AptUnderwrite is a second, independent set of eyes on the deal and the market – before you wire $50,000, $100,000, or more into someone else’s numbers.
| Metric | Sponsor | Market | |
|---|---|---|---|
| Vacancy | 3.0% | 7.2% | |
| Rent growth, Yr 1 | 8.0% | 3.1% | |
| Exit cap rate | 4.75% | 5.63% | |
| Debt terms | Fixed, 5.1% | 2031 maturity |
↳ vacancy assumption is nearly 2.5x optimistic vs. the submarket
Upload the PPM, the sponsor’s pro forma, the offering memo or executive summary. Takes 1-2 minutes – no need to organize anything first.
Our analysts stress-test the sponsor’s assumptions against real market data: rent comps, vacancy, expense ratios, debt terms, exit cap rate, and the sponsor’s own track record.
A plain-English writeup of what holds up, what doesn’t, and exactly what to ask the sponsor before you wire funds.
An excerpt from a real report structure – every deal gets a full breakdown like this, row by row, with the reasoning behind each flag.
| Metric | Sponsor assumption | Market reality | Finding |
|---|---|---|---|
| Physical vacancy | 3.0% | 7.2% (submarket, T-12) | Flag |
| Year 1 rent growth | 8.0% | 3.1% (comparable properties) | Flag |
| Exit cap rate | 4.75% | 5.60% (current market) | Flag |
| Expense ratio | 38% of EGI | 41–44% (comparable Class B) | Flag |
| Debt structure | Fixed, 5.1%, matures 2031 | No near-term refinance risk | Clear |
That’s not an accusation – it’s just how the incentive works. A sponsor’s underwriting is built to raise capital. Ours is built to protect it. We get paid the same $497 whether you invest or not, so there’s nothing pulling our analysis toward “yes.”
Wen de Guzman leads underwriting at AptUnderwrite. He has been investing in real estate since 2003. Over the past five years alone he has personally analyzed more than 1,000 individual apartment deals – not 1,000 units, 1,000 separate transactions, each with its own market, and set of assumptions to pressure-test.
He’s also trained over 260 multifamily syndicators on how to underwrite a deal in the first place, which means he’s seen the process from the inside: how the numbers get built, and exactly where they tend to bend in the sponsor’s favor. That’s the perspective your report is built on.
No. AptUnderwrite provides independent research and analysis to inform your own decision. We're not registered investment advisors, broker-dealers, or attorneys, and our reports aren't a recommendation to invest or pass.
Then you invest with real evidence behind your confidence, instead of just trusting the pitch deck.
The PPM or offering memo, the sponsor's pro forma or underwriting model, and the property address. That's it.
Community reviews are crowd-sourced and general. Yours is a dedicated analyst underwriting your specific deal, in your specific market, with nothing riding on whether you invest.
Send us the deal. We’ll tell you what you NEED to know before wiring $50,000 of your own money into it.
