Briarcliff Crossing: 12-unit multifamily sample, Raleigh, NC

## Rent & Occupancy The rent roll reflects 12 occupied units generating $26,846/month ($322,152 annualized) in contractual in-place rent. The per-unit range of $1,910–$2,502/month with a mean of $2,237 and median of $2,242 suggests a tight, relatively uniform unit mix — consistent with a single-vintage, purpose-built asset. 100% occupancy on a 2023 build is expected at this stage but provides limited stress-test history. ## Loss-to-Lease The most material underwriting consideration is the $27,456 annual loss-to-lease, representing 7.85% of market rent. At $2,288/month in aggregate, in-place rents are meaningfully below where the property could re-lease today. For a 12-unit asset, this gap is concentrated — it averages roughly $191/unit/month of embedded upside that cannot be captured until leases roll. Underwriters should not gross up to market rent without a credible rollover schedule. ## Rollover & Diligence Gap The lease rollover buckets (0–3 months, 4–6 months, 7–12 months, 13+ months, and expired) all show zero leases assigned. This is a significant data gap: without lease expiration dates mapped to rollover windows, there is no basis to project when the $27,456 loss-to-lease begins to burn off. This should be flagged as a condition of credit — the sponsor must provide a complete lease expiration schedule before the rollover-adjusted NOI can be underwritten with confidence. ## Vintage & Capex The 2023 construction date suggests minimal near-term capital expenditure requirements, which supports a cleaner cash flow profile in years 1–3. However, the asset has limited operating history, and stabilized expense ratios should be benchmarked against comparable Raleigh multifamily rather than accepted at face value from the sponsor's projections. Any underwrite should apply a market-derived expense load rather than relying on first-year actuals from a lease-up period.