The listing builder
SampleWork the pro forma inputs, set the waterfall structure, and see the investor economics re-derive.
Sponsor tool, sample. Every panel prices the St. Louis Park worked example, the deal on the deal page. Nothing here is an offering.
Pro forma (worked example)
The 200-unit Illustrative: 200-unit multifamily development, the same figures as the deal page and Underwrite.
- LP IRR
- 15.16%
- the model's figure, after the waterfall
- Levered IRR
- 16.85%
- project, with the debt
- Untrended YOC
- 6.51%
- today's NOI over total cost
- GP promote
- $7.45M
- over the hold
- LP multiple
- 2.73x
- on LP equity
- Total cost
- $52.2M
- land through reserves
- Equity required
- $18.3M
- after the construction loan
Unit mix
| Type | Units | SF | Asking rent, $/mo |
|---|---|---|---|
| Studio | 30 | 535 | $1,625 |
| 1BR | 80 | 715 | $1,850 |
| 2BR | 75 | 1,150 | $2,550 |
| 3BR | 15 | 1,300 | $3,250 |
| Total | 200 |
Where these figures come from
Every figure is read from the worked example's model, the one record the Underwrite pages and the deal page read. LP IRR, levered IRR, the multiple, promote and equity are the model's stated figures. Untrended yield on cost and total cost recompute from the inputs when you edit a rent here or a line on Revenue or Total project cost.
A preview on the worked example. On a live listing these are the sponsor's own inputs, and every projection they produce is the sponsor's claim, not Apolis's.
Choose the waterfall (sample deal)
Pick the structure this listing will carry. The three cards route the same yearly cash; the preview below shows what investors will see under the one selected.
Not savedA preview on the worked example deal. The choice is not saved anywhere: there is no listing to write it to in this preview, and the sponsor confirms the structure in the operating agreement, not here.
What your investors will see: This deal's waterfall
The baseline the other two are priced against: the sponsor's first profit arrives in year 10, and investors receive $48,993,241 at the model's 15.16% IRR.
- Investors total
- $49.9M
- 87.0% of everything distributed
- Sponsor total
- $7.5M
- whole hold, fees separate: development fee $2.0M, asset management $1.5M
- Sponsor's first cash
- Year 10
- from the waterfall, fees separate
- Sponsor before the sale
- $0
- across the operating years
Each year's distribution, split
InvestorsSponsor
y1
y2
y3
y4
sponsor $0
y5
sponsor $0
y6
sponsor $0
y7
sponsor $0
y8
sponsor $0
y9
sponsor $0
y10
sponsor $7.5M
How the three structures are compared
Investor IRRs here are a convention variant: the worked example deal on yearly, end of year cash flows, for comparing structures like for like. The model's LP IRR is the figure in the pro forma panel above.
Held fixed across the three: the deal's yearly cash and the 8% preferred return, accruing and compounding. The alternative 70/30 splits are illustrative. Investor IRR and multiple are the model's figures plus each structure's change from the model's base, the change computed on an annual, end of year convention with all contributed equity counted as investor capital; the comparison between structures is like for like. On this deal's own waterfall the picker shows the model's 15.16% LP IRR and 2.73x, the figures on the deal page. The other two structures show the model's figures plus their change from the model's base, run on yearly cash flows.
Building program and cost per square foot (sample)
Choose the construction type. The area program a general contractor prices follows from it: net rentable from the unit mix, gross residential from the efficiency, then amenity, back of house and parking. Each area carries its own cost per square foot.
Sample allowances and efficiencies; replace with the architect's area tabulation and the GC's estimate.
- Stories
- 5 (4 wood over 1 podium)
- Floor plate
- 54,573 SF
- Efficiency
- 82.0%
- Gross residential
- 218,293 SF
- Stalls
- 230
Net rentable (units)
$25,955,000
179,000 SF, 56.4% of gross, $145 per SF (Wood-frame residential)
Corridors, stairs and common
$5,697,485
39,293 SF, 12.4% of gross, $145 per SF (Wood-frame residential)
Amenity
$1,760,000
8,000 SF, 2.5% of gross, $220 per SF (Amenity)
Leasing and back of house
$600,000
5,000 SF, 1.6% of gross, $120 per SF (Podium concrete)
Podium parking
$10,350,000
86,250 SF, 27.2% of gross, $120 per SF (Podium concrete)
Total gross building
$44,362,485
317,543 SF, 100.0% of gross, $139.71 per SF
- Build-up per unit
- $221,812
- Build-up per gross SF
- $139.71
- Build-up per net rentable SF
- $247.84
The deal's own hard cost of $41,000,000 over this program is $129.12 per gross SF, $229.05 per net rentable SF and $205,000 per unit. The allowance build-up of $44,362,485 is $3,362,485 (8.2%) above the deal's hard cost: either the allowances do not fit this deal or the budget does not fit this building, and the GC's estimate settles which.
Parking and back of house need 91,250 SF against a podium footprint of 54,573 SF under the tower; the architect closes the 36,677 SF difference with a below grade level or a podium larger than the wood floors above it.
This panel starts at 4 over 1, the sample deal's building and the common Minnesota choice for large multifamily; the deal page, spec book, bid package and pipeline card name the same type. Pick the type the architect is drawing.
Build the bid packageWhat your last building would cost today (sample)
Enter what your last four over one cost per unit in hard cost and when you priced it. Each cost input moves by its own index since then, weighted by its share of hard cost.
- Per SF of unit area (895 SF average): $226.67, $2.38 lower.
- For 200 units: $40,573,190, $426,810 lower.
- Index window: Nov 2025 to Oct 2026. Average unit size read from the sample deal (895 SF).
- Labor (40%)
- Lumber and framing materials (14%)
- Concrete and rebar (11%)
- Structural and misc. steel (5%)
- MEP equipment (13%)
- Finishes and other (17%)
- Labor (40%)
- Lumber and framing materials (14%)
- Concrete and rebar (11%)
- Structural and misc. steel (5%)
- MEP equipment (13%)
- Finishes and other (17%)
What moved, per unit
- Labor: down 3.5%, saves $2,870 a unit40% of hard cost
- Lumber: down 6.2%, saves $1,779 a unit14% of hard cost
- Concrete: up 4.8%, adds $1,082 a unit11% of hard cost
- Steel: up 2.1%, adds $215 a unit5% of hard cost
- MEP equipment: up 3.0%, adds $800 a unit13% of hard cost
- Finishes and other: up 1.2%, adds $418 a unit17% of hard cost
Sample shares for a wood-frame podium building; replace with the GC's schedule of values.
Method
Adjusted cost per unit is the sum, over each input, of its share times the prior cost times the index now over the index then.
Finishes and the make-it-work analysis (sample deal)
Pick the finish in each category and see the cost against the spec book. Per square foot, per bedroom and per bath allowances are multiplied through the unit mix, so the per unit figure is the mix's weighted average. See it in the mock unit
SampleSample allowances, replace with the GC's unit pricing. Nothing here is saved. The sponsor confirms finishes in the GC's contract and the spec book, not here.
Ceilings
Spec book: 9 feet typical; 10 feet on the top floor
Countertops
Spec book: Quartz, 3 cm, eased edge, kitchens and baths
Flooring
Spec book: Luxury vinyl plank throughout; porcelain tile at baths
Cabinets
Spec book: Flat panel, soft close, two tone scheme by floor
Appliances
Spec book: Stainless package, electric range, French door refrigerator, dishwasher, microwave
Laundry
Spec book: Full size stacked washer and dryer in every unit
Window coverings
Spec book: Double pane vinyl, low E, solar shades in living rooms
Smart features
Spec book: Keyless entry, smart thermostat, leak sensors at wet walls
- Per unit, versus the spec
- As specified
- Per SF of unit area
- As specified
- Project, 200 units
- As specified
179,000 SF of unit area across 200 units, from the unit mix.
Make it work
State the cut the budget needs; the analysis finds the swaps.
How the swaps are chosen
State the cut the budget needs. The analysis takes swaps in order of saving per unit of rent risk (the saving divided by the square of one plus the risk step, so each step of risk weighs more), one swap per category, until the cut is met, then drops any swap the cut does not need.
1. Cabinets: Standard close, single tone
Saves $600 per unit
$120,000 across the project; low rent risk
Sample note: the comp set does not state cabinet hardware or color schemes.
2. Flooring: Carpet in bedrooms
Saves $550 per unit
$110,000 across the project; low rent risk
Comp set: 2 of 5 tracked comps state plank flooring; none states carpet.
3. Countertops: Laminate
Saves $1,880 per unit
$375,900 across the project; high rent risk
Comp set: 4 of 5 tracked comps state stone counters. Laminate sits below the set.
Meets the $3,000 per unit cut: saves $3,030 per unit, $3.38 per SF, $605,900 across 200 units.
Rent risk is qualitative: where the tracked comp set states a feature the note counts it, otherwise it is a sample note. No rent effect is priced.
Fees, stated (worked example deal)
Stated once and shown to investors unchanged. The schedule does not move with the structure choice.
- Development fee4.0%, of total project cost, excluding the fee itself. Earned pro rata over the 24 months of construction, paid from the budget$2,040,000
- Asset management fee1.0% a year, of invested equity. Paid quarterly from operations, beginning at first delivery$1,462,000
- Promote20% to 30%, of profit, by tier, after capital and preferred return. Earned only at the refinance and the sale, never before$7,454,108
| Fee | Rate | Basis | Total over the hold |
|---|---|---|---|
| Development fee4.0%, of total project cost, excluding the fee itself. Earned pro rata over the 24 months of construction, paid from the budget | 4.0% | of total project cost, excluding the fee itself | $2,040,000 |
| Asset management fee1.0% a year, of invested equity. Paid quarterly from operations, beginning at first delivery | 1.0% a year | of invested equity | $1,462,000 |
| Promote20% to 30%, of profit, by tier, after capital and preferred return. Earned only at the refinance and the sale, never before | 20% to 30% | of profit, by tier, after capital and preferred return | $7,454,108 |
Not charged: Construction management fee, acquisition fee, guaranty fee, refinance fee, disposition fee.
In structures that pay the promote at the sale, these fees are the sponsor's operating income.
The read room (sample invited investors)
Which invited investors opened the deal page, which sections they read, when they were last in, and who to call next.
- Invited
- 8
- investors on the list
- Opened
- 7
- have been on the page
- Read half or more
- 3
- of the 9 sections
- Indicated
- 3
- soft commitments in
- Sample Family Office LLCInvited 21 days ago, last open 2 days agoRead 100%$500,000
- Sample Pension AdvisorsInvited 21 days ago, last open 1 day agoRead 89%no indication
- Sample Insurance CaptiveInvited 18 days ago, last open 5 days agoRead 78%$1,000,000
- Sample Physicians GroupInvited 14 days ago, last open 3 days agoRead 44%$250,000
- Sample Endowment PartnersInvited 12 days ago, last open 4 days agoRead 22%no indication
- Sample 1031 Exchange GroupInvited 10 days ago, last open 6 days agoRead 22%no indication
- Sample Harbor Wealth ManagementInvited 16 days ago, last open 7 days agoRead 11%no indication
- Sample Grain Belt TrustInvited 9 days ago, last open neverRead 0%no indication
| Investor | Invited | Last open | Sections read | Read share | Indication |
|---|---|---|---|---|---|
| Sample Family Office LLCInvited 21 days ago, last open 2 days ago Read 100% | 21 days ago | 2 days ago | 100% | $500,000 | |
| Sample Pension AdvisorsInvited 21 days ago, last open 1 day ago Read 89% | 21 days ago | 1 day ago | 89% | no indication | |
| Sample Insurance CaptiveInvited 18 days ago, last open 5 days ago Read 78% | 18 days ago | 5 days ago | 78% | $1,000,000 | |
| Sample Physicians GroupInvited 14 days ago, last open 3 days ago Read 44% | 14 days ago | 3 days ago | 44% | $250,000 | |
| Sample Endowment PartnersInvited 12 days ago, last open 4 days ago Read 22% | 12 days ago | 4 days ago | 22% | no indication | |
| Sample 1031 Exchange GroupInvited 10 days ago, last open 6 days ago Read 22% | 10 days ago | 6 days ago | 22% | no indication | |
| Sample Harbor Wealth ManagementInvited 16 days ago, last open 7 days ago Read 11% | 16 days ago | 7 days ago | 11% | no indication | |
| Sample Grain Belt TrustInvited 9 days ago, last open never Read 0% | 9 days ago | never opened | 0% | no indication |
Who to call Monday
- 1.Sample Pension Advisorsread 8 of 9 sections, no indication yet, last in 1 day ago
- 2.Sample Endowment Partnersread 2 of 9 sections, no indication yet, last in 4 days ago
- 3.Sample 1031 Exchange Groupread 2 of 9 sections, no indication yet, last in 6 days ago
- 4.Sample Harbor Wealth Managementread 1 of 9 sections, no indication yet, last in 7 days ago
Never opened: Sample Grain Belt Trust, invited 9 days ago. That call is about the invite, not the deal.
What gets read
Offer
6 of 7
Cash flow
3 of 7
Waterfall
4 of 7
Returns
5 of 7
Building
1 of 7
Capital
3 of 7
Terms
5 of 7
Risk
3 of 7
Diligence
3 of 7
Offer is the most read section, 6 of the 7 investors who opened; Building is the least, 1.
How reads are logged
Reads are logged per section; indications arrive from the raise and join this room on the invite id. Every row here is a logged event under the charter (user, deal, document, timestamp); this preview shows sample events in the live format.
How the figures on this page are made
A preview of the sponsor tool on sample data: structures described as structures, the pro forma figures computed by the standardized model from the inputs set above, the structure figures derived by arithmetic from the worked example deal's cash, and no output typed here. Apolis formats the choice; the sponsor owns it and every claim around it. The investor page prices the same choice in its structures card.