PUPY report
SamplePer unit per year, all properties
Sample properties and figures. Balances, values and occupancy as of Sep 30, 2026.
- Properties
- 8
- 942 units, 4 stabilized
- NOI per unit · trailing 12 months
- $15,693
- 4 stabilized properties; $15,366 after reserves
- Expenses per unit · trailing 12 months
- $10,331
- 4 stabilized properties, with property tax
- Debt per unit, scheduled · as of Sep 30, 2026
- $150,856
- Term loans; construction draws shown apart
Every property, line by line
Filters and sort
Trailing 12 months, Oct 2025 to Sep 2026. 8 of 8 properties. Annual lines per unit per year; balance and value per unit. Portfolio, average, best and worst: stabilized properties only; lease-up and construction listed after them.
| Line | Quail Run Apartments54 units, stabilized | Hollyfield Apartments110 units, stabilized | Sparrow Hill Apartments72 units, stabilized | Millbrook Lofts96 units, stabilized | Cobblestone Flats124 units, leasing up, outside portfolio figures | Bramblewood Commons168 units, leasing up, outside portfolio figures | Heron Terrace182 units, under construction, outside portfolio figures | Thornfield Apartments136 units, under construction, outside portfolio figures | Portfolio | Average |
|---|---|---|---|---|---|---|---|---|---|---|
| Property | ||||||||||
| Garden multifamily | Value-add multifamily | Mid-rise multifamily | Adaptive reuse | Mid-rise multifamily | Podium multifamily | Podium multifamily | Mid-rise multifamily | |||
| Minneapolis, MN | St. Paul, MN | Minneapolis, MN | Minneapolis, MN | Minneapolis, MN | Minneapolis, MN | Minneapolis, MN | Minneapolis, MN | |||
| Stabilized | Stabilized | Stabilized | Stabilized | Leasing up | Leasing up | Under construction | Under construction | |||
| 54 | 110 | 72 | 96 | 124 | 168 | 182 | 136 | 332 | 83 | |
| 2018 | 1986 | 2021 | 1928 | 2026 | 2025 | n/a | n/a | 1988 | ||
| 46,400 | 88,000 | 61,200 | 84,500 | 108,000 | 142,000 | 158,000 | 118,000 | 280,100 | 70,025 | |
| 859 | 800 | 850 | 880 | 871 | 845 | 868 | 868 | 844 | 847 | |
| Dates | ||||||||||
| Feb 12, 2016 | Mar 20, 2019 | Jun 14, 2019 | May 17, 2023 | Dec 17, 2024 | Oct 23, 2024 | Oct 27, 2025 | Apr 23, 2026 | |||
| Jun 1, 2016 | Jun 28, 2019 | Oct 1, 2019 | Sep 14, 2023 | May 16, 2025 | Mar 7, 2025 | Mar 16, 2026 | Aug 11, 2026 | |||
| Jul 15, 2016 | n/a | Mar 2, 2020 | Oct 14, 2023 | Jun 6, 2025 | Apr 4, 2025 | Mar 30, 2026 | Aug 21, 2026 | |||
| May 31, 2018 | n/a | Aug 31, 2021 | Mar 31, 2025 | Jan 31, 2026 | Nov 30, 2025 | Pending | Pending | |||
| Nov 30, 2018 | n/a | Nov 30, 2021 | Jun 30, 2025 | Pending | Pending | Pending | Pending | |||
| Jan 15, 2019 | Jan 10, 2022 | Jan 12, 2022 | Jul 10, 2025 | Pending | Pending | Pending | Pending | |||
| None | None | None | None | None | None | None | None | |||
| Occupancy | ||||||||||
| Best96.3% | Worst94.5% | 95.8% | 94.8% | 88.5% | 64.0% | n/a | n/a | 95.2% | 95.3% | |
| Best96.0% | Worst94.2% | 95.5% | 94.5% | 58.0% | 50.0% | n/a | n/a | 94.9% | 95.0% | |
| Revenue | ||||||||||
| $28,470 | Worst$22,073 | $25,860 | Best$28,967 | $22,617 | $23,286 | n/a | n/a | $25,928 | $26,343 | |
| Best-$1,139 | -$1,280 | -$1,164 | Worst-$1,593 | -$9,499 | -$11,643 | n/a | n/a | -$1,322 | -$1,294 | |
| -$153 | Best-$119 | -$139 | Worst-$156 | -$122 | -$125 | n/a | n/a | -$139 | -$142 | |
| -$116 | Best-$90 | -$106 | Worst-$118 | -$92 | -$95 | n/a | n/a | -$106 | -$108 | |
| $659 | Worst$511 | $598 | Best$670 | $523 | $539 | n/a | n/a | $600 | $609 | |
| $892 | Worst$692 | $810 | Best$908 | $709 | $730 | n/a | n/a | $812 | $825 | |
| $276 | Worst$214 | $251 | Best$281 | $219 | $226 | n/a | n/a | $251 | $255 | |
| $28,889 | Worst$22,000 | $26,111 | Best$28,958 | $14,355 | $12,917 | n/a | n/a | $26,024 | $26,490 | |
| Operating expenses | ||||||||||
| $1,941 | Best$1,697 | $1,940 | Worst$2,017 | $1,776 | $1,930 | n/a | n/a | $1,882 | $1,899 | |
| $1,049 | Worst$1,197 | Best$943 | $1,128 | $864 | $938 | n/a | n/a | $1,098 | $1,079 | |
| $373 | Worst$381 | Best$335 | $349 | $307 | $400 | n/a | n/a | $360 | $359 | |
| Worst$1,322 | $1,300 | Best$1,189 | $1,236 | $1,089 | $1,183 | n/a | n/a | $1,261 | $1,262 | |
| $1,247 | Best$981 | $1,121 | Worst$1,632 | $1,027 | $1,116 | n/a | n/a | $1,243 | $1,245 | |
| Worst$943 | Best$742 | $848 | $882 | $777 | $844 | n/a | n/a | $838 | $854 | |
| Worst$782 | Best$615 | $703 | $731 | $805 | $1,050 | n/a | n/a | $695 | $708 | |
| Worst$1,336 | Best$809 | $924 | $961 | $846 | $919 | n/a | n/a | $963 | $1,007 | |
| Worst$2,342 | Best$1,567 | $2,107 | $2,190 | $1,929 | $2,096 | n/a | n/a | $1,990 | $2,051 | |
| Worst$11,333 | Best$9,291 | $10,111 | $11,125 | $9,419 | $10,476 | n/a | n/a | $10,331 | $10,465 | |
| 3.3% | 3.4% | 3.3% | 3.0% | 5.4% | 6.5% | n/a | n/a | 3.2% | 3.2% | |
| Net operating income | ||||||||||
| $17,556 | Worst$12,709 | $16,000 | Best$17,833 | $4,935 | $2,440 | n/a | n/a | $15,693 | $16,025 | |
| $250 | $350 | $250 | $400 | $250 | $250 | n/a | n/a | $327 | $313 | |
| $17,306 | Worst$12,359 | $15,750 | Best$17,433 | $4,685 | $2,190 | n/a | n/a | $15,366 | $15,712 | |
| 60.8% | Worst57.8% | 61.3% | Best61.6% | 34.4% | 18.9% | n/a | n/a | 60.1% | 60.4% | |
| Debt and value | ||||||||||
| $137,881 | $116,433 | $140,574 | $205,308 | n/a | n/a | n/a | n/a | $150,856 | $150,049 | |
| n/a | n/a | n/a | n/a | $164,516 | $169,048 | $76,044 | $0 | |||
| n/a | n/a | n/a | n/a | $2,177 | $3,125 | $101,099 | $173,015 | |||
| $11,084 | $7,513 | $8,330 | $13,608 | $9,953 | $10,565 | $4,487 | $0 | $10,033 | $10,134 | |
| $6,222 | $4,846 | Best$7,420 | Worst$3,826 | -$5,268 | -$8,375 | n/a | n/a | $5,333 | $5,578 | |
| $312,963 | $231,074 | $297,222 | $339,683 | $279,032 | $231,548 | $171,429 | $72,059 | $290,144 | $295,236 | |
| Appraisal, Apr 30, 2026 | 5.50% cap on T12, Sep 30, 2026 | Appraisal, Nov 15, 2025 | 5.25% cap on T12, Sep 30, 2026 | Appraisal, Jun 15, 2026 | Appraisal, Aug 20, 2026 | Cost, Sep 30, 2026 | Cost, Sep 30, 2026 | |||
| Per square foot | ||||||||||
| Best$33.13 | Worst$27.59 | $30.42 | $32.91 | $25.97 | $27.55 | n/a | n/a | $30.73 | $31.01 | |
| Best$20.43 | Worst$15.89 | $18.82 | $20.26 | $5.67 | $2.89 | n/a | n/a | $18.60 | $18.85 | |
| $364.22 | $288.84 | $349.67 | $385.91 | $320.37 | $273.94 | $197.47 | $83.05 | $343.90 | $347.16 | |
How best and worst are marked
BestandWorstamong the properties in the portfolio figures, on lines where a direction is clear: higher income and NOI, lower expenses.
How each figure is calculated
- Per unit per year: the line's annual dollars over the property's units, rounded to the cent, shown in whole dollars. Balance and value are per unit as of Sep 30, 2026, not per year.
- Portfolio: the sum of the properties that carry the line, over their units (unit-weighted). Average: the simple average of those properties' own figures. Occupancy is unit-weighted the same way. By default only stabilized properties count, so a lease-up building never sets a stabilized comparison; the toggle brings lease-up and construction in. Management fee as a share of EGI: total fees over total EGI.
- Trailing 12 months: NOI is each property's T12 NOI on the REO schedule, to the cent. Budget year, Oct 2026 to Sep 2027: the sponsor's budget for the next twelve months, with debt service at the current rate.
- Sample line split: each property's income and expenses are split by the worked example's own statement, revenue at its ratios to gross potential rent with vacancy at the property's occupancy, expenses by its mix adjusted per property. Lines sum to the property's totals to the cent.
- Debt: a construction loan's balance is what has been drawn, with the undrawn commitment beside it; a term loan's is its scheduled amortization balance. The two are never added into one per unit figure. Debt service: twelve months of current payments, interest on the drawn balance or the level payment.
- Replacement reserves: a stated amount per unit per year below NOI (sample). NOI after reserves is what a lender underwrites; cash flow is NOI after reserves less debt service.
- Dates: acquisition close, completion and refinance are read from the REO schedule; purchase agreement, construction start, stabilization, year built and square feet are sample stats. Pending means the milestone lies ahead.
- Best and worst compare the properties in the portfolio figures, so a filter or the toggle changes them. Under construction properties carry no operating lines. Total NOI, every property, ties to the REO schedule: $6,232,000.