Apers for Family Offices
Direct investing without a ten-person acquisitions team.
Apers is the AI system that delivers institutional-quality real estate underwriting from a lean family office team.
The capital is there. The headcount isn't.
Your family office manages $500M across real estate, private equity, and public markets. Two investment professionals make the allocation decisions. You've been increasing direct real estate — co-investments alongside operators, club deals with other families, and the occasional direct acquisition when the right deal surfaces through your network.
The problem isn't capital or conviction. It's capacity. A co-investment opportunity arrives Tuesday morning — an operator you've worked with before is acquiring a 180-unit multifamily property and offering a $5M co-invest tranche. They need a commitment by Friday. You need to underwrite it independently — your fiduciary duty requires it, and your investment committee expects it. But your two-person team is already managing the existing portfolio, evaluating a potential direct acquisition in Nashville, and preparing for next week's investment committee meeting.
A recent industry survey found that 44% of family offices don't use any research software for real estate due diligence. Not because they don't value rigor — because the available tools are built for 50-person institutional teams, not 2-person family office investment staffs. The enterprise software costs $100K+/year, requires months to implement, and assumes you have dedicated analysts to operate it.
What you need is institutional-quality analysis without institutional infrastructure. Underwrite a co-invest opportunity in hours, not weeks. Produce models your investment committee trusts. Build a track record of analytical rigor that attracts better deal flow. That's what Apers delivers.
What changes with Apers
Evaluate co-invest opportunities in hours
An operator sends you the deal package Tuesday morning. Upload the OM, rent roll, and T-12 to Apers. By lunch, you have a complete acquisition model — your own independent underwriting, not just the operator's numbers. You compare Apers' extracted data against the operator's pro forma. Where the numbers diverge, you ask questions. By end of day, you have a view on the deal backed by your own analysis. Friday's commitment deadline isn't a crisis — it's routine.
Underwrite without an analyst team
When a direct acquisition surfaces through your network, you need the same depth of analysis a PE fund would produce — cash flow projections, debt sizing, waterfall distributions, sensitivity tables. But you don't have three analysts to build it. Apers generates the complete model from deal documents. Your job is reviewing the output and exercising judgment — not spending two days in Excel.
Model structures with multiple families
Club deals with other family offices have their own complexity — different contribution amounts, different preferred returns by family, promote structures that account for who sourced the deal. Apers models multi-investor waterfall structures with configurable terms per investor class. One model serves the entire club, with each family seeing their specific return profile.
Analysis your committee trusts
Your investment committee — whether it's family members, an advisory board, or external fiduciaries — expects institutional-quality materials. Excel workbooks with auditable formulas, assumptions traced to source documents, sensitivity tables that show the range of outcomes. Apers produces this output directly. No reformatting, no manual assembly. The model is the memo's analytical backbone.
After-tax return modeling
Family offices think in after-tax terms. Depreciation benefits, 1031 exchange timing, opportunity zone capital gains deferral, installment sale structures. Apers models these tax-aware return scenarios alongside the pre-tax analysis, so your investment committee sees the return that actually matters — the one that hits the family's balance sheet.
A co-investment, start to finish
An operating partner you trust is acquiring a 180-unit Class B+ multifamily. They're offering a $5M co-invest. Commitment needed by Friday.
Tuesday 10 AM — documents arrive
The operator sends the OM, rent roll, T-12, and their own pro forma. You upload all four to Apers. The system reads and extracts data from each document, reconciling discrepancies between the operator's projections and the actual trailing performance.
Tuesday 12 PM — independent model ready
Apers generates your independent acquisition model. You compare it against the operator's pro forma: their rent growth assumption is 4%, trailing data supports 2.8%. Their exit cap is 4.75%, your market view suggests 5.0%. You adjust assumptions to reflect your own view, not the operator's optimism.
Tuesday 3 PM — structure modeled
The co-invest terms: 8% preferred return, 70/30 split above a 12% IRR. Your $5M tranche represents 20% of the equity. Apers models the waterfall specific to your position — showing your family's distributions at different return scenarios. Sensitivity table: returns at exit caps from 4.75% to 5.50% crossed with rent growth from 2.0% to 3.5%.
Wednesday — investment committee review
You present the Excel model to your committee. They open the file, trace the formulas, review the sensitivity table. One committee member asks about the downside scenario — you pull up the tab showing returns with 12 months of delayed lease-up. The analysis is thorough enough to make a $5M commitment decision in one meeting.
Thursday — commitment letter sent
Committee approves. You send the commitment letter a day ahead of the Friday deadline. The operator notes that your due diligence was more thorough than two of the other co-investors — who relied entirely on the operator's numbers. Your independent analysis builds trust for the next deal.
Models for family office deal flow
A growing collection covering the deal types family offices encounter — direct acquisitions, co-investments, and club deal structures.
Multifamily Acquisition
Direct acquisition underwriting with waterfall, debt sizing, and sensitivity. The starting point for most family office CRE deals.
Co-Investment Waterfall
Model your co-invest position within a larger capital structure. Your family's distributions at different return levels.
Club Deal Structure
Multi-family-office club deal. Different contribution amounts, configurable terms per investor, consolidated waterfall.
Disposition / Hold Analysis
Hold vs. sell vs. 1031 exchange. After-tax return comparison across disposition strategies.
Frequently Asked Questions
Can a two-person investment team use Apers effectively?
Yes. Apers is designed for lean teams with large mandates. Upload the broker package, generate a complete underwriting model in minutes, then spend your time on judgment — challenging assumptions, running scenarios, forming a view. No dedicated analyst required.
Does Apers support co-investment and club deal underwriting?
Yes. Apers generates models with multi-tier equity waterfalls, preferred returns, and promote structures. When an operator offers a co-invest tranche, you can independently underwrite the deal and model your specific position in the capital stack.
How does Apers help with fiduciary obligations for direct real estate investing?
The output is an auditable Excel workbook with every assumption formula-driven and traceable to source documents. Your investment committee sees institutional-quality analysis — assumptions, sensitivities, and risk factors — that meets the fiduciary standard you need.
What does Apers cost for a family office?
The Pro plan at $99-129/month with 1,000 SRC (standard report credits) covers most family office needs. For multi-family-office or multi-entity structures, Enterprise pricing provides custom capacity. A free trial gives you 25 credits with no credit card required.