Executive summary
The thesis, right now
Lucas Portfolio is a 3-property value-add acquisition in Milwaukie, OR (Briarwood, Heritage, Williamsburg; 134 units + 3 ground-up), acquired Feb 2023. The renovation engine is the thesis: 61 of 134 units done at ~+44% ($552/mo lift), with 62 legacy units still to turn. NOI has held roughly flat (~$1.2-1.3M/yr) rather than ramping to the ~$2.2M underwriting - the miss is renovation pace, not rent or collections. It cash-flows and distributes: $881,769 paid to LPs to date, writeoffs just $10,852 (0.17% of gross rent). The watch items are the renovation pace and the Jan-2027 IO-to-P&I step-up.
This week
What moved
OPS
Occupancy 89.5% (119/133); in-place $189,089/mo vs $211,149/mo market (~$22,060 loss-to-lease).
NOI
YTD NOI $595,128 (+5.2% vs budget, -37.3% vs underwriting) - the gap to UW is renovation pace, not the thesis.
DEBT
BECU debt $17,010,083 across 3 acq loans + reno LOCs; IO->P&I conversion 2027-01-01 lifts debt service ~$243,417/yr.
LEASING
Leasing funnel — ~5% lead-to-tour conversion
RENOVATION
Renovation tracker — BECU does not show Williamsburg units 22 & 34 as funded
DELINQUENCY
Williamsburg #38 (Smith Ventura) — $14,914 legal AR
Data coverage
What this record contains
rent roll: completefinancials noi: completedebt: completevaluation: partialdistributions: completedelinquency: completeleasing efficiency: completerenovation: completefinancials: completeexpenses: completemanagement load: completewatchlist: complete
This page is generated from the canonical record. Dimensions marked partial/pending are honestly incomplete — not zero.
Operations
Occupancy & income
83.2%
Occupancy (latest)
$1.43M
NOI run-rate
$2.28M
Plan NOI
63%
% of plan
Occupancy trend
Aug'25 → Jul'26 · 12 months
Income · NOI · Expense by month
IncomeNOIExpenses
Monthly operating detail
| Month | Income | NOI | Expenses | Margin |
|---|---|---|---|---|
| 2023-03 | $120,637 | $98,800 | $21,837 | 82% |
| 2023-04 | $158,048 | $115,204 | $42,844 | 73% |
| 2023-05 | $144,711 | $99,675 | $45,036 | 69% |
| 2023-06 | $160,112 | $109,301 | $50,811 | 68% |
| 2023-07 | $152,276 | $81,019 | $71,257 | 53% |
| 2023-08 | $153,405 | $103,581 | $49,824 | 68% |
| 2023-09 | $158,246 | $135,195 | $23,052 | 85% |
| 2023-10 | $165,166 | $81,314 | $83,852 | 49% |
| 2023-11 | $173,753 | $78,597 | $95,156 | 45% |
| 2023-12 | $177,550 | $77,369 | $100,182 | 44% |
| 2024-01 | $179,625 | $92,417 | $87,208 | 51% |
| 2024-02 | $179,957 | $87,040 | $92,916 | 48% |
| 2024-03 | $172,570 | $81,609 | $90,961 | 47% |
| 2024-04 | $186,111 | $112,667 | $73,444 | 61% |
| 2024-05 | $187,717 | $91,113 | $96,605 | 49% |
| 2024-06 | $185,460 | $104,317 | $81,143 | 56% |
| 2024-07 | $199,475 | $132,870 | $66,605 | 67% |
| 2024-08 | $200,098 | $135,355 | $64,743 | 68% |
| 2024-09 | $189,281 | $117,560 | $71,721 | 62% |
| 2024-10 | $192,753 | $131,799 | $60,954 | 68% |
| 2024-11 | $192,815 | $77,969 | $114,847 | 40% |
| 2024-12 | $199,565 | $69,313 | $130,252 | 35% |
| 2025-01 | $206,396 | $123,354 | $83,042 | 60% |
| 2025-02 | $213,337 | $152,713 | $60,624 | 72% |
| 2025-03 | $214,661 | $138,761 | $75,901 | 65% |
| 2025-04 | $208,689 | $101,716 | $106,974 | 49% |
| 2025-05 | $213,758 | $97,430 | $116,328 | 46% |
| 2025-06 | $217,271 | $105,956 | $111,316 | 49% |
| 2025-07 | $209,997 | $117,822 | $92,175 | 56% |
| 2025-08 | $204,021 | $111,499 | $92,521 | 55% |
| 2025-09 | $202,819 | $85,256 | $117,563 | 42% |
| 2025-10 | $209,161 | $77,748 | $131,413 | 37% |
| 2025-11 | $209,079 | $117,769 | $91,311 | 56% |
| 2025-12 | $220,736 | $103,790 | $116,946 | 47% |
| 2026-01 | $219,872 | $104,410 | $115,462 | 47% |
| 2026-02 | $210,594 | $116,223 | $94,371 | 55% |
| 2026-03 | $207,885 | $109,273 | $98,612 | 53% |
| 2026-04 | $211,246 | $90,633 | $120,614 | 43% |
| 2026-05 | $216,150 | $174,589 | $41,561 | 81% |
| 2026-06 | $213,252 | $114,826 | $98,426 | 54% |
Rent roll
Current rent roll · as of 2025-12
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
| Unit | BD/BA | Sqft | Resident | Market | Actual | LTL | Lease to |
|---|
Financials
Operating performance · 2023-03 → 2026-06 (40mo)
$1.38M
NOI run-rate
53.8%
NOI margin
-40%
vs plan
$8,621
Opex / unit
NOI over time
NOI margin % over time
Year over year
| Year | Income | NOI | Margin | Opex |
|---|---|---|---|---|
| 2023 (10mo) | $1,563,904 | $980,055 | 63% | $583,851 |
| 2024 | $2,265,427 | $1,234,029 | 54% | $1,031,399 |
| 2025 | $2,529,925 | $1,333,814 | 53% | $1,196,114 |
| 2026 (6mo) | $1,278,999 | $709,954 | 56% | $569,046 |
Expense analysis
Where the money goes
$927K
Total opex / yr
$6,765
Opex / unit
36.2%
Opex ratio
23.8%
Non-controllable
Operating expense by category · annualized run-rate, % of EGI ■ controllable ■ fixed (tax/insurance)
$196,051
7.7% EGI
$194,067
7.6% EGI
$172,584
6.7% EGI
$85,418
3.3% EGI
$78,151
3.1% EGI
$69,910
2.7% EGI
$47,550
1.9% EGI
$38,516
1.5% EGI
$29,141
1.1% EGI
$15,349
0.6% EGI
Anomalies to research
rising
Utilities
Utilities up 31% (recent vs earlier) — 19.9% of opex, ~$201,595/yr.
rising
Taxes
Taxes up 68% (recent vs earlier) — 14.9% of opex, ~$150,748/yr.
rising
Other
Other up 152% (recent vs earlier) — 8.7% of opex, ~$88,172/yr.
rising
Insurance
Insurance up 435% (recent vs earlier) — 7.0% of opex, ~$71,078/yr.
rising
Administrative
Administrative up 80% (recent vs earlier) — 4.9% of opex, ~$49,898/yr.
rising
Marketing
Marketing up 48% (recent vs earlier) — 3.9% of opex, ~$39,582/yr.
rising
Turnover
Turnover up 66% (recent vs earlier) — 1.4% of opex, ~$13,885/yr.
spike
Repairs & Maintenance
Repairs & Maintenance spiked to $44,578 in 2025-06 (~2.7x typical) — confirm one-time vs recurring.
spike
Taxes
Taxes spiked to $62,989 in 2023-12 (~4.4x typical) — confirm one-time vs recurring.
spike
Other
Other spiked to $24,946 in 2025-09 (~4.6x typical) — confirm one-time vs recurring.
spike
Management
Management spiked to $17,980 in 2025-12 (~2.8x typical) — confirm one-time vs recurring.
spike
Insurance
Insurance spiked to $39,686 in 2025-05 (~10.0x typical) — confirm one-time vs recurring.
spike
Administrative
Administrative spiked to $34,374 in 2024-12 (~14.7x typical) — confirm one-time vs recurring.
spike
Marketing
Marketing spiked to $14,673 in 2023-11 (~4.6x typical) — confirm one-time vs recurring.
spike
Turnover
Turnover spiked to $4,390 in 2024-06 (~3.4x 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
-2.5%
43 re-leases
Renewal increase
+2.4%
176 renewals
Value-add reno lift
+51.4%
39 renovated turns
Time to lease
83d
median · 42 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
91d
Avg market re-lease (dated turns)
81/82
Turns with real move-out→move-in dates
43
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 |
|---|---|---|---|---|---|---|
| 9998 | 2026-07 | 2026-03-31 | 2026-06-05 | 66d | actual | trade-out |
| 32R | 2026-07 | 2026-05-13 | 2026-06-16 | 34d | actual | trade-out |
| 9997R | 2026-06 | 2026-02-28 | 2026-05-22 | 83d | actual | trade-out |
| 31R | 2026-06 | not recorded | ~2026-06-01 | 152d | est. | trade-out |
| 10211R | 2026-06 | 2026-02-28 | 2026-05-11 | 72d | actual | trade-out |
| 7919-4R | 2026-06 | 2025-06-21 | 2026-05-07 | 320d | actual | value-add reno |
| 19R | 2026-05 | 2026-03-02 | 2026-05-01 | 60d | actual | trade-out |
| 26R | 2026-05 | 2026-01-31 | 2026-04-24 | 83d | actual | trade-out |
| 28R | 2026-05 | 2026-01-16 | 2026-04-02 | 76d | actual | trade-out |
| 10051R | 2026-04 | 2025-12-31 | 2026-03-05 | 64d | actual | trade-out |
| 3R | 2026-04 | 2026-02-03 | 2026-04-01 | 57d | actual | trade-out |
| 10207R | 2026-04 | 2025-10-24 | 2026-04-01 | 159d | actual | trade-out |
| 10085R | 2026-03 | 2025-12-07 | 2026-02-13 | 68d | actual | value-add reno |
| 10251R | 2026-02 | 2025-05-31 | 2026-01-08 | 222d | actual | trade-out |
| 7915-6R | 2026-02 | 2025-10-24 | 2026-01-30 | 98d | actual | trade-out |
| 10154R | 2026-02 | 2025-07-10 | 2026-01-20 | 194d | actual | trade-out |
| 12R | 2025-12 | 2025-10-08 | 2025-11-21 | 44d | actual | trade-out |
| 20R | 2025-12 | 2025-10-02 | 2025-11-21 | 50d | actual | value-add reno |
| 47R | 2025-12 | 2025-07-09 | 2025-11-07 | 121d | actual | trade-out |
| 9986 | 2025-11 | 2025-10-05 | 2025-10-06 | 1d | actual | trade-out |
| 13R | 2025-11 | 2025-07-10 | 2025-10-09 | 91d | actual | trade-out |
| 7917-5R | 2025-11 | 2025-07-24 | 2025-10-17 | 85d | actual | trade-out |
| 9993R | 2025-11 | 2025-06-30 | 2025-10-15 | 107d | actual | value-add reno |
| 7917-7R | 2025-11 | 2025-04-30 | 2025-10-31 | 184d | actual | trade-out |
| 7917-4R | 2025-11 | 2025-06-30 | 2025-10-24 | 116d | actual | trade-out |
| 7915-7R | 2025-11 | 2025-03-01 | 2025-10-06 | 219d | actual | trade-out |
| 10123R | 2025-11 | 2025-07-02 | 2025-10-24 | 114d | actual | trade-out |
| 9989R | 2025-10 | 2025-06-16 | 2025-09-30 | 106d | actual | value-add reno |
| 10051R | 2025-10 | 2025-04-25 | 2025-09-12 | 140d | actual | trade-out |
| 7915-6R | 2025-10 | 2025-07-13 | 2025-09-29 | 78d | actual | trade-out |
| 10135R | 2025-10 | 2025-03-23 | 2025-09-29 | 190d | actual | trade-out |
| 7915-2R | 2025-10 | 2025-03-31 | 2025-09-15 | 168d | actual | value-add reno |
| 14R | 2025-10 | 2025-08-27 | 2025-09-26 | 30d | actual | trade-out |
| 31R | 2025-08 | 2025-06-30 | 2025-07-11 | 11d | actual | trade-out |
| 10089 | 2025-08 | 2025-04-25 | 2025-07-18 | 84d | actual | value-add reno |
| 10037R | 2025-06 | 2025-02-18 | 2025-05-16 | 87d | actual | trade-out |
| 10216R | 2025-05 | 2025-01-03 | 2025-04-14 | 101d | actual | value-add reno |
| 7915-10R | 2025-05 | 2024-10-31 | 2025-04-12 | 163d | actual | value-add reno |
| 5R | 2025-05 | 2025-03-31 | 2025-05-01 | 31d | actual | trade-out |
| 10139R | 2025-04 | 2024-10-21 | 2025-03-06 | 136d | actual | value-add reno |
| 10089 | 2025-04 | 2025-03-01 | 2025-03-02 | 1d | actual | trade-out |
| 7915-3R | 2025-03 | 2024-12-20 | 2025-02-14 | 56d | actual | value-add reno |
| 10154R | 2025-03 | 2025-02-03 | 2025-02-13 | 10d | actual | trade-out |
| 7917-10R | 2025-03 | 2024-12-13 | 2025-02-05 | 54d | actual | value-add reno |
| 15R | 2025-02 | 2024-08-04 | 2025-01-03 | 152d | actual | value-add reno |
| 7919-3R | 2025-02 | 2024-11-08 | 2025-01-31 | 84d | actual | trade-out |
| 10089 | 2025-02 | 2025-01-01 | 2025-01-02 | 1d | actual | trade-out |
| 39R | 2025-02 | 2024-09-30 | 2025-01-15 | 107d | actual | value-add reno |
| 7915-6R | 2025-01 | 2024-09-30 | 2024-12-13 | 74d | actual | value-add reno |
| 26R | 2025-01 | 2024-10-11 | 2024-12-14 | 64d | actual | trade-out |
| 28R | 2025-01 | 2024-08-31 | 2024-12-20 | 111d | actual | value-add reno |
| 32R | 2025-01 | 2024-09-30 | 2024-12-20 | 81d | actual | value-add reno |
| 4R | 2024-12 | 2024-09-06 | 2024-11-19 | 74d | actual | value-add reno |
| 10150R | 2024-12 | 2024-09-30 | 2024-11-19 | 50d | actual | value-add reno |
| 47R | 2024-11 | 2024-08-31 | 2024-11-01 | 62d | actual | value-add reno |
| 10159R | 2024-11 | 2024-08-22 | 2024-10-21 | 60d | actual | value-add reno |
| 31R | 2024-10 | 2024-09-08 | 2024-10-01 | 23d | actual | trade-out |
| 7919-6R | 2024-10 | 2024-09-05 | 2024-09-20 | 15d | actual | trade-out |
| 13R | 2024-09 | 2024-05-17 | 2024-08-23 | 98d | actual | value-add reno |
| 7917-9R | 2024-09 | 2024-06-21 | 2024-08-30 | 70d | actual | value-add reno |
| 10025R | 2024-09 | 2024-04-12 | 2024-08-13 | 123d | actual | value-add reno |
| 10055R | 2024-08 | 2024-04-18 | 2024-07-19 | 92d | actual | value-add reno |
| 16R | 2024-08 | 2024-01-29 | 2024-07-28 | 181d | actual | value-add reno |
| 7917-5R | 2024-07 | 2023-11-01 | 2024-06-07 | 219d | actual | value-add reno |
| 12R | 2024-07 | 2024-03-31 | 2024-06-14 | 75d | actual | value-add reno |
| 7915-4R | 2024-07 | 2024-02-29 | 2024-06-03 | 95d | actual | value-add reno |
| 10207R | 2024-06 | 2024-03-22 | 2024-06-01 | 71d | actual | trade-out |
| 7917-7R | 2024-05 | 2023-10-31 | 2024-05-01 | 183d | actual | value-add reno |
| 9997R | 2024-04 | 2023-09-30 | 2024-03-15 | 167d | actual | trade-out |
| 5R | 2024-04 | 2023-09-10 | 2024-04-01 | 204d | actual | value-add reno |
| 3R | 2024-04 | 2023-08-31 | 2024-03-29 | 211d | actual | value-add reno |
| 10207R | 2024-03 | 2023-08-27 | 2024-02-03 | 160d | actual | value-add reno |
| 7919-6R | 2024-03 | 2023-04-30 | 2024-02-12 | 288d | actual | value-add reno |
| 7917-10R | 2024-03 | 2023-07-31 | 2024-03-01 | 214d | actual | value-add reno |
| 10155R | 2023-12 | 2023-07-05 | 2023-11-07 | 125d | actual | trade-out |
| 10215R | 2023-12 | 2023-08-16 | 2023-11-21 | 97d | actual | value-add reno |
| 10051R | 2023-11 | 2023-06-12 | 2023-10-30 | 140d | actual | trade-out |
| 10139R | 2023-11 | 2023-06-30 | 2023-10-27 | 119d | actual | trade-out |
| 29R | 2023-11 | 2023-06-30 | 2023-11-01 | 124d | actual | value-add reno |
| 10159R | 2023-11 | 2023-04-17 | 2023-11-01 | 198d | actual | trade-out |
| 7917-4R | 2023-10 | 2023-03-31 | 2023-09-06 | 159d | actual | value-add reno |
| 10203R | 2023-08 | 2023-05-01 | 2023-07-15 | 75d | actual | value-add reno |
"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
-$3,846/mo
43 re-leases · avg -2.5% · -$46,152/yr
Renewal rent impact
+$668/mo
176 renewals · avg +2.4% · +$8,016/yr
Reno turn impact
+$24,787/mo
39 renovated · avg +51.4%
Combined repricing
+$21,609/mo
current-manager era · +$259,308/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.
$1,270→$1,635
Avg in-place rent (2023-02→2026-07)
+28.7%
In-place rent growth
-2.5%
Avg trade-out (43)
+2.4%
Avg renewal (176)
Average in-place vs market rent by month
2023-02 → 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 | 43 | $1,486 | $1,627 | +$141 | +9.5% | renewal |
| 2026-07 | 7915-11 | $1,281 | $1,402 | +$121 | +9.4% | renewal |
| 2026-07 | 37 | $1,491 | $1,618 | +$127 | +8.5% | renewal |
| 2026-07 | 7917-2 | $1,424 | $1,559 | +$135 | +9.5% | renewal |
| 2026-07 | 7919-7 | $1,035 | $1,111 | +$76 | +7.3% | renewal |
| 2026-07 | 25 | $1,402 | $1,520 | +$118 | +8.4% | renewal |
| 2026-07 | 9985 | $1,364 | $1,429 | +$65 | +4.8% | renewal |
| 2026-07 | 7919-2 | $1,055 | $1,135 | +$80 | +7.6% | renewal |
| 2026-07 | 10155R | $1,626 | $1,707 | +$81 | +5% | renewal |
| 2026-07 | 8 | $1,380 | $1,445 | +$65 | +4.7% | renewal |
| 2026-07 | 10082 | $1,065 | $1,121 | +$56 | +5.3% | renewal |
| 2026-07 | 10029 | $1,230 | $1,307 | +$77 | +6.3% | renewal |
| 2026-07 | 42 | $1,493 | $1,620 | +$127 | +8.5% | renewal |
| 2026-07 | 10115 | $1,135 | $1,181 | +$46 | +4.1% | renewal |
| 2026-07 | 7919-5 | $1,332 | $1,459 | +$127 | +9.5% | renewal |
| 2026-07 | 10158 | $1,050 | $1,130 | +$80 | +7.6% | renewal |
| 2026-07 | 7919-3R | $1,750 | $1,916 | +$166 | +9.5% | renewal |
| 2026-07 | 9998 | $1,914 | $1,595 | -$319 | -16.7% | trade-out |
| 2026-07 | 27 | $1,754 | $1,921 | +$167 | +9.5% | renewal |
| 2026-07 | 10127 | $1,065 | $1,147 | +$82 | +7.7% | renewal |
| 2026-07 | 40 | $1,519 | $1,663 | +$144 | +9.5% | renewal |
| 2026-07 | 10078 | $1,140 | $1,212 | +$72 | +6.3% | renewal |
| 2026-07 | 10215R | $1,596 | $1,676 | +$80 | +5% | renewal |
| 2026-07 | 2 | $1,237 | $1,340 | +$103 | +8.3% | renewal |
| 2026-07 | 10247 | $1,578 | $1,713 | +$135 | +8.6% | renewal |
| 2026-07 | 32R | $2,413 | $2,250 | -$163 | -6.8% | trade-out |
| 2026-07 | 10151 | $1,140 | $1,248 | +$108 | +9.5% | renewal |
| 2026-06 | 9997R | $1,780 | $2,000 | +$220 | +12.4% | trade-out |
| 2026-06 | 31R | $2,400 | $2,250 | -$150 | -6.2% | trade-out |
| 2026-06 | 10211R | $1,680 | $1,700 | +$20 | +1.2% | trade-out |
| 2026-06 | 7917-3 | $1,100 | $1,190 | +$90 | +8.2% | renewal |
| 2026-06 | 7919-1 | $990 | $1,058 | +$68 | +6.9% | renewal |
| 2026-06 | 7915-12 | $1,065 | $1,147 | +$82 | +7.7% | renewal |
| 2026-06 | 21 | $1,303 | $1,402 | +$99 | +7.6% | renewal |
| 2026-06 | 7917-6 | $1,055 | $1,135 | +$80 | +7.6% | renewal |
| 2026-06 | 7915-8 | $990 | $1,058 | +$68 | +6.9% | renewal |
| 2026-06 | 7919-8 | $1,000 | $1,040 | +$40 | +4% | renewal |
| 2026-06 | 7915-4R | $1,645 | $1,801 | +$156 | +9.5% | renewal |
| 2026-06 | 10255 | $1,065 | $1,147 | +$82 | +7.7% | renewal |
| 2026-06 | 10243 | $1,065 | $1,147 | +$82 | +7.7% | renewal |
| 2026-06 | 7915-9 | $1,000 | $1,069 | +$69 | +6.9% | renewal |
| 2026-06 | 7919-4R | $1,045 | $1,746 | +$701 | +67.1% | value-add reno |
| 2026-06 | 10163 | $1,060 | $1,107 | +$47 | +4.4% | renewal |
| 2026-05 | 34 | $1,254 | $1,354 | +$100 | +8% | renewal |
| 2026-05 | 15R | $2,098 | $2,203 | +$105 | +5% | renewal |
| 2026-05 | 19R | $1,915 | $1,691 | -$224 | -11.7% | trade-out |
| 2026-05 | 10090R | $1,603 | $1,683 | +$80 | +5% | renewal |
| 2026-05 | 26R | $2,298 | $2,250 | -$48 | -2.1% | trade-out |
| 2026-05 | 28R | $2,298 | $1,615 | -$683 | -29.7% | trade-out |
| 2026-05 | 7915-10R | $1,898 | $1,993 | +$95 | +5% | renewal |
| 2026-05 | 5R | $2,000 | $2,100 | +$100 | +5% | renewal |
| 2026-05 | 39R | $2,098 | $2,203 | +$105 | +5% | renewal |
| 2026-05 | 29R | $2,380 | $2,499 | +$119 | +5% | renewal |
| 2026-05 | 32R | $2,298 | $2,413 | +$115 | +5% | renewal |
| 2026-04 | 7915-5 | $1,215 | $1,330 | +$115 | +9.5% | renewal |
| 2026-04 | 10051R | $1,795 | $1,795 | +$0 | 0% | trade-out |
| 2026-04 | 10139R | $1,898 | $1,993 | +$95 | +5% | renewal |
| 2026-04 | 3R | $2,100 | $1,900 | -$200 | -9.5% | trade-out |
| 2026-04 | 10207R | $1,925 | $1,698 | -$227 | -11.8% | trade-out |
| 2026-04 | 7917-10R | $1,899 | $1,994 | +$95 | +5% | renewal |
| 2026-03 | 10085R | $1,435 | $1,795 | +$360 | +25.1% | value-add reno |
| 2026-02 | 10251R | $1,627 | $1,795 | +$168 | +10.3% | trade-out |
| 2026-02 | 7915-6R | $1,745 | $1,745 | +$0 | 0% | trade-out |
| 2026-02 | 4R | $1,860 | $2,075 | +$215 | +11.6% | renewal |
| 2026-02 | 10154R | $1,950 | $1,749 | -$201 | -10.3% | trade-out |
| 2026-01 | 10025R | $1,850 | $1,915 | +$65 | +3.5% | renewal |
| 2026-01 | 10150R | $1,950 | $1,990 | +$40 | +2.1% | renewal |
| 2025-12 | 12R | $1,825 | $2,100 | +$275 | +15.1% | trade-out |
| 2025-12 | 4R | $2,000 | $1,860 | -$140 | -7% | renewal |
| 2025-12 | 20R | $1,629 | $2,100 | +$471 | +28.9% | value-add reno |
| 2025-12 | 47R | $2,000 | $1,900 | -$100 | -5% | trade-out |
| 2025-11 | 9986 | $1,443 | $1,443 | +$0 | 0% | trade-out |
| 2025-11 | 13R | $2,000 | $2,000 | +$0 | 0% | trade-out |
| 2025-11 | 7917-5R | $1,864 | $1,745 | -$119 | -6.4% | trade-out |
| 2025-11 | 9993R | $1,180 | $1,870 | +$690 | +58.5% | value-add reno |
| 2025-11 | 7917-7R | $1,695 | $1,650 | -$45 | -2.7% | trade-out |
| 2025-11 | 10055R | $1,620 | $1,782 | +$162 | +10% | renewal |
| 2025-11 | 7917-4R | $1,828 | $1,745 | -$83 | -4.5% | trade-out |
| 2025-11 | 7915-7R | $1,828 | $1,690 | -$138 | -7.5% | trade-out |
| 2025-11 | 10123R | $1,519 | $1,795 | +$276 | +18.2% | trade-out |
| 2025-11 | 7919-6R | $1,850 | $1,915 | +$65 | +3.5% | renewal |
| 2025-11 | 10159R | $1,950 | $1,990 | +$40 | +2.1% | renewal |
| 2025-10 | 9989R | $1,548 | $1,870 | +$322 | +20.8% | value-add reno |
| 2025-10 | 10051R | $1,550 | $1,795 | +$245 | +15.8% | trade-out |
| 2025-10 | 7915-6R | $1,875 | $1,745 | -$130 | -6.9% | trade-out |
| 2025-10 | 10135R | $1,630 | $1,795 | +$165 | +10.1% | trade-out |
| 2025-10 | 7915-2R | $1,276 | $1,795 | +$519 | +40.7% | value-add reno |
| 2025-10 | 7917-9R | $1,775 | $1,850 | +$75 | +4.2% | renewal |
| 2025-10 | 14R | $2,075 | $2,000 | -$75 | -3.6% | trade-out |
| 2025-09 | 9 | $1,389 | $1,527 | +$138 | +9.9% | renewal |
| 2025-08 | 31R | $2,400 | $2,400 | +$0 | 0% | trade-out |
| 2025-08 | 10089 | $1,525 | $1,895 | +$370 | +24.3% | value-add reno |
| 2025-07 | 18 | $1,510 | $1,661 | +$151 | +10% | renewal |
| 2025-07 | 9986 | $1,312 | $1,443 | +$131 | +10% | renewal |
| 2025-07 | 7917-5R | $1,695 | $1,864 | +$169 | +10% | renewal |
| 2025-07 | 24 | $1,323 | $1,445 | +$122 | +9.2% | renewal |
| 2025-07 | 10033 | $1,543 | $1,697 | +$154 | +10% | renewal |
| 2025-07 | 10034 | $1,619 | $1,780 | +$161 | +9.9% | renewal |
| 2025-07 | 37 | $1,356 | $1,491 | +$135 | +10% | renewal |
| 2025-07 | 10038 | $1,405 | $1,545 | +$140 | +10% | renewal |
| 2025-07 | 9985 | $1,240 | $1,364 | +$124 | +10% | renewal |
| 2025-07 | 12R | $1,725 | $1,825 | +$100 | +5.8% | renewal |
| 2025-07 | 23 | $1,427 | $1,569 | +$142 | +10% | renewal |
| 2025-07 | 10029 | $1,119 | $1,230 | +$111 | +9.9% | renewal |
| 2025-07 | 42 | $1,358 | $1,493 | +$135 | +9.9% | renewal |
| 2025-07 | 11 | $1,510 | $1,661 | +$151 | +10% | renewal |
| 2025-07 | 10030 | $1,405 | $1,545 | +$140 | +10% | renewal |
| 2025-07 | 1 | $1,427 | $1,569 | +$142 | +10% | renewal |
| 2025-07 | 9998 | $1,740 | $1,914 | +$174 | +10% | renewal |
| 2025-07 | 27 | $1,595 | $1,754 | +$159 | +10% | renewal |
| 2025-07 | 3R | $2,000 | $2,100 | +$100 | +5% | renewal |
| 2025-07 | 10207R | $1,800 | $1,925 | +$125 | +6.9% | renewal |
| 2025-07 | 7 | $1,356 | $1,491 | +$135 | +10% | renewal |
| 2025-07 | 9990 | $1,383 | $1,521 | +$138 | +10% | renewal |
| 2025-07 | 30 | $1,290 | $1,419 | +$129 | +10% | renewal |
| 2025-07 | 38 | $1,416 | $1,557 | +$141 | +10% | renewal |
| 2025-07 | 48 | $1,356 | $1,491 | +$135 | +10% | renewal |
| 2025-07 | 9994 | $1,619 | $1,780 | +$161 | +9.9% | renewal |
| 2025-06 | 10037R | $1,750 | $1,895 | +$145 | +8.3% | trade-out |
| 2025-06 | 22 | $1,245 | $1,369 | +$124 | +10% | renewal |
| 2025-06 | 25 | $1,275 | $1,402 | +$127 | +10% | renewal |
| 2025-06 | 8 | $1,255 | $1,380 | +$125 | +10% | renewal |
| 2025-06 | 10 | $1,270 | $1,397 | +$127 | +10% | renewal |
| 2025-06 | 33 | $1,275 | $1,402 | +$127 | +10% | renewal |
| 2025-05 | 34 | $1,140 | $1,254 | +$114 | +10% | renewal |
| 2025-05 | 10216R | $1,135 | $1,750 | +$615 | +54.2% | value-add reno |
| 2025-05 | 10203R | $1,850 | $1,924 | +$74 | +4% | renewal |
| 2025-05 | 10090R | $1,499 | $1,603 | +$104 | +6.9% | renewal |
| 2025-05 | 35 | $1,165 | $1,281 | +$116 | +10% | renewal |
| 2025-05 | 10043 | $1,355 | $1,490 | +$135 | +10% | renewal |
| 2025-05 | 7915-10R | $1,475 | $1,993 | +$518 | +35.1% | value-add reno |
| 2025-05 | 21 | $1,185 | $1,303 | +$118 | +10% | renewal |
| 2025-05 | 10086R | $1,850 | $1,942 | +$92 | +5% | renewal |
| 2025-05 | 5R | $1,800 | $2,100 | +$300 | +16.7% | trade-out |
| 2025-05 | 45 | $1,230 | $1,353 | +$123 | +10% | renewal |
| 2025-05 | 10215R | $1,550 | $1,596 | +$46 | +3% | renewal |
| 2025-05 | 2 | $1,125 | $1,237 | +$112 | +10% | renewal |
| 2025-05 | 10247 | $1,435 | $1,578 | +$143 | +10% | renewal |
| 2025-04 | 10139R | $1,599 | $1,993 | +$394 | +24.6% | value-add reno |
| 2025-04 | 10089 | $1,525 | $1,525 | +$0 | 0% | trade-out |
| 2025-03 | 9997R | $1,695 | $1,780 | +$85 | +5% | renewal |
| 2025-03 | 10211R | $1,599 | $1,680 | +$81 | +5.1% | renewal |
| 2025-03 | 10111R | $1,775 | $1,885 | +$110 | +6.2% | renewal |
| 2025-03 | 7915-3R | $1,410 | $1,899 | +$489 | +34.7% | value-add reno |
| 2025-03 | 10154R | $1,850 | $1,950 | +$100 | +5.4% | trade-out |
| 2025-03 | 7917-10R | $1,500 | $1,994 | +$494 | +32.9% | value-add reno |
| 2025-02 | 10251R | $1,595 | $1,627 | +$32 | +2% | renewal |
| 2025-02 | 15R | $1,125 | $2,203 | +$1,078 | +95.8% | value-add reno |
| 2025-02 | 10155R | $1,499 | $1,626 | +$127 | +8.5% | renewal |
| 2025-02 | 10047 | $1,355 | $1,365 | +$10 | +0.7% | renewal |
| 2025-02 | 10162 | $1,335 | $1,342 | +$7 | +0.5% | renewal |
| 2025-02 | 7919-3R | $1,699 | $1,916 | +$217 | +12.8% | trade-out |
| 2025-02 | 10089 | $3,120 | $1,525 | -$1,595 | -51.1% | trade-out |
| 2025-02 | 39R | $1,510 | $2,203 | +$693 | +45.9% | value-add reno |
| 2025-02 | 10208 | $1,315 | $1,320 | +$5 | +0.4% | renewal |
| 2025-02 | 10123R | $1,400 | $1,519 | +$119 | +8.5% | renewal |
| 2025-02 | 10119R | $1,600 | $1,758 | +$158 | +9.9% | renewal |
| 2025-01 | 46 | $1,500 | $1,524 | +$24 | +1.6% | renewal |
| 2025-01 | 43 | $1,465 | $1,486 | +$21 | +1.4% | renewal |
| 2025-01 | 7915-11 | $1,280 | $1,281 | +$1 | +0.1% | renewal |
| 2025-01 | 17R | $2,000 | $2,155 | +$155 | +7.8% | renewal |
| 2025-01 | 44 | $1,500 | $1,524 | +$24 | +1.6% | renewal |
| 2025-01 | 7915-6R | $1,345 | $1,875 | +$530 | +39.4% | value-add reno |
| 2025-01 | 10220 | $1,355 | $1,366 | +$11 | +0.8% | renewal |
| 2025-01 | 10212 | $1,435 | $1,454 | +$19 | +1.3% | renewal |
| 2025-01 | 7915-1 | $1,495 | $1,518 | +$23 | +1.5% | renewal |
| 2025-01 | 10135R | $1,595 | $1,630 | +$35 | +2.2% | renewal |
| 2025-01 | 7917-2 | $1,410 | $1,424 | +$14 | +1% | renewal |
| 2025-01 | 10081 | $1,355 | $1,366 | +$11 | +0.8% | renewal |
| 2025-01 | 26R | $1,925 | $2,298 | +$373 | +19.4% | trade-out |
| 2025-01 | 7915-2R | $1,275 | $1,276 | +$1 | +0.1% | renewal |
| 2025-01 | 28R | $1,195 | $2,298 | +$1,103 | +92.3% | value-add reno |
| 2025-01 | 41 | $1,695 | $1,739 | +$44 | +2.6% | renewal |
| 2025-01 | 7917-4R | $1,700 | $1,828 | +$128 | +7.5% | renewal |
| 2025-01 | 7919-5 | $1,325 | $1,332 | +$7 | +0.5% | renewal |
| 2025-01 | 10093 | $1,425 | $1,443 | +$18 | +1.3% | renewal |
| 2025-01 | 7915-7R | $1,700 | $1,828 | +$128 | +7.5% | renewal |
| 2025-01 | 6 | $1,695 | $1,739 | +$44 | +2.6% | renewal |
| 2025-01 | 40 | $1,495 | $1,519 | +$24 | +1.6% | renewal |
| 2025-01 | 36 | $1,700 | $1,830 | +$130 | +7.6% | renewal |
| 2025-01 | 14R | $2,000 | $2,075 | +$75 | +3.8% | renewal |
| 2025-01 | 29R | $2,225 | $2,380 | +$155 | +7% | renewal |
| 2025-01 | 20R | $1,595 | $1,629 | +$34 | +2.1% | renewal |
| 2025-01 | 7917-8R | $1,700 | $1,813 | +$113 | +6.6% | renewal |
| 2025-01 | 32R | $1,400 | $2,413 | +$1,013 | +72.4% | value-add reno |
| 2025-01 | 10131 | $1,435 | $1,454 | +$19 | +1.3% | renewal |
| 2024-12 | 4R | $1,427 | $2,075 | +$648 | +45.4% | value-add reno |
| 2024-12 | 10150R | $1,065 | $1,990 | +$925 | +86.9% | value-add reno |
| 2024-11 | 10162 | $1,435 | $1,335 | -$100 | -7% | renewal |
| 2024-11 | 47R | $1,185 | $2,000 | +$815 | +68.8% | value-add reno |
| 2024-11 | 10159R | $1,499 | $1,990 | +$491 | +32.8% | value-add reno |
| 2024-10 | 31R | $2,295 | $2,400 | +$105 | +4.6% | trade-out |
| 2024-10 | 7919-6R | $1,695 | $1,915 | +$220 | +13% | trade-out |
| 2024-09 | 13R | $1,465 | $2,000 | +$535 | +36.5% | value-add reno |
| 2024-09 | 7917-9R | $1,345 | $1,850 | +$505 | +37.5% | value-add reno |
| 2024-09 | 7915-4R | $1,695 | $1,645 | -$50 | -2.9% | renewal |
| 2024-09 | 10025R | $1,455 | $1,915 | +$460 | +31.6% | value-add reno |
| 2024-08 | 10055R | $1,355 | $1,782 | +$427 | +31.5% | value-add reno |
| 2024-08 | 16R | $1,115 | $2,000 | +$885 | +79.4% | value-add reno |
| 2024-07 | 18 | $1,465 | $1,510 | +$45 | +3.1% | renewal |
| 2024-07 | 9989R | $1,500 | $1,548 | +$48 | +3.2% | renewal |
| 2024-07 | 9986 | $1,285 | $1,312 | +$27 | +2.1% | renewal |
| 2024-07 | 9 | $1,355 | $1,389 | +$34 | +2.5% | renewal |
| 2024-07 | 7917-5R | $1,055 | $1,864 | +$809 | +76.7% | value-add reno |
| 2024-07 | 24 | $1,295 | $1,323 | +$28 | +2.2% | renewal |
| 2024-07 | 10033 | $1,495 | $1,543 | +$48 | +3.2% | renewal |
| 2024-07 | 10034 | $1,565 | $1,619 | +$54 | +3.5% | renewal |
| 2024-07 | 37 | $1,325 | $1,356 | +$31 | +2.3% | renewal |
| 2024-07 | 10038 | $1,370 | $1,405 | +$35 | +2.6% | renewal |
| 2024-07 | 9985 | $1,220 | $1,240 | +$20 | +1.6% | renewal |
| 2024-07 | 12R | $1,090 | $1,825 | +$735 | +67.4% | value-add reno |
| 2024-07 | 9993R | $1,165 | $1,180 | +$15 | +1.3% | renewal |
| 2024-07 | 23 | $1,390 | $1,427 | +$37 | +2.7% | renewal |
| 2024-07 | 10029 | $1,110 | $1,119 | +$9 | +0.8% | renewal |
| 2024-07 | 42 | $1,350 | $1,358 | +$8 | +0.6% | renewal |
| 2024-07 | 4R | $1,390 | $1,427 | +$37 | +2.7% | renewal |
| 2024-07 | 11 | $1,465 | $1,510 | +$45 | +3.1% | renewal |
| 2024-07 | 7915-4R | $1,075 | $1,695 | +$620 | +57.7% | value-add reno |
| 2024-07 | 10030 | $1,370 | $1,405 | +$35 | +2.6% | renewal |
| 2024-07 | 1 | $1,390 | $1,427 | +$37 | +2.7% | renewal |
| 2024-07 | 39R | $1,465 | $1,510 | +$45 | +3.1% | renewal |
| 2024-07 | 9998 | $1,675 | $1,740 | +$65 | +3.9% | renewal |
| 2024-07 | 7 | $1,325 | $1,356 | +$31 | +2.3% | renewal |
| 2024-07 | 9990 | $1,350 | $1,383 | +$33 | +2.4% | renewal |
| 2024-07 | 38 | $1,380 | $1,416 | +$36 | +2.6% | renewal |
| 2024-07 | 48 | $1,325 | $1,356 | +$31 | +2.3% | renewal |
| 2024-07 | 32R | $1,365 | $1,400 | +$35 | +2.6% | renewal |
| 2024-07 | 9994 | $1,565 | $1,619 | +$54 | +3.5% | renewal |
| 2024-06 | 7917-7R | $1,695 | $1,645 | -$50 | -2.9% | renewal |
| 2024-06 | 10207R | $1,695 | $1,925 | +$230 | +13.6% | trade-out |
| 2024-05 | 7917-7R | $1,110 | $1,695 | +$585 | +52.7% | value-add reno |
| 2024-04 | 9997R | $1,695 | $1,780 | +$85 | +5% | trade-out |
| 2024-04 | 5R | $1,180 | $1,800 | +$620 | +52.5% | value-add reno |
| 2024-04 | 3R | $1,125 | $2,100 | +$975 | +86.7% | value-add reno |
| 2024-03 | 10207R | $1,120 | $1,695 | +$575 | +51.3% | value-add reno |
| 2024-03 | 7919-6R | $1,250 | $1,695 | +$445 | +35.6% | value-add reno |
| 2024-03 | 7917-10R | $1,035 | $1,500 | +$465 | +44.9% | value-add reno |
| 2023-12 | 10155R | $2,510 | $1,707 | -$803 | -32% | trade-out |
| 2023-12 | 10215R | $1,330 | $1,676 | +$346 | +26% | value-add reno |
| 2023-11 | 10051R | $2,100 | $1,550 | -$550 | -26.2% | trade-out |
| 2023-11 | 10139R | $1,525 | $1,599 | +$74 | +4.9% | trade-out |
| 2023-11 | 29R | $1,365 | $2,499 | +$1,134 | +83.1% | value-add reno |
| 2023-11 | 10159R | $2,710 | $1,499 | -$1,211 | -44.7% | trade-out |
| 2023-10 | 7917-4R | $1,295 | $1,828 | +$533 | +41.2% | value-add reno |
| 2023-08 | 10203R | $1,030 | $1,924 | +$894 | +86.8% | value-add reno |
| 2023-07 | 7919-7 | $2,070 | $1,035 | -$1,035 | -50% | renewal |
| 2023-06 | 10051R | $2,100 | $1,050 | -$1,050 | -50% | renewal |
| 2023-06 | 10155R | $2,510 | $1,255 | -$1,255 | -50% | renewal |
| 2023-06 | 10082 | $2,130 | $1,065 | -$1,065 | -50% | renewal |
| 2023-06 | 10085R | $2,870 | $1,435 | -$1,435 | -50% | renewal |
| 2023-06 | 10089 | $3,120 | $1,525 | -$1,595 | -51.1% | renewal |
| 2023-06 | 10208 | $2,630 | $1,315 | -$1,315 | -50% | renewal |
| 2023-06 | 40 | $2,990 | $1,495 | -$1,495 | -50% | renewal |
| 2023-05 | 10163 | $2,120 | $1,060 | -$1,060 | -50% | renewal |
| 2023-04 | 10159R | $2,710 | $1,355 | -$1,355 | -50% | renewal |
| 2023-03 | 10216R | $1,060 | $1,135 | +$75 | +7.1% | renewal |
| 2023-03 | 7915-10R | $1,475 | $1,375 | -$100 | -6.8% | renewal |
| 2023-03 | 10047 | $1,455 | $1,355 | -$100 | -6.9% | renewal |
Performance trends · since inception
Occupancy, rent & turnover across the hold
Physical occupancy (avg)
89.3%
Latest 83.2%
Economic occupancy (avg)
84.8%
In-place ÷ market
Avg in-place rent
$1,473
$1270 → $1635 (+28.7%)
Avg loss-to-lease
$33,425
per month · gross potential − in-place
Lease turns · time-to-lease
82 · 107d
median 92d · 81 date-verified
Avg trade-out
-2.5%
new-lease rent change
Charts and read-through load when this tab is opened.
Physical occupancy over time · occupied ÷ 137 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
1.58x
DSCR
$872K
Debt service / yr
$506K
Leveraged CF / yr
—
LTV
Loans · 6 facilityies · IO uses interest, amortizing estimates P&I on 30yr
| Lender | Balance | Rate | Structure | Debt svc/yr | Maturity |
|---|---|---|---|---|---|
| BECU | $6.91M | 5.09% | IO | $352K | 2033-03-10 |
| BECU | $731K | 5.09% | IO | $37K | 2033-03-10 |
| BECU | $2.53M | 5.22% | IO | $132K | 2033-03-10 |
| BECU | $522K | 5.22% | IO | $27K | 2033-03-10 |
| BECU | $5.49M | 5.13% | IO | $282K | 2033-03-10 |
| BECU | $826K | 5.13% | IO | $42K | 2033-03-10 |
Leveraged cash flow by month · NOI minus debt service (≈$73K/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
active
Status
$882K
Distributed to date
—
Cash-on-cash
0
Capital calls
Distribution history
| Period | Amount |
|---|---|
| 2023-10-05 | $100,000 |
| 2024-01-16 | $150,000 |
| 2024-04-23 | $100,000 |
| 2024-07-03 | $150,000 |
| 2024-10-14 | $110,000 |
| 2025-01-14 | $71,769 |
| 2025-04-29 | $100,000 |
| 2025-11-07 | $100,000 |
8 distributions 2023-2025; positive core cash flow (NOI less debt service).
Risk & action items
What needs attention
Open watch list · 7 items · 5 high priority · as of 2026-07-17
| Priority | Theme | Item | Owner | Next step | $ impact | Raised |
|---|---|---|---|---|---|---|
| High | Leasing | Leasing funnel — ~5% lead-to-tour conversion | Meritus | Ask Meritus: lead-handling process, speed-to-lead, follow-up cadence. | — | 2026-06-29 |
| High | Renovation | Renovation tracker — BECU does not show Williamsburg units 22 & 34 as funded | Meritus | Reconcile the Williamsburg 22/34 funding discrepancies with BECU; finalize the renovated-unit master list. | — | 2026-06-29 |
| High | Delinquency | Williamsburg #38 (Smith Ventura) — $14,914 legal AR | Meritus | Ask Meritus: status, timeline, expected recovery. | $14,914 | 2026-06-29 |
| High | Reporting | Portfolio meeting 7/9 — contractor (Oregon Painting) will not start until the deposit clears | Meritus | Confirm the deposit checks actually went out (Ashley checking Friday EOD). | — | 2026-07-09 |
| High | Leasing | No-cause eviction program — implement a comprehensive process to move roughly 20 of the lowest-rent residents, clearing the way to re-lease at market and lift the rent basis across the portfolio. | Me / Lombard Equities | Stand up the no-cause process with counsel and Meritus; target the ~20 lowest-rent units. | — | 2026-07-17 |
| Medium | Financing / Loan | LOC / renovation reimbursement reconciliation — earlier read of a ~$210k un-reimbursed gap is NOT confirmed; business partner indicates there is no true shortfall. Reconciling LOC draws vs. reno invoices in Yardi to close the books cleanly. | Partner | Finish the Yardi reconciliation to confirm no shortfall; no action assumed until reconciled. | — | 2026-07-10 |
| Medium | Renovation | Williamsburg — $800 permanent roof repair approved; crawl-space mold concern raised | Meritus | Confirm the crawl-space inspection result and get the contractor's scheduled date. | $800 | 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.
high
execution
NOI ~37% below underwriting - renovation stalled (61/134 done vs plan). The gap is pace, not thesis; 62 legacy units are the upside.
high
LEASING
Leasing funnel — ~5% lead-to-tour conversion — Next: Ask Meritus: lead-handling process, speed-to-lead, follow-up cadence.
high
RENOVATION
Renovation tracker — BECU does not show Williamsburg units 22 & 34 as funded — Next: Reconcile the Williamsburg 22/34 funding discrepancies with BECU; finalize the renovated-unit master list.
high
DELINQUENCY
Williamsburg #38 (Smith Ventura) — $14,914 legal AR — Next: Ask Meritus: status, timeline, expected recovery.
high
REPORTING
Portfolio meeting 7/9 — contractor (Oregon Painting) will not start until the deposit clears — Next: Confirm the deposit checks actually went out (Ashley checking Friday EOD).
high
LEASING
No-cause eviction program — implement a comprehensive process to move roughly 20 of the lowest-rent residents, clearing the way to re-lease at market and lift the rent basis across the portfolio. — Next: Stand up the no-cause process with counsel and Meritus; target the ~20 lowest-rent units.
medium
debt
IO-to-P&I conversion Jan 2027 lifts annual debt service from ~$872,528 to ~$1,115,945 - test coverage against then-current NOI.
low
strength
Strong collections (writeoffs $10,852, 0.17%); positive cash flow; $881,769 distributed to LPs.