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

Pine Street Townhomes

Tacoma, WA
53 unitsMeritusValue-add (townhomes)Acq. 2023-04
83.0%
Occupancy
9 vacant of 53; as of Jul'26
$655,959
TTM NOI
2024 peak $806K -> reno drag 2025-26
0.74
DSCR (P&I)
ICR 0.82 - service not covered
+31.7%
Value-Add Lift
$2,016 -> $2,643 on 32 turns
$13.97M
Senior Loan
of $12.53M advance + draws
$188,434
Delinquency
latest, from rent roll
Executive summary

The thesis, right now

Pine Street Townhomes (Tacoma, WA; 53-unit value-add townhomes, acquired Apr 2023) is executing a renovation program lifting rents ~31.7% across 32 value-add turns. TTM NOI is $655,959, but the capital structure is stressed: DSCR (P&I) 0.74 and ICR 0.82, with a ~$234K annual debt-service shortfall on the $13.97M balance. The underwriting model is broken (computed cells return #NAME?), so returns and a reversion value are NOT recoverable from it and require a clean re-model.

This week

What moved

OPS

Occupancy 92.5% (49/52 occupied); value-add renovation ongoing.

DEBT

DSCR (P&I) 0.74, ICR 0.82 - debt service not covered by NOI; ~$233,957 annual P&I shortfall. Capital-structure watch.

VALUE-ADD

32 value-add turns averaging +31.7% rent lift ($2,016 -> $2,643), ~117 days to lease.

FINANCING

Loan payment $86,731 due 6/30 + late-fee dispute

FINANCING

Potential sale — Berkadia BOV; ~70% complete value-add, ~$20M needed to clear all investors; rents/leasing strong, AR weaker

LEASING

Lead engine impaired: unpaid Zillow invoice suppressed the listing; Apartments.com cancelled for low ROI; no weekend leasing coverage. Eviction units show-ready by Friday except 2901A (roach infestation). A military-family applicant on an unrenovated 2BR is pending signature.

Data coverage

What this record contains

rent roll: completefinancials noi: completedebt: completevaluation: partialdistributions: completedelinquency: completeleasing efficiency: completefinancials: 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

83.0%
Occupancy (latest)
$656K
NOI run-rate
—
Plan NOI
—
% of plan
Occupancy trend
Aug'25 → Jul'26 · 12 months
Income · NOI · Expense by month
IncomeNOIExpenses
2023-04 Income: $8,7402023-04 NOI: $9,1932023-04 Expenses: -$4532023-05 Income: $172,5932023-05 NOI: $163,1532023-05 Expenses: $9,4402023-06 Income: $119,8172023-06 NOI: $92,2782023-06 Expenses: $27,5392023-07 Income: $121,0062023-07 NOI: $74,7622023-07 Expenses: $46,2442023-08 Income: $111,5472023-08 NOI: $72,6722023-08 Expenses: $38,8752023-09 Income: $87,2342023-09 NOI: $65,4982023-09 Expenses: $21,7372023-10 Income: $97,4082023-10 NOI: -$7,7182023-10 Expenses: $105,1262023-11 Income: $106,7692023-11 NOI: $59,6892023-11 Expenses: $47,0802023-12 Income: $97,6752023-12 NOI: $53,3382023-12 Expenses: $44,3372024-01 Income: $90,3872024-01 NOI: $41,6962024-01 Expenses: $48,6912024-02 Income: $84,3842024-02 NOI: $34,8512024-02 Expenses: $49,5332024-03 Income: $105,4902024-03 NOI: $58,4042024-03 Expenses: $47,0862024-04 Income: $122,1682024-04 NOI: $70,7132024-04 Expenses: $51,4552024-05 Income: $123,4922024-05 NOI: $79,2492024-05 Expenses: $44,2442024-06 Income: $114,5522024-06 NOI: $69,7012024-06 Expenses: $44,8512024-07 Income: $118,1742024-07 NOI: $76,5602024-07 Expenses: $41,6142024-08 Income: $113,8732024-08 NOI: $69,3182024-08 Expenses: $44,5562024-09 Income: $127,5482024-09 NOI: $83,9362024-09 Expenses: $43,6132024-10 Income: $117,2102024-10 NOI: $64,4182024-10 Expenses: $52,7922024-11 Income: $128,8702024-11 NOI: $82,3202024-11 Expenses: $46,5502024-12 Income: $126,7862024-12 NOI: $75,2792024-12 Expenses: $51,5072025-01 Income: $122,6292025-01 NOI: $76,1282025-01 Expenses: $46,5012025-02 Income: $119,7302025-02 NOI: $68,7652025-02 Expenses: $50,9652025-03 Income: $117,4862025-03 NOI: $66,8022025-03 Expenses: $50,6842025-04 Income: $119,9282025-04 NOI: $67,5812025-04 Expenses: $52,3462025-05 Income: $105,7342025-05 NOI: $50,0752025-05 Expenses: $55,6592025-06 Income: $111,7622025-06 NOI: $52,8802025-06 Expenses: $58,8822025-07 Income: $117,1312025-07 NOI: $53,2112025-07 Expenses: $63,9212025-08 Income: $114,7952025-08 NOI: $48,2272025-08 Expenses: $66,5682025-09 Income: $106,1032025-09 NOI: $51,1822025-09 Expenses: $54,9212025-10 Income: $109,4802025-10 NOI: $62,1132025-10 Expenses: $47,3672025-11 Income: $104,4282025-11 NOI: $50,2112025-11 Expenses: $54,2172025-12 Income: $115,4752025-12 NOI: $53,8902025-12 Expenses: $61,5862026-01 Income: $102,2482026-01 NOI: $50,6912026-01 Expenses: $51,5572026-02 Income: $120,8232026-02 NOI: $73,0822026-02 Expenses: $47,7412026-03 Income: $113,5132026-03 NOI: $46,2302026-03 Expenses: $67,2832026-04 Income: $125,1582026-04 NOI: $71,5062026-04 Expenses: $53,6522026-05 Income: $132,4232026-05 NOI: $42,7382026-05 Expenses: $89,685
Monthly operating detail
MonthIncomeNOIExpensesMargin
2023-04$8,740$9,193-$453105%
2023-05$172,593$163,153$9,44095%
2023-06$119,817$92,278$27,53977%
2023-07$121,006$74,762$46,24462%
2023-08$111,547$72,672$38,87565%
2023-09$87,234$65,498$21,73775%
2023-10$97,408-$7,718$105,126-8%
2023-11$106,769$59,689$47,08056%
2023-12$97,675$53,338$44,33755%
2024-01$90,387$41,696$48,69146%
2024-02$84,384$34,851$49,53341%
2024-03$105,490$58,404$47,08655%
2024-04$122,168$70,713$51,45558%
2024-05$123,492$79,249$44,24464%
2024-06$114,552$69,701$44,85161%
2024-07$118,174$76,560$41,61465%
2024-08$113,873$69,318$44,55661%
2024-09$127,548$83,936$43,61366%
2024-10$117,210$64,418$52,79255%
2024-11$128,870$82,320$46,55064%
2024-12$126,786$75,279$51,50759%
2025-01$122,629$76,128$46,50162%
2025-02$119,730$68,765$50,96557%
2025-03$117,486$66,802$50,68457%
2025-04$119,928$67,581$52,34656%
2025-05$105,734$50,075$55,65947%
2025-06$111,762$52,880$58,88247%
2025-07$117,131$53,211$63,92145%
2025-08$114,795$48,227$66,56842%
2025-09$106,103$51,182$54,92148%
2025-10$109,480$62,113$47,36757%
2025-11$104,428$50,211$54,21748%
2025-12$115,475$53,890$61,58647%
2026-01$102,248$50,691$51,55750%
2026-02$120,823$73,082$47,74160%
2026-03$113,513$46,230$67,28341%
2026-04$125,158$71,506$53,65257%
2026-05$132,423$42,738$89,68532%
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 · 2023-04 → 2026-05 (38mo)

$555K
NOI run-rate
36.9%
NOI margin
—
vs plan
$15,234
Opex / unit
NOI over time
NOI margin % over time
Year over year
YearIncomeNOIMarginOpex
2023 (9mo)$922,789$582,86563%$339,925
2024$1,372,934$806,44559%$566,492
2025$1,364,681$701,06551%$663,617
2026 (5mo)$594,165$284,24748%$309,918
Expense analysis

Where the money goes

$574K
Total opex / yr
$10,831
Opex / unit
38.2%
Opex ratio
33.7%
Non-controllable
Operating expense by category · annualized run-rate, % of EGI   ■ controllable   ■ fixed (tax/insurance)
Taxes
$177,006
11.8% EGI
Utilities
$157,592
10.5% EGI
Repairs & Maintenance
$79,866
5.3% EGI
Management
$47,936
3.2% EGI
Payroll
$41,575
2.8% EGI
Marketing
$19,332
1.3% EGI
Insurance
$16,196
1.1% EGI
Administrative
$15,789
1.1% EGI
Other
$11,666
0.8% EGI
Turnover
$7,076
0.5% EGI
Anomalies to research
rising

Repairs & Maintenance

Repairs & Maintenance up 53% (recent vs earlier) — 15.4% of opex, ~$91,333/yr.

rising

Other

Other up 271% (recent vs earlier) — 4.1% of opex, ~$24,321/yr.

rising

Administrative

Administrative up 78% (recent vs earlier) — 3.9% of opex, ~$23,255/yr.

rising

Insurance

Insurance up 56% (recent vs earlier) — 3.7% of opex, ~$22,202/yr.

rising

Marketing

Marketing up 86% (recent vs earlier) — 3.0% of opex, ~$17,798/yr.

rising

Turnover

Turnover up 714% (recent vs earlier) — 0.7% of opex, ~$3,870/yr.

spike

Taxes

Taxes spiked to $80,568 in 2023-10 (~5.5x typical) — confirm one-time vs recurring.

spike

Repairs & Maintenance

Repairs & Maintenance spiked to $30,929 in 2026-05 (~4.6x typical) — confirm one-time vs recurring.

spike

Management

Management spiked to $12,771 in 2023-08 (~3.2x typical) — confirm one-time vs recurring.

spike

Payroll

Payroll spiked to $8,675 in 2023-06 (~2.5x typical) — confirm one-time vs recurring.

spike

Other

Other spiked to $15,638 in 2025-08 (~17.1x typical) — confirm one-time vs recurring.

spike

Administrative

Administrative spiked to $7,223 in 2023-12 (~5.5x typical) — confirm one-time vs recurring.

spike

Insurance

Insurance spiked to $9,866 in 2023-08 (~7.3x typical) — confirm one-time vs recurring.

spike

Marketing

Marketing spiked to $6,120 in 2024-04 (~3.8x typical) — confirm one-time vs recurring.

spike

Turnover

Turnover spiked to $2,316 in 2026-02 (~3.9x 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 2026-07-05

This week on the ground

Leased
88.7%
47 of 53
Occupied
83%
44 units
Available to rent
6
1 on notice
Move ins / outs
0 / 0
this week
Leads
31
Shows
1
Applications
2
Approved
1
31 leads produced 1 show (3.2%) and 2 applications.

2 units vacant 60+ days

2901C, 4372AR — carrying $5,790/mo of the $19,585/mo total vacancy exposure. Aged vacancy is a pricing or turn-quality problem, not a traffic problem.

Renewals in flight — 19 leases, 10 month-to-month

Average increase being offered: 3% across 18 offers.
$586,692 of annualised rent sits on these leases.
Vacancy board · as reported by the manager
UnitPlanAskingDays vacantStatus
2901C2x2.5DEN$2,39593dREADY
4372AR4x3 47$3,39567dREADY
2901AR3x2.5 47$2,8004dVendor turning, will update with an accurate date
4336CR3x2.5 47$2,8004dVendor turning, will update with an accurate date
2903BR3x2.5 47$2,8004dVendor turning, will update with an accurate date
4328AR3x2.5 47$2,5954dVendor turning, will update with an accurate date
4366AR3x2.5 47$2,8004dVendor turning, will update with an accurate date
Source: Pine St. Weekly Report 07.05.26.xlsx · 3 weeks tracked. Parsed by column label, not cell position.
Leasing efficiency

Pricing power & velocity

Market trade-out
-2.7%
42 re-leases
Renewal increase
+-0.6%
17 renewals
Value-add reno lift
+34.5%
26 renovated turns
Time to lease
91.5d
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

111d
Avg market re-lease (dated turns)
68/68
Turns with real move-out→move-in dates
42
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
4336BR 2026-05 2025-10-31 2026-04-18 169d actual value-add reno
4348CR 2026-04 2025-09-12 2026-03-04 173d actual trade-out
2907DR 2026-04 2025-08-20 2026-03-16 208d actual trade-out
2903DR 2026-04 2026-03-16 2026-03-25 9d actual trade-out
2903AR 2026-04 2025-03-31 2026-04-01 366d actual trade-out
4372CR 2026-04 2025-07-03 2026-03-16 256d actual value-add reno
4360BR 2026-04 2025-10-01 2026-03-24 174d actual trade-out
4308CR 2026-03 2025-07-27 2026-02-24 212d actual value-add reno
2907A-R 2026-03 2026-01-01 2026-02-05 35d actual trade-out
2901DR 2026-03 2025-09-24 2026-02-13 142d actual trade-out
4320BR 2026-03 2025-12-08 2026-02-20 74d actual trade-out
4336A 2026-03 2025-09-30 2026-02-06 129d actual value-add reno
4302BR 2026-02 2025-12-18 2026-01-27 40d actual trade-out
2911AR 2026-02 2025-04-22 2026-01-02 255d actual trade-out
4372BR 2026-01 2025-09-12 2025-12-18 97d actual trade-out
4308AR 2026-01 2025-07-05 2025-12-10 158d actual value-add reno
4328AR 2026-01 2025-07-31 2025-12-31 153d actual trade-out
4360BR 2025-11 2025-08-13 2025-10-20 68d actual trade-out
4328CR 2025-11 2025-09-06 2025-10-31 55d actual value-add reno
4372BR 2025-09 2025-03-31 2025-08-05 127d actual value-add reno
4302BR 2025-09 2025-05-18 2025-08-09 83d actual value-add reno
4302CR 2025-09 2025-06-30 2025-08-29 60d actual trade-out
4314DR 2025-09 2025-04-30 2025-08-07 99d actual trade-out
2903BR 2025-09 2025-05-31 2025-08-13 74d actual trade-out
4348AR 2025-08 2025-04-30 2025-07-23 84d actual trade-out
4366CR 2025-08 2025-03-31 2025-07-24 115d actual value-add reno
4328BRM 2025-08 2025-03-19 2025-07-24 127d actual trade-out
2907BR 2025-08 2025-05-31 2025-07-22 52d actual value-add reno
4320CR 2025-08 2025-03-31 2025-07-25 116d actual trade-out
2907A-R 2025-06 2025-02-28 2025-05-20 81d actual value-add reno
4314CR 2025-06 2025-04-08 2025-05-23 45d actual trade-out
4302AR 2025-05 2024-11-07 2025-04-21 165d actual value-add reno
4372AR 2025-05 2024-05-31 2025-04-17 321d actual trade-out
4314AR 2025-05 2025-04-01 2025-05-01 30d actual trade-out
2903DR 2025-04 2024-12-31 2025-03-17 76d actual value-add reno
4366BR 2025-04 2024-11-18 2025-03-24 126d actual value-add reno
4308BR 2025-04 2025-01-31 2025-03-20 48d actual trade-out
2907BR 2025-04 2024-11-30 2025-03-29 119d actual trade-out
2911BR 2025-03 2024-12-31 2025-02-18 49d actual trade-out
4342BR 2025-03 2025-01-31 2025-02-24 24d actual trade-out
4360BR 2025-02 2024-08-31 2025-01-22 144d actual trade-out
4320BR 2025-02 2024-11-02 2025-02-01 91d actual trade-out
2901DR 2024-11 2024-09-30 2024-10-25 25d actual trade-out
4366AR 2024-11 2024-07-15 2024-10-11 88d actual trade-out
4360AR 2024-11 2024-08-04 2024-11-01 89d actual value-add reno
2911AR 2024-10 2024-08-01 2024-09-09 39d actual trade-out
4328BRM 2024-08 2023-09-30 2024-08-01 306d actual trade-out
4336CR 2024-08 2024-03-31 2024-08-01 123d actual trade-out
4328CR 2024-07 2024-02-29 2024-06-03 95d actual trade-out
4348AR 2024-05 2024-02-18 2024-04-24 66d actual trade-out
2911CR 2024-05 2023-12-31 2024-04-06 97d actual value-add reno
4314CR 2024-04 2023-12-31 2024-03-06 66d actual trade-out
4314AR 2024-04 2024-01-06 2024-03-30 84d actual trade-out
4354CR 2024-03 2023-09-30 2024-02-17 140d actual value-add reno
4360CR 2024-03 2023-10-31 2024-02-27 119d actual value-add reno
4320AR 2024-03 2023-12-12 2024-02-23 73d actual trade-out
2911DR 2024-03 2023-10-31 2024-02-10 102d actual value-add reno
4314BR 2024-03 2023-11-30 2024-03-01 92d actual trade-out
4308BR 2024-03 2023-11-30 2024-02-29 91d actual value-add reno
4342CR 2024-03 2023-10-19 2024-02-10 114d actual value-add reno
4342BR 2024-03 2023-09-30 2024-02-06 129d actual trade-out
2903AR 2024-02 2023-08-31 2024-01-04 126d actual trade-out
2901BR 2024-02 2023-08-31 2024-01-23 145d actual value-add reno
2907CR 2024-01 2023-09-04 2023-12-11 98d actual value-add reno
2911BR 2023-12 2023-08-15 2023-11-25 102d actual value-add reno
4366AR 2023-11 2023-07-31 2023-10-01 62d actual value-add reno
2903BR 2023-11 2023-05-31 2023-11-01 154d actual value-add reno
4360BR 2023-10 2023-04-30 2023-09-06 129d 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
-$5,024/mo
42 re-leases · avg -2.7% · -$60,288/yr
Renewal rent impact
-$4,560/mo
17 renewals · avg -0.6% · -$54,720/yr
Reno turn impact
+$17,295/mo
26 renovated · avg +34.5%
Combined repricing
+$7,711/mo
current-manager era · +$92,532/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.
$2,223→$2,552
Avg in-place rent (2023-04→2026-07)
+14.8%
In-place rent growth
-2.7%
Avg trade-out (42)
+-0.6%
Avg renewal (17)
Average in-place vs market rent by month
2023-04 → 2026-07 · solid = in-place, dashed = market asking
$2,158$2,444$2,729
In-place rentMarket asking
Every repricing event · dated · trade-outs, renewals & reno turns · newest first
MonthUnitPrior rentNew rentΔ $/moΔ %Type
2026-054336BR$1,895$2,395+$500+26.4%value-add reno
2026-054348AR$3,036$3,039+$3+0.1%renewal
2026-044348CR$2,998$2,895-$103-3.4%trade-out
2026-042907DR$2,250$2,550+$300+13.3%trade-out
2026-042903DR$2,800$2,695-$105-3.8%trade-out
2026-042903AR$2,800$2,595-$205-7.3%trade-out
2026-044372CR$1,675$2,895+$1,220+72.8%value-add reno
2026-044360BR$2,395$2,275-$120-5%trade-out
2026-034308CR$2,100$2,895+$795+37.9%value-add reno
2026-032907A-R$2,395$2,250-$145-6.1%trade-out
2026-032901DR$2,800$2,595-$205-7.3%trade-out
2026-034320BR$2,800$2,040-$760-27.1%trade-out
2026-034336A$1,650$2,395+$745+45.2%value-add reno
2026-024302BR$2,395$2,250-$145-6.1%trade-out
2026-022911AR$2,800$2,595-$205-7.3%trade-out
2026-014372BR$2,395$2,250-$145-6.1%trade-out
2026-014308AR$2,250$2,995+$745+33.1%value-add reno
2026-014328AR$2,548$2,595+$47+1.8%trade-out
2025-114360BR$2,395$2,395+$00%trade-out
2025-114328CR$1,995$2,395+$400+20.1%value-add reno
2025-094372BR$1,850$2,395+$545+29.5%value-add reno
2025-094302BR$1,995$2,395+$400+20.1%value-add reno
2025-094302CR$2,950$3,295+$345+11.7%trade-out
2025-094314DR$2,800$2,800+$00%trade-out
2025-092903BR$2,800$2,800+$00%trade-out
2025-084348AR$3,095$3,039-$56-1.8%trade-out
2025-084366CR$1,995$2,395+$400+20.1%value-add reno
2025-084328BRM$4,790$2,395-$2,395-50%trade-out
2025-082907BR$1,676$2,395+$719+42.9%value-add reno
2025-084320CR$2,548$2,800+$252+9.9%trade-out
2025-062907A-R$1,800$2,395+$595+33.1%value-add reno
2025-064314CR$2,600$2,800+$200+7.7%trade-out
2025-054302AR$2,050$3,295+$1,245+60.7%value-add reno
2025-054372AR$3,095$3,395+$300+9.7%trade-out
2025-054314AR$2,800$2,800+$00%trade-out
2025-042903DR$2,100$2,800+$700+33.3%value-add reno
2025-044366BR$1,995$2,395+$400+20.1%value-add reno
2025-044308BR$2,395$2,395+$00%trade-out
2025-042907BR$1,800$1,676-$124-6.9%trade-out
2025-032911BR$2,875$2,395-$480-16.7%trade-out
2025-034342BR$2,395$2,395+$00%trade-out
2025-022907DR$1,750$2,250+$500+28.6%renewal
2025-024360BR$2,395$2,395+$00%trade-out
2025-024302CR$2,275$2,950+$675+29.7%renewal
2025-024320BR$2,695$2,800+$105+3.9%trade-out
2025-024314DR$2,250$2,800+$550+24.4%renewal
2025-022901BR$2,800$2,850+$50+1.8%renewal
2025-014348CR$2,395$2,998+$603+25.2%renewal
2024-122901C$1,695$2,395+$700+41.3%renewal
2024-122911BR$2,395$2,875+$480+20%renewal
2024-124342A$2,495$2,548+$53+2.1%renewal
2024-124328AR$2,295$2,548+$253+11%renewal
2024-124320CR$2,395$2,548+$153+6.4%renewal
2024-112901DR$2,800$2,800+$00%trade-out
2024-114366AR$2,800$2,800+$00%trade-out
2024-114360AR$1,995$2,395+$400+20.1%value-add reno
2024-102911AR$2,395$2,800+$405+16.9%trade-out
2024-094328BRM$4,790$2,395-$2,395-50%renewal
2024-084328BRM$4,390$4,790+$400+9.1%trade-out
2024-084336CR$4,000$2,800-$1,200-30%trade-out
2024-074328CR$1,975$1,995+$20+1%trade-out
2024-054348AR$2,795$3,095+$300+10.7%trade-out
2024-052911CR$1,800$2,395+$595+33.1%value-add reno
2024-044314CR$2,295$2,600+$305+13.3%trade-out
2024-044314AR$2,395$2,800+$405+16.9%trade-out
2024-034354CR$2,095$3,236+$1,141+54.5%value-add reno
2024-034360CR$2,000$2,600+$600+30%value-add reno
2024-034320AR$2,895$2,800-$95-3.3%trade-out
2024-032911DR$1,995$2,395+$400+20.1%value-add reno
2024-034314BR$2,995$2,800-$195-6.5%trade-out
2024-034308BR$1,900$2,395+$495+26.1%value-add reno
2024-034342CR$1,995$2,395+$400+20.1%value-add reno
2024-034342BR$3,990$2,395-$1,595-40%trade-out
2024-022903AR$2,495$2,800+$305+12.2%trade-out
2024-022901BR$1,895$2,850+$955+50.4%value-add reno
2024-012907CR$1,900$2,395+$495+26.1%value-add reno
2023-122911BR$2,195$2,875+$680+31%value-add reno
2023-114366AR$2,000$2,800+$800+40%value-add reno
2023-112903BR$1,875$2,800+$925+49.3%value-add reno
2023-104360BR$2,830$2,395-$435-15.4%trade-out
2023-094328BRM$4,390$2,195-$2,195-50%renewal
2023-074336BR$1,895$1,850-$45-2.4%renewal
2023-064342BR$3,990$1,995-$1,995-50%renewal
2023-064336CR$4,000$2,000-$2,000-50%renewal
2023-054314DR$2,200$2,250+$50+2.3%renewal
Performance trends · since inception

Occupancy, rent & turnover across the hold

Physical occupancy (avg)
84.7%
Latest 83%
Economic occupancy (avg)
77.7%
In-place ÷ market
Avg in-place rent
$2,393
$2223 → $2552 (+14.8%)
Avg loss-to-lease
$30,896
per month · gross potential − in-place
Lease turns · time-to-lease
68 · 114d
median 98d · 68 date-verified
Avg trade-out
-2.7%
new-lease rent change
Charts and read-through load when this tab is opened.
Physical occupancy over time · occupied ÷ 53 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

0.55x
DSCR
$1.00M
Debt service / yr
-$447K
Leveraged CF / yr
—
LTV

Not covering debt service

NOI run-rate of $555K is below annual debt service of $1.00M (DSCR 0.55x) — the asset is consuming equity/reserves at the current run-rate. Typical for a value-add asset mid-stabilization.
Loans · 1 facility · IO uses interest, amortizing estimates P&I on 30yr
LenderBalanceRateStructureDebt svc/yrMaturity
Coastal Community Bank$13.95M5.98%Amortizing$1.00M2028-04-25
Leveraged cash flow by month · NOI minus debt service (≈$83K/mo)
2023-04: -$74,2842023-05: $79,6762023-06: $8,8012023-07: -$8,7152023-08: -$10,8052023-09: -$17,9792023-10: -$91,1952023-11: -$23,7882023-12: -$30,1392024-01: -$41,7812024-02: -$48,6262024-03: -$25,0732024-04: -$12,7642024-05: -$4,2282024-06: -$13,7762024-07: -$6,9172024-08: -$14,1592024-09: $4592024-10: -$19,0592024-11: -$1,1572024-12: -$8,1982025-01: -$7,3492025-02: -$14,7122025-03: -$16,6752025-04: -$15,8962025-05: -$33,4022025-06: -$30,5972025-07: -$30,2662025-08: -$35,2502025-09: -$32,2952025-10: -$21,3642025-11: -$33,2662025-12: -$29,5872026-01: -$32,7862026-02: -$10,3952026-03: -$37,2472026-04: -$11,9712026-05: -$40,739
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
$187K
Distributed to date
3.2%
Cash-on-cash
0
Capital calls
Distribution history
PeriodAmount
2023-10-04$100,000
2024-01-16$45,000
2024-07-11$41,500
Distributions were made ($80K 2024, $180K 2025) despite sub-1.0 DSCR - funded by owner contributions / loan draws, not operations. Monitor against the debt shortfall.
Risk & action items

What needs attention

Open watch list · 4 items · 3 high priority · as of 2026-07-17
PriorityThemeItemOwnerNext step$ impactRaised
High Financing / Loan Loan payment $86,731 due 6/30 + late-fee dispute Lender Confirm the 6/30 payment was made; pursue reversal of late fees. $86,731 2026-06-29
High Financing / Loan Potential sale — Berkadia BOV; ~70% complete value-add, ~$20M needed to clear all investors; rents/leasing strong, AR weaker Me / Lombard Equities Firm up the Berkadia BOV / target sale price; decide whether to market. — 2026-07-01
High Leasing Lead engine impaired: unpaid Zillow invoice suppressed the listing; Apartments.com cancelled for low ROI; no weekend leasing coverage. Eviction units show-ready by Friday except 2901A (roach infestation). A military-family applicant on an unrenovated 2BR is pending signature. Meritus Force the Zillow invoice payment to reinstate the listing; arrange weekend leasing coverage; close or release the 2BR applicant. — 2026-07-14
Medium Reporting Q2 2026 investor report draft — renovated-unit count contradicts itself (32 renovated vs 'renovation complete'; Paul recalls ~45+3) Me / Lombard Equities Reconcile the renovated-unit count with Meritus, fold in Paul's edits and the June financials, finalize. — 2026-07-09
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 2026-07-07

Hardened (resident-owed, net of housing-authority subsidy and the 0–30 timing bucket) is $41,816. ▼ $113,813 since 2026-06-07
0–30 balances are excluded as payment-timing noise; the trend on hardened is the real credit signal.
UnitResidentHardened 30+SubsidyNote
4308ARSmothers$9,440—Current
2903ARTaylor$8,165—Current
4354AUnap$7,274—Current
4342BRWinford$5,213—Current
2907A-REthridge$4,897—Current
4354CRAnderson$4,776—Current
4308BRTalamoni$2,609—Current
4328CRJohnson$1,341—Current
high

FINANCING / LOAN

Loan payment $86,731 due 6/30 + late-fee dispute — Next: Confirm the 6/30 payment was made; pursue reversal of late fees.

high

FINANCING / LOAN

Potential sale — Berkadia BOV; ~70% complete value-add, ~$20M needed to clear all investors; rents/leasing strong, AR weaker — Next: Firm up the Berkadia BOV / target sale price; decide whether to market.

high

LEASING

Lead engine impaired: unpaid Zillow invoice suppressed the listing; Apartments.com cancelled for low ROI; no weekend leasing coverage. Eviction units show-ready by Friday except 2901A (roach infestation). A military-family applicant on an unrenovated 2BR is pending signature. — Next: Force the Zillow invoice payment to reinstate the listing; arrange weekend leasing coverage; close or release the 2BR applicant.

watch

DEBT

DSCR (P&I) 0.74 / ICR 0.82; ~$234K annual debt-service shortfall on $13.97M balance - the central risk.

monitor

DATA

Underwriting model broken (#NAME?); valuation & returns not recoverable - needs a clean re-model before any reversion figure is trusted.

monitor

DISTRIBUTIONS

Distributing despite sub-1.0 DSCR; funded by contributions/draws - watch sustainability.