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

Grandview Apartments

1329 SW 14th Ave, Goose Hollow, Portland, OR 97201
46 unitsMeritus (Ethos-affiliated)Contrarian cash-flow acquisition — bought ~$98.9K/door at a 9.19% going-in cap; plan is management upgrade + RUBS + minor capex (electrical panels, lighting). NOT a renovation-driven value-add: no unit renovation program.
$5.04M
Total capitalization
senior debt $3.135M + common equity $1.905M
87.0%
Occupancy (Jun 2026)
6 vacant of 46; as of Jul'26
$49,491/mo
In-place scheduled rent
below $60,940 legacy at acquisition (Portland correction)
~$328K
NOI run-rate (FY26 annualized)
vs $435,638 underwritten Year-1 plan (-25%)
$214,005
Distributions to date
7 payments, Feb-25 to Apr-26; ~7.2% CoC ITD
Executive summary

The thesis, right now

Grandview (46 units, single building, Goose Hollow / Portland) is ~18 months into a contrarian cash-flow hold acquired late 2024 at ~$98.9K/door and a 9.19% going-in cap. Ownership inherited a 100%-occupied building, absorbed a management-transition turnover wave (occupancy troughed at ~71% in Jul 2025, recovered to a 97.8% peak in Nov 2025, ~87% by Jun 2026 on summer turns), and has run into the Portland rent correction — new leases clearing 10-27% below the legacy roll, so revenue runs below plan. FY26 annualized NOI ~$328K vs a $435.6K underwritten Year-1 plan (-25%), with insurance (~2x UW) the other main drag. Distributions of $214,005 across 7 payments have roughly tracked the underwritten pace, helped by a smaller, fixed-rate, interest-only loan than modeled. Leasing efficiency is a clear operational weakness: ~112-day average time off market between residents (no renovations to explain it) vs a national norm near ~34 vacant days.

This week

What moved

REVENUE

Portland rent correction is the defining variance — new leases clearing 10-27% below legacy in-place rents; in-place scheduled rent $49.5K/mo vs $60.9K legacy at acquisition.

LEASING

Time-off-market is poor: 20 turns averaged ~112 days (median 111) off market; only 3 of 20 (15%) re-leased within 60 days. No renovations — this is leasing speed, not capital downtime.

EXPENSES

Insurance ran ~2x underwriting ($129K in 2025 vs $65K modeled); a full-year true-up booked in Dec 2025 drove a negative NOI month.

DATA

Work-order log and GL forensics still pending ingestion; GL CSV ('GL Dec 2024 to May 2026.csv') is already in Drive.

LEASING

Weekly update — Cassy asked Meritus to confirm which units are vacant vs. rent-ready; 5 of 6 vacants are 74–156 days on the board

Data coverage

What this record contains

rent roll: completefinancials noi: completedebt: completevaluation: completedistributions: completedelinquency: completeleasing efficiency: completework orders: pendinggl forensics: pendingfinancials: completeexpenses: completemanagement load: completeweekly: completewatchlist: complete

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

Operations

Occupancy & income

87.0%
Occupancy (latest)
$328K
NOI run-rate
$436K
Plan NOI
75%
% of plan
Occupancy trend
Aug'25 → Jul'26 · 12 months
Income · NOI · Expense by month
IncomeNOIExpenses
2024-11 Income: $12,2982024-11 NOI: $12,2982024-11 Expenses: $02024-12 Income: $70,3792024-12 NOI: $58,4272024-12 Expenses: $11,9522025-01 Income: $63,1782025-01 NOI: $31,9572025-01 Expenses: $31,2212025-02 Income: $61,9212025-02 NOI: $43,0282025-02 Expenses: $18,8932025-03 Income: $65,0752025-03 NOI: $47,4142025-03 Expenses: $17,6612025-04 Income: $64,2602025-04 NOI: $43,0712025-04 Expenses: $21,1892025-05 Income: $63,7212025-05 NOI: $21,4112025-05 Expenses: $42,3102025-06 Income: $49,7842025-06 NOI: $21,0442025-06 Expenses: $28,7412025-07 Income: $43,5942025-07 NOI: $5,1192025-07 Expenses: $38,4752025-08 Income: $39,4222025-08 NOI: $15,0382025-08 Expenses: $24,3842025-09 Income: $50,4922025-09 NOI: $19,5932025-09 Expenses: $30,8982025-10 Income: $53,8972025-10 NOI: $27,9592025-10 Expenses: $25,9392025-11 Income: $61,5392025-11 NOI: $29,7282025-11 Expenses: $31,8122025-12 Income: $57,4352025-12 NOI: $16,7672025-12 Expenses: $40,6682026-01 Income: $55,5192026-01 NOI: $32,1492026-01 Expenses: $23,3692026-02 Income: $54,0112026-02 NOI: $29,0532026-02 Expenses: $24,9572026-03 Income: $58,9312026-03 NOI: $29,7432026-03 Expenses: $29,1882026-04 Income: $53,4422026-04 NOI: $21,1762026-04 Expenses: $32,2652026-05 Income: $56,9222026-05 NOI: $24,5682026-05 Expenses: $32,354
Monthly operating detail
MonthIncomeNOIExpensesMargin
2024-11$12,298$12,298$0100%
2024-12$70,379$58,427$11,95283%
2025-01$63,178$31,957$31,22151%
2025-02$61,921$43,028$18,89369%
2025-03$65,075$47,414$17,66173%
2025-04$64,260$43,071$21,18967%
2025-05$63,721$21,411$42,31034%
2025-06$49,784$21,044$28,74142%
2025-07$43,594$5,119$38,47512%
2025-08$39,422$15,038$24,38438%
2025-09$50,492$19,593$30,89839%
2025-10$53,897$27,959$25,93952%
2025-11$61,539$29,728$31,81248%
2025-12$57,435$16,767$40,66829%
2026-01$55,519$32,149$23,36958%
2026-02$54,011$29,053$24,95754%
2026-03$58,931$29,743$29,18850%
2026-04$53,442$21,176$32,26540%
2026-05$56,922$24,568$32,35443%
Rent roll

Current rent roll · as of 2026-06

0/0
Occupied (—)
$0
In-place rent / mo
—
Avg in-place rent
$0
Loss-to-lease (—)
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.
Detail

Unit-by-unit

Rent roll · 0 units
UnitBD/BASqftResidentMarketActualLTLLease to
Financials

Operating performance · 2024-11 → 2026-05 (19mo)

$295K
NOI run-rate
43.2%
NOI margin
-32%
vs plan
$8,417
Opex / unit
NOI over time
NOI margin % over time
Year over year
YearIncomeNOIMarginOpex
2024 (2mo)$82,677$70,72586%$11,952
2025$674,318$322,12948%$352,191
2026 (5mo)$278,825$136,68949%$142,133
Expense analysis

Where the money goes

$323K
Total opex / yr
$7,019
Opex / unit
47.3%
Opex ratio
32.7%
Non-controllable
Operating expense by category · annualized run-rate, % of EGI   ■ controllable   ■ fixed (tax/insurance)
Utilities
$66,926
9.8% EGI
Taxes
$62,506
9.2% EGI
Repairs & Maintenance
$53,449
7.8% EGI
Insurance
$42,984
6.3% EGI
Management
$30,640
4.5% EGI
Payroll
$22,086
3.2% EGI
Administrative
$17,999
2.6% EGI
Other
$9,791
1.4% EGI
Turnover
$8,910
1.3% EGI
Marketing
$7,568
1.1% EGI
Anomalies to research
rising

Repairs & Maintenance

Repairs & Maintenance up 46% (recent vs earlier) — 18.4% of opex, ~$58,747/yr.

rising

Taxes

Taxes up 33% (recent vs earlier) — 17.3% of opex, ~$55,218/yr.

rising

Insurance

Insurance up 37% (recent vs earlier) — 13.3% of opex, ~$42,370/yr.

rising

Management

Management up 88% (recent vs earlier) — 10.2% of opex, ~$32,609/yr.

rising

Other

Other up 58% (recent vs earlier) — 6.3% of opex, ~$19,994/yr.

rising

Administrative

Administrative up 46% (recent vs earlier) — 6.1% of opex, ~$19,385/yr.

rising

Turnover

Turnover up 2155% (recent vs earlier) — 3.3% of opex, ~$10,398/yr.

rising

Marketing

Marketing up 280% (recent vs earlier) — 1.6% of opex, ~$5,258/yr.

spike

Utilities

Utilities spiked to $25,355 in 2025-05 (~5.2x typical) — confirm one-time vs recurring.

spike

Repairs & Maintenance

Repairs & Maintenance spiked to $10,928 in 2025-07 (~2.5x typical) — confirm one-time vs recurring.

spike

Insurance

Insurance spiked to $10,145 in 2025-12 (~2.8x typical) — confirm one-time vs recurring.

spike

Management

Management spiked to $8,274 in 2025-12 (~3.2x typical) — confirm one-time vs recurring.

spike

Other

Other spiked to $7,852 in 2025-06 (~9.6x typical) — confirm one-time vs recurring.

spike

Administrative

Administrative spiked to $3,882 in 2025-09 (~2.6x typical) — confirm one-time vs recurring.

spike

Turnover

Turnover spiked to $4,669 in 2026-04 (~6.3x typical) — confirm one-time vs recurring.

spike

Marketing

Marketing spiked to $1,818 in 2025-11 (~2.9x 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.

Manager weekly report · week ending 2026-06-28

This week on the ground

Leased
87%
40 of 46
Occupied
87%
40 units
Available to rent
8
none on notice
Move ins / outs
0 / 0
this week
Leads
21
Shows
1
Applications
0
Approved
0
21 leads produced 1 show (4.8%) and 0 applications.

5 units vacant 60+ days

102, 103, 308, 401, 101 — carrying $6,544/mo of the $7,643/mo total vacancy exposure. Aged vacancy is a pricing or turn-quality problem, not a traffic problem.

Renewals in flight — 8 leases

Average increase being offered: 1.99% across 8 offers. 8 of 8 renewing residents already sit at or above the manager's own posted market rent — on those units there is no loss-to-lease left to harvest. 7 of them are priced exactly at market, which means the market rent is being set to the in-place rent rather than measured independently.
$123,576 of annualised rent sits on these leases.
Vacancy board · as reported by the manager
UnitPlanAskingDays vacantStatus
3081x1 5 63$1,150156d
1031x1 5 63$1,150121d
1021x1 5 63$1,09990d
4011x1 61 6$1,25089d
1013x1 r063$1,89574d
3101x1 5 63$1,0996d
Source: Grandview Weekly Report 06.21.26-06.28.26.xlsx · 1 week tracked. Parsed by column label, not cell position.
Leasing efficiency

Pricing power & velocity

Market trade-out
-12.4%
21 re-leases
Renewal increase
+7.3%
4 renewals
Value-add reno lift
—
pending
Time to lease
111d
median · 20 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

112d
Avg market re-lease (dated turns)
20/21
Turns with real move-out→move-in dates
21
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
509 2026-05 2026-01-02 2026-05-01 119d actual trade-out
104 2026-05 2025-12-10 2026-04-17 128d actual trade-out
307 2026-04 2025-12-15 2026-03-06 81d actual trade-out
305 2026-03 2025-12-31 2026-02-28 59d actual trade-out
304 2026-02 2025-10-31 2026-01-09 70d actual trade-out
102 2025-12 2025-04-30 2025-11-12 196d actual trade-out
406 2025-12 2025-05-31 2025-11-11 164d actual trade-out
404 2025-10 2025-07-31 2025-09-27 58d actual trade-out
304 2025-10 2025-08-02 2025-10-01 60d actual trade-out
310 2025-10 not recorded ~2025-10-01 304d est. trade-out
510 2025-09 2025-03-05 2025-08-24 172d actual trade-out
508 2025-09 2025-05-12 2025-08-27 107d actual trade-out
308 2025-09 2025-04-21 2025-08-26 127d actual trade-out
201 2025-09 2025-04-12 2025-08-23 133d actual trade-out
209 2025-09 2025-04-30 2025-08-23 115d actual trade-out
505 2025-09 2025-04-30 2025-09-02 125d actual trade-out
302 2025-08 2025-04-03 2025-07-14 102d actual trade-out
512 2025-08 2025-04-12 2025-07-18 97d actual trade-out
309 2025-08 2025-03-29 2025-07-11 104d actual trade-out
407 2025-08 2025-03-31 2025-07-25 116d actual trade-out
402 2025-05 2025-01-16 2025-05-01 105d 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
-$3,422/mo
21 re-leases · avg -12.4% · -$41,064/yr
Renewal rent impact
$0/mo
0 renewals · avg — · $0/yr
Combined repricing
-$3,422/mo
current-manager era · -$41,064/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.
$1,325→$1,237
Avg in-place rent (2024-12→2026-07)
-6.6%
In-place rent growth
-12.4%
Avg trade-out (21)
+7.3%
Avg renewal (4)
Average in-place vs market rent by month
2024-12 → 2026-07 · solid = in-place, dashed = market asking
$1,199$1,266$1,332
In-place rentMarket asking
Every repricing event · dated · trade-outs, renewals & reno turns · newest first
MonthUnitPrior rentNew rentΔ $/moΔ %Type
2026-05509$1,100$995-$105-9.5%trade-out
2026-05104$1,500$1,349-$151-10.1%trade-out
2026-04307$1,100$1,099-$1-0.1%trade-out
2026-03305$1,365$1,225-$140-10.3%trade-out
2026-02304$1,199$1,195-$4-0.3%trade-out
2025-12102$1,275$1,099-$176-13.8%trade-out
2025-12406$1,400$1,225-$175-12.5%trade-out
2025-10404$1,325$1,199-$126-9.5%trade-out
2025-10304$1,225$1,199-$26-2.1%trade-out
2025-10310$1,225$1,099-$126-10.3%trade-out
2025-09510$1,100$950-$150-13.6%trade-out
2025-09508$1,225$1,099-$126-10.3%trade-out
2025-09308$1,435$1,099-$336-23.4%trade-out
2025-09201$1,325$1,099-$226-17.1%trade-out
2025-09209$1,510$1,099-$411-27.2%trade-out
2025-09505$1,275$1,099-$176-13.8%trade-out
2025-08302$1,275$1,099-$176-13.8%trade-out
2025-08512$1,285$950-$335-26.1%trade-out
2025-08309$1,510$1,399-$111-7.4%trade-out
2025-08407$1,165$950-$215-18.5%trade-out
2025-05402$1,325$1,195-$130-9.8%trade-out
Performance trends · since inception

Occupancy, rent & turnover across the hold

Physical occupancy (avg)
88.4%
Latest 87%
Economic occupancy (avg)
92.2%
In-place ÷ market
Avg in-place rent
$1,287
$1325 → $1237 (-6.6%)
Avg loss-to-lease
$4,460
per month · gross potential − in-place
Lease turns · time-to-lease
21 · 112d
median 111d · 20 date-verified
Avg trade-out
-12.4%
new-lease rent change
Charts and read-through load when this tab is opened.
Physical occupancy over time · occupied ÷ 46 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

1.59x
DSCR
$185K
Debt service / yr
$110K
Leveraged CF / yr
50%
LTV

Positive leverage

Cost of debt 5.90% vs. ~7% cap rate — the asset out-yields its debt; leverage is accretive.
Loans · 1 facility · IO uses interest, amortizing estimates P&I on 30yr
LenderBalanceRateStructureDebt svc/yrMaturity
Everbank$3.13M5.90%—$185K2029-11-21
Leveraged cash flow by month · NOI minus debt service (≈$15K/mo)
2024-11: -$3,1162024-12: $43,0132025-01: $16,5432025-02: $27,6142025-03: $32,0002025-04: $27,6572025-05: $5,9972025-06: $5,6302025-07: -$10,2952025-08: -$3762025-09: $4,1792025-10: $12,5452025-11: $14,3142025-12: $1,3532026-01: $16,7352026-02: $13,6392026-03: $14,3292026-04: $5,7622026-05: $9,154
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

active
Status
$214K
Distributed to date
11.2%
Cash-on-cash
0
Capital calls
Distribution history
PeriodAmount
2025-02$5,000
2025-04$60,000
2025-07$30,000
2025-10$44,000
2025-12$20,000
2026-02$30,000
2026-04$25,005
7 owner-distribution postings per the 2025 & 2026 income statements. (The HTML dashboard header text says '8 distributions' — that is an error; the GL shows 7.)
Risk & action items

What needs attention

Open watch list · 1 item · as of 2026-07-17
PriorityThemeItemOwnerNext step$ impactRaised
Medium Leasing Weekly update — Cassy asked Meritus to confirm which units are vacant vs. rent-ready; 5 of 6 vacants are 74–156 days on the board Meritus Get a unit-by-unit vacant/ready confirmation from Meritus. — 2026-07-01
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 2026-06-28

Hardened (resident-owed, net of housing-authority subsidy and the 0–30 timing bucket) is $9,481.
series not available
0–30 balances are excluded as payment-timing noise; the trend on hardened is the real credit signal.
UnitResidentHardened 30+SubsidyNote
406Ordaz$7,246—FED filed on 04.10. First appearance scheduled on 06.09.26. Resulted in Default Judgement. Pending Sheriff Lockout.
210Rosales Jr$3,155—10-Day Nonpayment issued on 04/09. Exp 04/20. Submitted to Legal. Pending 1st Apperance.
307Lesher$175—Current
high

revenue

Portland rent correction: new leases 10-27% below legacy in-place rents; EGI ~-12% vs underwriting. Largest swing factor for the hold.

high

leasing

Time off market ~112d avg (median 111); only 15% of turns re-leased within 60d vs national ~34 vacant days. Slow turn/re-lease execution — a property-manager scorecard issue.

info

strategy_correction

Prior stub labeled Grandview 'renovation-driven value-add' — incorrect. No renovation program exists; strategy is cash-flow acquisition with minor capex.

medium

expenses

Insurance ~2x underwriting ($129K 2025 vs $65K UW); confirm renewal premium and whether life-safety/electrical work reduces loading.

medium

financing

Senior loan interest-only (~$15.4K/mo, fixed ~5.9%); headline 2.19x leans on a 2026-27 Agency refinance and/or exit cap compression.

info

data

Work-order log and GL forensics not yet ingested; GL CSV already in Drive and ready to process.