — confirm one-time vs recurring.

spike

Repairs & Maintenance

Repairs & Maintenance spiked to $19,959 in 2025-09 (~4.9x typical) — confirm one-time vs recurring.

spike

Insurance

Insurance spiked to $20,666 in 2024-12 (~5.9x typical) — confirm one-time vs recurring.

spike

Other

Other spiked to $7,185 in 2026-05 (~2.7x typical) — confirm one-time vs recurring.

spike

Administrative

Administrative spiked to $8,734 in 2025-05 (~4.2x 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
+6%
16 re-leases
Renewal increase
+9.7%
17 renewals
Value-add reno lift
+26.2%
8 renovated turns
Time to lease
64d
median · 16 turns
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

104d
Avg market re-lease (dated turns)
24/24
Turns with real move-out→move-in dates
16
Market trade-outs
Every market turn · days vacant = new resident move-in − prior resident move-out · newest first
UnitRe-leasedPrior move-outNew move-inDays vacantBasisType
306 2026-07 2026-04-28 2026-06-05 38d actual trade-out
210 2026-05 2026-03-04 2026-04-30 57d actual trade-out
100 2026-03 2025-05-01 2026-02-22 297d actual trade-out
107 2026-02 2025-06-30 2026-01-08 192d actual trade-out
302 2026-01 2025-09-30 2025-12-03 64d actual trade-out
202 2025-11 2025-08-30 2025-10-02 33d actual trade-out
110 2025-11 2025-08-29 2025-10-12 44d actual trade-out
109 2025-10 2025-07-31 2025-09-07 38d actual trade-out
302 2025-09 2025-03-31 2025-08-29 151d actual trade-out
206 2025-09 2025-04-30 2025-08-03 95d actual value-add reno
303 2025-09 2025-02-28 2025-09-01 185d actual value-add reno
205 2025-09 2025-06-13 2025-08-12 60d actual trade-out
106 2025-09 2025-04-30 2025-08-17 109d actual value-add reno
209 2025-08 2025-04-30 2025-07-06 67d actual value-add reno
304 2025-07 2025-02-28 2025-06-09 101d actual trade-out
210 2025-07 2025-04-07 2025-06-13 67d actual value-add reno
207 2025-06 2024-11-30 2025-05-05 156d actual value-add reno
101 2025-06 2024-09-21 2025-05-05 226d actual trade-out
306 2025-06 2025-02-28 2025-05-03 64d actual trade-out
201 2025-05 2025-02-13 2025-05-01 77d actual value-add reno
204 2025-04 2024-11-24 2025-03-20 116d actual trade-out
301 2025-03 2024-09-30 2025-02-04 127d actual trade-out
309 2025-03 2024-12-01 2025-02-04 65d actual value-add reno
104 2025-02 2024-11-13 2025-01-05 53d actual trade-out
"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
+$1,374/mo
16 re-leases · avg +6% · +$16,488/yr
Renewal rent impact
+$2,154/mo
17 renewals · avg +9.7% · +$25,848/yr
Reno turn impact
+$2,604/mo
8 renovated · avg +26.2%
Combined repricing
+$6,132/mo
current-manager era · +$73,584/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.
$1,500→$1,529
Avg in-place rent (2024-08→2026-07)
+1.9%
In-place rent growth
+6%
Avg trade-out (16)
+9.7%
Avg renewal (17)
Average in-place vs market rent by month
2024-08 → 2026-07 · solid = in-place, dashed = market asking
$1,282$1,406$1,529
In-place rentMarket asking
Every repricing event · dated · trade-outs, renewals & reno turns · newest first
MonthUnitPrior rentNew rentΔ $/moΔ %Type
2026-07209$1,350$1,480+$130+9.6%renewal
2026-07306$1,695$1,895+$200+11.8%trade-out
2026-07307$1,395$1,520+$125+9%renewal
2026-06304$1,395$1,525+$130+9.3%renewal
2026-05308$1,295$1,420+$125+9.7%renewal
2026-05207$1,395$1,475+$80+5.7%renewal
2026-05208$1,295$1,420+$125+9.7%renewal
2026-05105$1,301$1,425+$124+9.5%renewal
2026-05203$1,150$1,260+$110+9.6%renewal
2026-05101$1,695$1,795+$100+5.9%renewal
2026-05201$1,650$1,810+$160+9.7%renewal
2026-05310$1,483$1,625+$142+9.6%renewal
2026-05210$1,695$1,745+$50+2.9%trade-out
2026-05309$1,250$1,370+$120+9.6%renewal
2026-03204$1,200$1,315+$115+9.6%renewal
2026-03100$1,550$1,595+$45+2.9%trade-out
2026-02301$1,550$1,645+$95+6.1%renewal
2026-02107$1,395$1,195-$200-14.3%trade-out
2026-01302$1,345$1,295-$50-3.7%trade-out
2026-01104$1,295$1,350+$55+4.2%renewal
2025-11202$1,350$1,395+$45+3.3%trade-out
2025-11110$1,695$1,695+$00%trade-out
2025-10109$1,295$1,395+$100+7.7%trade-out
2025-09302$1,150$1,345+$195+17%trade-out
2025-09206$1,450$1,795+$345+23.8%value-add reno
2025-09303$1,100$1,345+$245+22.3%value-add reno
2025-09205$1,550$1,795+$245+15.8%trade-out
2025-09106$1,400$1,695+$295+21.1%value-add reno
2025-08209$1,100$1,480+$380+34.5%value-add reno
2025-07304$1,373$1,525+$152+11.1%trade-out
2025-07307$1,086$1,395+$309+28.5%renewal
2025-07210$1,373$1,695+$322+23.5%value-add reno
2025-06207$1,086$1,475+$389+35.8%value-add reno
2025-06101$1,500$1,795+$295+19.7%trade-out
2025-06306$1,483$1,695+$212+14.3%trade-out
2025-05201$1,435$1,810+$375+26.1%value-add reno
2025-04204$1,318$1,315-$3-0.2%trade-out
2025-03301$1,648$1,645-$3-0.2%trade-out
2025-03309$1,117$1,370+$253+22.6%value-add reno
2025-02104$1,259$1,350+$91+7.2%trade-out
2024-10104$1,150$1,259+$109+9.5%renewal
Performance trends · since inception

Occupancy, rent & turnover across the hold

Physical occupancy (avg)
77.9%
Latest 93.3%
Economic occupancy (avg)
82.4%
In-place ÷ market
Avg in-place rent
$1,405
$1500 → $1529 (+1.9%)
Avg loss-to-lease
$6,444
per month · gross potential − in-place
Lease turns · time-to-lease
24 · 103d
median 72d · 24 date-verified
Avg trade-out
+6%
new-lease rent change
Charts and read-through load when this tab is opened.
Physical occupancy over time · occupied ÷ 30 units
In-place vs market (asking) rent
Economic occupancy & loss-to-lease · line = econ occ, bars = $ gap
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

—
DSCR
$0
Debt service / yr
—
Leveraged CF / yr
72%
LTV
Loans · 1 facility · IO uses interest, amortizing estimates P&I on 30yr
LenderBalanceRateStructureDebt svc/yrMaturity
Seller Financing$3.75M—IOrate n/a—
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

active
Status
$25K
Distributed to date
1.1%
Cash-on-cash
0
Capital calls
Distribution history
PeriodAmount
2026-02$10,000
2026-05$15,000
Risk & action items

What needs attention

Delinquency

4 flagged accounts.
high

expenses

Opex ~1.9x UW; PM fee stack ~$64K (13% EGI); insurance under-underwritten; tax reassessed

high

capital_miscoding

~$315K of 2025-26 capital untagged; risk of capital expensed

high

electrical

Chronic outages persist despite $58K upgrade (reversed); patched not fixed; investigate Moss Bay reversal

medium

plumbing

Waste/drain stack still original galvanized and failing; unfunded next capital item

medium

affiliated

NWCREI, interest payee, Lombard AM fee - arm's-length review

medium

financing

Bridge IO at 4% floor matures ~mid-2027; refi to 5.75% raises debt service