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Multifamily
Garden-style to high-rise purpose-built rental: suite mix, rent growth, and rent control exposure.
Property Types
- Garden-style (low-rise, surface parking)
- Mid-rise (4-6 storeys, structured parking)
- High-rise tower (12+ storeys, urban core)
- Walk-up (3-4 storeys, no elevator)
- Purpose-built rental (PBR) vs condo conversion
- Student housing / university-adjacent
Physical Attributes
- Suite mix: studio, 1BR, 2BR, 3BR with unit count and avg SF per type
- Amenity package: fitness, rooftop, coworking lounge, parcel lockers
- Parking ratio (stalls per unit) and surface vs structured vs underground
- Walk Score, Transit Score, and proximity to employment nodes
- Building envelope: cladding type, window-to-wall ratio, insulation value
Value-Add
- Suite renovation program: kitchens, bathrooms, flooring, in-suite laundry
- Amenity upgrade: add rooftop deck, co-work space, pet wash, EV charging
- Smart home technology: smart locks, thermostats, leak sensors, package lockers
- Common area refresh: lobby, corridors, landscaping, wayfinding signage
- Utility submetering to shift costs and incentivize conservation
Appraisal Approach
- Income approach: direct cap on stabilized NOI and DCF with rent growth assumptions
- Gross rent multiplier (GRM) for smaller walk-up and garden-style properties
- Comparable sales analysis using per-door and per-SF pricing metrics
- Rent-controlled properties: regulated rent roll vs potential market rent gap
Management
- Rent collection, arrears management, and eviction process compliance
- Unit turnover: make-ready timeline, cleaning, painting, lease-up velocity
- Preventive maintenance program: HVAC, plumbing, elevator, common area
- Tenant retention: renewal incentives, community programming, responsiveness
Strategic Concepts
- Rent growth forecasting and cap rate spread vs 10-year government bond yield
- Rent control and rent stabilization exposure across jurisdictions
- Purpose-built rental premium over condo conversion in supply-constrained markets
- Demographic tailwinds: immigration, household formation, urbanization
- Capital recycling: disposition of stabilized assets to fund new development