The Situation
The brief.
A private owner of a 300+ unit Class B multifamily asset in Texas faced a structural decision: hold, refinance, or sell. Five distinct paths were on the table — hold as-is, hold with a HUD-insured refinance, two different 721 exchange options into REIT platforms, and an outright sale with 1031 alternatives.
The owner needed institutional-grade analysis of all five — not a broker's pitch for the one that pays a commission.
The Work
What we shipped.
- Built a 10-tab sell-vs-refinance model: exit timing, scenario analysis, HUD refi sizing, full amortization schedules.
- Underwrote all five alternatives against a $33M+ broker opinion of value and trailing-twelve NOI.
- Ran a head-to-head comparison of the two competing 721 exchange platforms, fee load against fee load.
- Delivered a portfolio strategy memorandum plus a market update memo written for the owner's family, not for an institution.
The Outcome
The result.
The analysis identified near-term disposition as the compelling path — and gave the owner a decision document to act on. The model stays with the owner for every future re-evaluation of the asset.