Apers for Multifamily
Multifamily underwriting in hours, not days.
Apers is the AI system for multifamily pro forma modeling — every unit type, renovation phase, and lease-up curve — so your team screens more deals and closes faster.
Three deals on the desk. Three different models.
An acquisitions team has three deals on the desk: a 300-unit garden-style value-add in Dallas, a 120-unit mid-rise stabilized asset in Denver, and a 180-unit affordable/market-rate blend in Atlanta. Each requires a different model structure — different unit mix assumptions, different renovation phasing, different debt structures. The analyst builds each from scratch.
Every multifamily deal lives or dies on unit-level assumptions — renovation premiums by unit type, lease-up curves by floor plan, concession burn-off timing. But most models aggregate to the building level and lose the granularity that drives the actual return. Your analyst manually builds unit-level tabs for 300 units. It takes two days per deal.
In value-add deals, the renovation schedule is the return model. Which units turn when, what premium each achieves, how long the lease-up takes at the new rent — these assumptions cascade through the cash flow. A 3-month delay in renovation phasing can move the IRR by 200 basis points. But modeling renovation timing at the unit level is a manual, error-prone slog.
Multifamily is the most actively traded asset class in CRE. The deals that win are underwritten faster and with more precision — not because the buyer is smarter, but because their analytical infrastructure removes the bottleneck between seeing a deal and understanding it. That's what Apers provides.
What changes with Apers
Every unit type, individually modeled
Unit-level revenue modeling — studio through 3BR, each with its own rent, vacancy, concession, and renovation premium. Not building-level averages. Apers models every unit type independently because the blended number hides the deal's real economics.
Renovation phasing at the unit level
Interior renovation schedule by unit type: which units turn when, CapEx per unit, rent premium achieved, lease-up timeline. The renovation schedule drives the cash flow, not the other way around. Apers models renovation timing at the unit level — because a 3-month delay in phasing can move the IRR by 200 basis points.
Agency, bridge, and everything between
Fannie/Freddie agency terms, bridge-to-perm with rate caps, supplemental financing. Each debt structure sized to its own constraints — LTV, DSCR, debt yield. Apers models the transition from bridge to permanent and shows the refi risk at every step.
From rent roll to model in minutes
Upload the broker's rent roll PDF — Apers extracts every unit, current rent, market rent, lease expiration, and concession. Cross-references against the T-12 to flag discrepancies. Your model starts from data, not data entry.
Underwrite against the market
Comp set analysis with per-unit pricing, cap rate benchmarking, and rent premium validation. Is the broker's proforma rent achievable? The comps answer that question before you build the full model.
A deal, start to finish
A 280-unit garden-style value-add in a Dallas suburb. $52M acquisition, $4.2M interior renovation budget. Agency bridge debt with a permanent takeout. 5-year hold with a two-tier promote.
Upload the broker's package
OM, rent roll, T-12, and renovation scope. Apers reads all four, extracts 280 units across 6 floor plans with current rents, market rents, lease expirations, and concessions. Flags that the T-12 vacancy rate doesn't match the rent roll snapshot — asks which to use for underwriting.
Unit-level model generated
Complete acquisition model: unit mix with individual rents and renovation premiums, phased renovation schedule over 24 months by unit type, revenue projections with concession burn-off, expenses with management fee and replacement reserves, and levered returns.
Debt sized to constraints
Agency bridge at 75% LTV with rate cap, sized by DSCR and debt yield simultaneously. Permanent refinance modeled at stabilization — 65% LTV, 30-year amortization. The model shows the gap between bridge proceeds and permanent proceeds, and the equity implications of each scenario.
Sensitivity and IC prep
Two-way sensitivity table: renovation premium achieved vs. lease-up speed. Exit cap rate scenarios. Downside case with 6-month renovation delay. The model is the IC memo's analytical backbone — open the Excel file, present the returns, defend the assumptions with source citations.
Close, then track
Post-closing, the model becomes the asset management baseline. Actual vs. underwritten tracking by unit type. Renovation progress against the CapEx schedule. Quarterly waterfall recalculations with real performance data for LP reporting.
Models built for multifamily
A growing collection covering every multifamily strategy — from stabilized core to heavy-lift repositioning.
Pocket Model: Multifamily Core/Core-Plus
Single-sheet core asset screener for rapid evaluation of stabilized properties. All inputs, calculations, and metrics on one page.
Multifamily Core/Core-Plus Pro Forma
Stabilized cash flow projection for institutional-quality multifamily with income growth, expense benchmarking, and appreciation analysis.
Multifamily Value-Add Pro Forma
10-year cash flow with renovation schedules, phased rent growth, unit-level tracking, and capital improvement ROI analysis.
Multifamily Opportunistic Pro Forma
Distressed or heavy-lift acquisitions with bridge debt, construction-level renovation budgets, lease-up modeling, and contingency planning.
Affordable/Workforce Variant
Rent caps, income restrictions, Section 8 assumptions, AMI-tier calculations, and subsidy-adjusted return analysis.
Multi-Class Equity Waterfall
Sophisticated distribution waterfall for complex capital structures with multiple investor classes, preferred returns, and promote tiers.
Frequently Asked Questions
Does Apers model individual unit types or just building-level averages?
Unit-level. Apers models every unit type independently — studio through 3BR and penthouse — with individual rent, vacancy, concession, and renovation premium assumptions. The blended building-level number hides the deal's real economics; Apers surfaces them.
How does Apers handle value-add renovation phasing?
Apers models renovation at the unit level: which units turn when, CapEx per unit, rent premium achieved, and lease-up timeline by unit type. The renovation schedule drives the cash flow directly — so you can see how a 3-month phasing delay moves the IRR.
What debt structures does Apers support for multifamily?
Agency (Fannie/Freddie), bridge-to-perm with rate caps, supplemental financing, and construction loans. Each debt structure is sized to its own constraints — LTV, DSCR, and debt yield — and the model shows the transition from bridge to permanent with refi risk at every step.
Can Apers extract data from broker rent roll PDFs?
Yes. Upload the PDF and the UDPE (Unstructured Data Processing Engine) extracts every unit — current rent, market rent, lease expiration, concessions — and cross-references against the T-12 to flag discrepancies. Your model starts from data, not data entry.
What multifamily models are available in the Model Collection?
A growing collection covering every multifamily strategy: core/core-plus stabilized assets, value-add with renovation schedules, opportunistic and distressed acquisitions, affordable/workforce housing with AMI-tier calculations, and multi-class equity waterfalls for complex capital structures.