{"deal":{"id":"00000000-0000-0000-0000-000000000001","slug":"fairmont-apartments","name":"Fairmont Apartments","status":"coming_soon","property_address":"4985 Warner Rd & 5390 Magnolia Mae Place, Westerville, OH 43081","city":"Westerville","state":"OH","total_units":219,"total_raise":22000000,"min_investment":100000,"purchase_price":62500000,"projected_hold_years":7,"target_irr_base":0.1426,"target_irr_conservative":0.105,"target_equity_multiple":2.23,"target_coc":0.0849,"hero_image_url":"https://resource.rentcafe.com/image/upload/q_auto,f_auto,c_fill,w_1920,ar_16:9,g_auto/s3/2/83884/dusk-b2-processed.jpg","hero_video_url":"","video_url":"","market_analysis_md":"Columbus and the Midwest continue to outperform US market averages in rent growth and resilience. Columbus ranks #1 in the US — one of only five US markets that has not seen ANY net negative lease trade out months in the post-COVID era. While Columbus' peers in this category generally represented low-supply markets driving rent growth, Columbus achieved the top mark while also sustaining a steady wave of new supply that did not peak until late 2025. This proves Columbus' economic stability and strong renter demand.\n\nIn 2025, Columbus ranked #1 nationwide for Growth and Infrastructure for the first time, and the outlook for new job opportunities and quality of life make Columbus an appealing destination for years to come.\n\n\nThe Westerville submarket, where Fairmont Apartments is located, benefits from top-rated schools, proximity to major employment corridors, and structurally limited new multifamily supply. Metro vacancy has risen to ~9.8% (a 20-year high) due to the 2025 supply wave, but this is cyclical — the supply cliff into 2026-2028 will drive rapid vacancy compression. Westerville submarket vacancy remains below the metro average due to structural supply constraints.\n\nRent growth in the Columbus MSA has been strong and consistent. Intel's $28B semiconductor campus in New Albany (4 miles away) and Anduril's defense manufacturing hub represent significant long-term demand catalysts. New supply in Westerville is structurally constrained by land and zoning, creating a durable competitive moat for Fairmont Apartments.","business_plan_md":"Fairmont Apartments is a brand new Class A multifamily community in Westerville, OH — one of Columbus' most supply-constrained and high-demand suburbs. The property benefits from a 15-year tax abatement that significantly reduces operating costs and enhances investor returns during the hold period.\n\nOur strategy: acquire a high-quality, newly constructed asset at $285K/unit, below estimated replacement cost of $350K+, and capture organic rent growth in a supply-constrained submarket with major demand catalysts (Intel, Anduril, OSU). Gray Residential manages the property from day one, implementing our proven revenue management, retention, and operational efficiency systems.\n\nThe 15-year tax abatement is a significant differentiator — it substantially reduces property tax expense, boosting NOI and investor distributions. Combined with Class A quality and Westerville's structural supply constraints, Fairmont Apartments is positioned for consistent, low-execution-risk returns.","team_override_md":null,"fundraise_pct":null,"sensitivity_data":{"deal_slug":"fairmont-apartments","scenarios":{"downside":{"label":"Conservative","assumptions":{"annual_rent_growth":0.025,"exit_cap":0.06,"avg_occupancy":0.91,"annual_expense_growth":0.03},"returns":{"lp_irr":0.105,"equity_multiple":1.8,"avg_coc":0.07,"distribution_per_100k":180000}},"base":{"label":"Base Case","assumptions":{"annual_rent_growth":0.04,"exit_cap":0.055,"avg_occupancy":0.94,"annual_expense_growth":0.023},"returns":{"lp_irr":0.1426,"equity_multiple":2.2,"avg_coc":0.0849,"distribution_per_100k":223000}},"upside":{"label":"Upside","assumptions":{"annual_rent_growth":0.05,"exit_cap":0.05,"avg_occupancy":0.96,"annual_expense_growth":0.017},"returns":{"lp_irr":0.175,"equity_multiple":2.5,"avg_coc":0.095,"distribution_per_100k":250000}},"strategic":{"label":"Strategic","description":"Intel + Anduril demand catalysts compress exit cap via institutional buyer premium","assumptions":{"annual_rent_growth":0.04,"exit_cap":0.045,"avg_occupancy":0.96,"annual_expense_growth":0.02},"returns":{"lp_irr":0.176,"equity_multiple":2.5,"avg_coc":0.095,"distribution_per_100k":250000}}},"sensitivity_tables":{"rent_growth_vs_irr":[{"rent_growth":0,"irr":0.07,"equity_multiple":1.45,"avg_coc":0.05},{"rent_growth":0.01,"irr":0.088,"equity_multiple":1.6,"avg_coc":0.058},{"rent_growth":0.02,"irr":0.106,"equity_multiple":1.75,"avg_coc":0.066},{"rent_growth":0.025,"irr":0.115,"equity_multiple":1.83,"avg_coc":0.07},{"rent_growth":0.03,"irr":0.124,"equity_multiple":1.9,"avg_coc":0.074},{"rent_growth":0.035,"irr":0.133,"equity_multiple":2,"avg_coc":0.079},{"rent_growth":0.04,"irr":0.1426,"equity_multiple":2.2,"avg_coc":0.0849},{"rent_growth":0.045,"irr":0.152,"equity_multiple":2.35,"avg_coc":0.09},{"rent_growth":0.05,"irr":0.162,"equity_multiple":2.5,"avg_coc":0.095},{"rent_growth":0.055,"irr":0.172,"equity_multiple":2.6,"avg_coc":0.1},{"rent_growth":0.06,"irr":0.182,"equity_multiple":2.75,"avg_coc":0.105}],"exit_cap_vs_irr":[{"exit_cap":0.045,"irr":0.1756,"equity_multiple":2.7},{"exit_cap":0.0475,"irr":0.1671,"equity_multiple":2.6},{"exit_cap":0.05,"irr":0.1591,"equity_multiple":2.5},{"exit_cap":0.0525,"irr":0.1516,"equity_multiple":2.4},{"exit_cap":0.055,"irr":0.1426,"equity_multiple":2.2},{"exit_cap":0.0575,"irr":0.134,"equity_multiple":2.1},{"exit_cap":0.06,"irr":0.126,"equity_multiple":2},{"exit_cap":0.0625,"irr":0.118,"equity_multiple":1.9},{"exit_cap":0.065,"irr":0.11,"equity_multiple":1.8},{"exit_cap":0.0675,"irr":0.1025,"equity_multiple":1.7},{"exit_cap":0.07,"irr":0.095,"equity_multiple":1.6}],"occupancy_vs_irr":[{"occupancy":0.85,"irr":0.065,"equity_multiple":1.32},{"occupancy":0.87,"irr":0.082,"equity_multiple":1.42},{"occupancy":0.89,"irr":0.1,"equity_multiple":1.55},{"occupancy":0.91,"irr":0.12,"equity_multiple":1.68},{"occupancy":0.93,"irr":0.142,"equity_multiple":1.82},{"occupancy":0.94,"irr":0.158,"equity_multiple":1.95},{"occupancy":0.95,"irr":0.168,"equity_multiple":2.02},{"occupancy":0.96,"irr":0.18,"equity_multiple":2.12},{"occupancy":0.97,"irr":0.195,"equity_multiple":2.22},{"occupancy":0.98,"irr":0.21,"equity_multiple":2.32}],"rent_growth_x_exit_cap":[{"rent_growth":0.02,"exit_cap":0.045,"irr":0.155},{"rent_growth":0.02,"exit_cap":0.0475,"irr":0.148},{"rent_growth":0.02,"exit_cap":0.05,"irr":0.141},{"rent_growth":0.02,"exit_cap":0.0525,"irr":0.134},{"rent_growth":0.02,"exit_cap":0.055,"irr":0.126},{"rent_growth":0.02,"exit_cap":0.06,"irr":0.112},{"rent_growth":0.03,"exit_cap":0.045,"irr":0.165},{"rent_growth":0.03,"exit_cap":0.0475,"irr":0.158},{"rent_growth":0.03,"exit_cap":0.05,"irr":0.151},{"rent_growth":0.03,"exit_cap":0.0525,"irr":0.144},{"rent_growth":0.03,"exit_cap":0.055,"irr":0.134},{"rent_growth":0.03,"exit_cap":0.06,"irr":0.12},{"rent_growth":0.035,"exit_cap":0.045,"irr":0.17},{"rent_growth":0.035,"exit_cap":0.0475,"irr":0.163},{"rent_growth":0.035,"exit_cap":0.05,"irr":0.155},{"rent_growth":0.035,"exit_cap":0.0525,"irr":0.148},{"rent_growth":0.035,"exit_cap":0.055,"irr":0.138},{"rent_growth":0.035,"exit_cap":0.06,"irr":0.124},{"rent_growth":0.04,"exit_cap":0.045,"irr":0.1756},{"rent_growth":0.04,"exit_cap":0.0475,"irr":0.1671},{"rent_growth":0.04,"exit_cap":0.05,"irr":0.1591},{"rent_growth":0.04,"exit_cap":0.0525,"irr":0.1516},{"rent_growth":0.04,"exit_cap":0.055,"irr":0.1426},{"rent_growth":0.04,"exit_cap":0.06,"irr":0.128},{"rent_growth":0.045,"exit_cap":0.045,"irr":0.182},{"rent_growth":0.045,"exit_cap":0.0475,"irr":0.173},{"rent_growth":0.045,"exit_cap":0.05,"irr":0.165},{"rent_growth":0.045,"exit_cap":0.0525,"irr":0.157},{"rent_growth":0.045,"exit_cap":0.055,"irr":0.148},{"rent_growth":0.045,"exit_cap":0.06,"irr":0.134},{"rent_growth":0.05,"exit_cap":0.045,"irr":0.188},{"rent_growth":0.05,"exit_cap":0.0475,"irr":0.18},{"rent_growth":0.05,"exit_cap":0.05,"irr":0.172},{"rent_growth":0.05,"exit_cap":0.0525,"irr":0.163},{"rent_growth":0.05,"exit_cap":0.055,"irr":0.155},{"rent_growth":0.05,"exit_cap":0.06,"irr":0.14}]},"annual_cash_flows":{"base":[{"year":1,"egr":5100000,"noi":3000000,"tax_abatement":895000,"coc":0.0753},{"year":2,"egr":5400000,"noi":3200000,"tax_abatement":922000,"coc":0.0847},{"year":3,"egr":5600000,"noi":3300000,"tax_abatement":950000,"coc":0.08},{"year":4,"egr":5800000,"noi":3500000,"tax_abatement":978000,"coc":0.092},{"year":5,"egr":6000000,"noi":3600000,"tax_abatement":1000000,"coc":0.079},{"year":6,"egr":6200000,"noi":3800000,"tax_abatement":1000000,"coc":0.0825},{"year":7,"egr":6500000,"noi":4000000,"tax_abatement":1100000,"coc":0.0916}]},"waterfall":{"pref_rate":0.08,"pref_type":"cumulative_non_compounding","pref_basis":"committed_capital","lp_split":0.8,"gp_split":0.2,"hurdle_1_irr":0.15,"lp_split_above_hurdle_1":0.6,"gp_split_above_hurdle_1":0.4,"catch_up":false},"deal_terms":{"total_raise":22100000,"min_investment":100000,"projected_hold_years":7,"purchase_price":62500000,"total_capitalization":65832000,"total_units":219,"loan_amount":43750000,"interest_rate":0.0515,"ltv":0.7,"io_months":48},"cost_seg":null},"waterfall_terms":{"pref_rate":0.08,"pref_type":"cumulative","pref_basis":"committed_capital","split_above_pref":{"lp":0.7,"gp":0.3},"catch_up":false,"structure":"simple"},"fees":{"acquisition_fee_pct":1.5,"acquisition_fee_dollars":937500,"asset_management_fee_pct":1,"asset_management_fee_basis":"Gross Revenue","property_management_fee_pct":3,"property_management_fee_basis":"Gross Revenue","construction_mgmt_fee_pct":0,"preferred_return_pct":8,"preferred_return_type":"cumulative_non_compounding"},"deal_fees":{"acquisition_fee_pct":0.015,"acquisition_fee_dollars":937500,"asset_mgmt_fee_pct":0.015,"asset_mgmt_fee_basis":"Gross Revenue","property_mgmt_fee_pct":0.03,"property_mgmt_fee_basis":"Gross Revenue","construction_mgmt_fee_pct":0,"construction_mgmt_note":"N/A - no renovation","preferred_return_pct":0.08,"preferred_return_type":"cumulative_non_compounding"},"cost_seg_data":null,"deal_terms":{"total_raise":22000000,"min_investment":100000,"projected_hold_years":7,"purchase_price":62500000,"total_capitalization":65750000,"total_units":219,"loan_amount":43750000,"interest_rate":0.0515,"ltv":0.7,"dscr":1.33,"io_months":48,"entry_cap_rate":0.0584,"exit_cap_rate":0.055,"lender":"Greystone (Fannie Mae)","target_close":"2026-06-01","asset_class":"Class A Multifamily","strategy":"Core-Plus","market":"Columbus, OH MSA","submarket":"Westerville / New Albany","developer":"Preferred Living","year_built":2025},"unit_mix":[{"type":"1BR / 1BA","count":88,"avg_sf":657,"current_rent":1507,"pro_forma_rent":1620},{"type":"2BR / 2BA","count":108,"avg_sf":1073,"current_rent":1933,"pro_forma_rent":2050},{"type":"3BR / 2BA","count":23,"avg_sf":1246,"current_rent":2254,"pro_forma_rent":2450}],"property_overview_md":"Fairmont Apartments is a newly constructed, Class A garden-style community completed in 2025 and located in Westerville, Ohio — one of the most supply-constrained and economically dynamic submarkets in the Columbus MSA.\n\nSituated at 4985 Warner Rd, the property sits within 4 miles of Intel's $28B Ohio One semiconductor campus and 12 miles from Anduril's Arsenal-1 defense manufacturing hub — two of the largest job-creation events in Central Ohio history. The surrounding submarket has absorbed a wave of high-income employment, with 25,000+ jobs paying $95K–$135K average salaries being added within a 15-mile radius.\n\nThe community offers 219 units across a mix of 1-, 2-, and 3-bedroom floor plans ranging from 800 to 1,350 square feet. Residents benefit from a resort-style amenity package including a saltwater pool, 24-hour fitness center, attached garages, and a walking trail network connecting to the New Albany trail system.\n\nWesterville's zoning constraints and elevated land costs have driven new apartment starts to zero for 2026, insulating Fairmont from near-term competitive supply pressure while the Intel and Anduril employment base continues to ramp.","amenities":["Two All-Season Heated Pools","TrackMan Professional Golf Simulator","Dual Starbucks Coffee Bars","Private Screening Room","Co-Working Spaces & Conference Rooms","24-Hour Fitness Centers","Outdoor Social Areas with Grills & Fire Pits","Dog Park & Pet-Friendly Community","Luxer One Smart Package Lockers","EV Charging Stations","Keyless Smart Entry","Nest Thermostats"],"property_facts":{"year_built":2025,"acreage":22.4,"building_style":"Garden-Style (8 Buildings)","parking":"Surface Lots + Reserved EV Charging","stories":"3","avg_unit_sf":924,"current_occupancy":0.97},"renovation":{"note":"Brand new construction (2025) — no renovation required. Rent upside driven by lease-up and organic market rent growth.","interior_scope":["Granite countertops (installed)","Stainless steel appliances (installed)","Luxury vinyl plank flooring (installed)","In-unit washer/dryer connections (installed)","Modern lighting fixtures (installed)","Designer bathroom finishes (installed)"],"exterior_scope":["Dual all-season heated pools & deck","State-of-the-art fitness center","Coworking lounge","Dog park with agility equipment & pet wash station","Outdoor entertainment areas"],"interior_cost_per_unit":0,"total_interior_budget":0,"exterior_budget":0,"total_budget":0,"timeline_months":0,"units_per_month":0,"comparable_premium_range":[0,0]},"benchmark_rates":{"savings":0.045,"treasury_10yr":0.042,"muni_bond":0.035,"sp500_avg":0.1},"market_data":{"supply_demand":[{"year":"2019","deliveries":4100,"absorption":3900},{"year":"2020","deliveries":3200,"absorption":2800},{"year":"2021","deliveries":3600,"absorption":5100},{"year":"2022","deliveries":4200,"absorption":4500},{"year":"2023","deliveries":4800,"absorption":4100},{"year":"2024","deliveries":3500,"absorption":4400},{"year":"2025","deliveries":9093,"absorption":6200},{"year":"2026P","deliveries":5153,"absorption":5800},{"year":"2027P","deliveries":2100,"absorption":5500},{"year":"2028P","deliveries":1200,"absorption":5200}],"submarket_starts":[{"year":"2020","starts":340},{"year":"2021","starts":520},{"year":"2022","starts":680},{"year":"2023","starts":410},{"year":"2024","starts":180},{"year":"2025","starts":65},{"year":"2026P","starts":0}],"supply_demand_narrative_md":"Columbus experienced a historic supply wave in 2025 with 9,093 units delivered — the highest in the MSA's history. However, this supply cycle is reversing sharply: 2026 deliveries drop 43% to 5,153 units, 2027 drops to ~2,100, and 2028 to ~1,200 as construction starts collapsed amid elevated costs (+40% since 2020) and tighter lending.\n\n**In the Westerville submarket specifically, new starts have fallen from 680 units in 2022 to just 65 in 2025, with zero new starts permitted for 2026.** This is driven by structural land constraints and zoning restrictions that insulate Fairmont from direct competition. The supply cliff creates a powerful rent growth tailwind for existing Class A assets.","major_investments":[{"name":"Intel Ohio One","type":"Semiconductor Manufacturing","investment":28000000000,"jobs":3000,"avg_salary":135000,"distance_miles":4,"status":"Under Construction","timeline":"Operational 2028-2029","description":"Intel's 8B semiconductor fabrication campus in New Albany — the largest private-sector investment in Ohio history. Two leading-edge chip fabs with potential expansion to 8 fabs and \u0000B+ total investment.","image_url":"https://resource.rentcafe.com/image/upload/q_auto,f_auto/s3/2/83884/dusk-b1-processed.jpg"},{"name":"Anduril Arsenal-1","type":"Defense Manufacturing","investment":1000000000,"jobs":4008,"avg_salary":132000,"distance_miles":12,"status":"Production Q3 2026","timeline":"Arsenal-1 production begins Q3 2026","description":"Anduril Industries' first large-scale manufacturing hub for autonomous defense systems. 4,008 jobs at \u001aK average salary — the largest defense manufacturing commitment in Central Ohio in decades.","image_url":null},{"name":"Bath & Body Works HQ","type":"Corporate Headquarters","investment":300000000,"jobs":5000,"avg_salary":95000,"distance_miles":8,"status":"Operational","timeline":"Expanded campus operational","description":"Bath & Body Works (NYSE: BBWI) global headquarters campus in Reynoldsburg. \u0000M campus investment with 5,000+ employees. One of Central Ohio's largest corporate employers.","image_url":null},{"name":"Amazon AWS Data Centers","type":"Cloud Infrastructure","investment":7600000000,"jobs":15000,"avg_salary":110000,"distance_miles":15,"status":"Operational + Expanding","timeline":"Ongoing expansion","description":"Amazon's .6B investment in Central Ohio data centers and logistics — 15,000+ employees across multiple facilities. AWS chose Columbus for its central location, power grid reliability, and educated workforce.","image_url":null}],"total_investment_narrative_md":"**Over \u0000 billion in committed capital investment** is flowing into the Columbus MSA — led by Intel's 8B semiconductor campus (4 miles from Fairmont), Anduril's B+ defense manufacturing hub, Amazon's .6B data center complex, and \u0000M+ corporate expansions from Bath & Body Works, Google, and others. This is the largest concentrated capital deployment in Central Ohio history, creating 25,000+ high-income jobs within a 15-mile radius of the property.","msa_name":"Columbus","msa_population":2130000,"median_household_income":72800,"unemployment_rate":3.7,"yoy_rent_growth":2.7,"vacancy_rate":6.2,"employment_narrative_md":"The Columbus MSA has added over 25,000 high-income jobs within 15 miles of Fairmont in the past 24 months — led by Intel's $28B Ohio One semiconductor campus, Anduril's Arsenal-1 defense manufacturing hub, and Amazon's $7.6B data center expansion. These aren't warehouse jobs: average salaries run $95K–$135K, precisely the renter demographic that chooses Class A multifamily.\n\nCentral Ohio's employment base is exceptionally diversified across tech, healthcare, government, finance, and manufacturing — insulating the market from sector-specific downturns. Ohio State University anchors a 60,000+ student/employee base with minimal cyclical sensitivity.","top_employers":[{"employer":"Ohio State University","employees":45000,"sector":"Education"},{"employer":"Amazon (DC + Logistics)","employees":15000,"sector":"Tech/Logistics"},{"employer":"OhioHealth","employees":14000,"sector":"Healthcare"},{"employer":"Nationwide Insurance","employees":12000,"sector":"Finance"},{"employer":"JPMorgan Chase","employees":10000,"sector":"Finance"},{"employer":"Intel (Ohio One — 2028+)","employees":3000,"sector":"Semiconductor"},{"employer":"Anduril Arsenal-1","employees":4008,"sector":"Defense"},{"employer":"Bath & Body Works HQ","employees":5000,"sector":"Retail/Corp"},{"employer":"Abercrombie & Fitch HQ","employees":4500,"sector":"Retail/Corp"},{"employer":"Mount Carmel Health","employees":8000,"sector":"Healthcare"}],"sector_breakdown":[{"sector":"Healthcare","pct":18},{"sector":"Tech & Defense","pct":16},{"sector":"Finance & Ins.","pct":14},{"sector":"Education","pct":13},{"sector":"Retail/Corp HQ","pct":11},{"sector":"Government","pct":10},{"sector":"Logistics","pct":9},{"sector":"Other","pct":9}],"population_trend":[{"year":2015,"population":1994000},{"year":2016,"population":2030000},{"year":2017,"population":2062000},{"year":2018,"population":2090000},{"year":2019,"population":2115000},{"year":2020,"population":2138000},{"year":2021,"population":2156000},{"year":2022,"population":2181000},{"year":2023,"population":2210000},{"year":2024,"population":2242000},{"year":2025,"population":2268000}]},"business_plan_data":{"thesis_statement":"Acquire brand-new Class A at $285K/door (15-20% below replacement cost), capture $290K of embedded loss-to-lease through natural lease rollover, and benefit from a 15-year tax abatement worth ~$895K+/year — with zero renovation risk.","strategy_metrics":[{"label":"Renovation Budget","value":"$0 (new construction)"},{"label":"Embedded LTL","value":"$290K/yr"},{"label":"Tax Abatement","value":"15-year, 100%"},{"label":"Projected NOI Lift","value":"+33% over hold"}],"value_pillars":[{"icon":"DollarSign","title":"Loss-to-Lease Capture","description":"5.9% LTL embedded in the rent roll from lease-up mispricing. $290K/year captured on natural rollover — no renovation required."},{"icon":"Shield","title":"Tax Abatement","description":"15-year, 100% abatement on improved value through 2041. ~$895K+ annual savings. ~$12.2M NPV. Transfers to buyer at exit with ~8 years remaining."},{"icon":"Settings","title":"Operational Improvements","description":"Revenue management, RUBS implementation, concession burn-off, and resident retention strategies executed by Gray Residential."}],"interior_scope":[{"item":"Quartz Countertops","spec":"Already installed — 2025 new construction","icon":"ChefHat"},{"item":"Stainless Appliances","spec":"Already installed — full package","icon":"Refrigerator"},{"item":"LVP Flooring","spec":"Already installed throughout","icon":"Layers"},{"item":"In-Unit W/D","spec":"Already installed — washer/dryer connections","icon":"Settings"},{"item":"Modern Lighting","spec":"Already installed — LED throughout","icon":"Lightbulb"},{"item":"Designer Bathrooms","spec":"Already installed — premium finishes","icon":"Bath"}],"interior_cost_summary":[{"label":"Interior renovation required","value":"$0 — brand new"},{"label":"Exterior renovation required","value":"$0 — brand new"},{"label":"Total CapEx during hold","value":"$0"},{"label":"Amenity addition: 5 private yards","value":"$37,500 ($7,500 each)"},{"label":"Estimated rent increase per yard","value":"$100/mo"},{"label":"Medium-term / corporate lease potential","value":"Upside opportunity","highlight":true}],"exterior_scope":[{"item":"5 Private Yards","detail":"Dedicated private yard spaces for select ground-floor units — premium amenity","budget":37500},{"item":"Corporate / Medium-Term Leasing","detail":"Furnished unit program targeting Anduril, Intel, defense contractors — premium rent opportunity","budget":0}],"exterior_total":37500,"timeline":{"total_months":84,"milestones":[{"month":0,"label":"Acquisition Close","type":"milestone","detail":"Property closes June 2026, Gray Residential takes over management"},{"month":1,"end_month":6,"label":"Concession Burn-Off Phase 1","type":"phase","detail":"46% of leases roll by Aug 2026 — push to market on renewal","category":"operations"},{"month":3,"label":"Private Yards Complete","type":"milestone","detail":"5 private yards installed ($7,500 each), $100/mo premium"},{"month":3,"label":"Anduril Arsenal-1 Production Begins","type":"milestone","detail":"4,008 jobs at $132K avg salary — demand catalyst"},{"month":6,"end_month":24,"label":"LTL Capture + RUBS Rollout","type":"phase","detail":"Natural lease rollover captures $290K LTL, RUBS adds $79-131K/yr","category":"operations"},{"month":24,"end_month":48,"label":"Stabilization","type":"phase","detail":"Full concession burn-off, occupancy 93-95%, I/O period ends month 48","category":"operations"},{"month":48,"label":"I/O Period Ends","type":"milestone","detail":"Amortization begins — debt service increases"},{"month":54,"end_month":66,"label":"Intel Ohio One Operational","type":"phase","detail":"~3,000 engineers at $135K+ — exit cap compression catalyst","category":"demand"},{"month":84,"label":"Projected Exit","type":"milestone","detail":"Sale at 5.50% exit cap, ~8 years abatement remaining for buyer"}]},"rent_bridge":[{"label":"Current Avg Rent","value":1785,"type":"base"},{"label":"LTL Capture (rollover)","value":110,"type":"increase"},{"label":"Market Growth (Yr 1-2)","value":143,"type":"increase"},{"label":"Concession Burn-Off","value":50,"type":"increase"},{"label":"Stabilized Avg Rent (Y3)","value":2088,"type":"total"}],"rent_bridge_narrative":"Fairmont's current average rent of $1,785/unit reflects lease-up pricing during Columbus's peak supply cycle. Three complementary drivers lift rents without renovation: (1) $290K/year of loss-to-lease captured on natural rollover as early leases expire, (2) organic market rent growth of 4% annually in a supply-constrained submarket, and (3) concession burn-off as Westerville deliveries drop 75% in 2026. The 66 AMI-restricted units carry a built-in HUD escalator providing additional growth with near-zero concession exposure.","operational_pillars":[{"icon":"TrendingUp","title":"Revenue Management","points":["Dynamic rent pricing using real-time market data","Strategic concession burn-off — 75% drop in Westerville deliveries supports pricing power","Optimized lease expiration staggering to avoid seasonal vacancy spikes","Other income optimization: RUBS, pet fees, parking, storage, private yards"],"stat_label":"Other income opportunity","stat_value":"$259K → $450K+ Year 3"},{"icon":"Scissors","title":"Expense Optimization","points":["In-house maintenance team reduces vendor reliance and emergency repair costs","Zero CapEx required — brand new 2025 construction","Energy-efficient new construction (LED, modern HVAC, insulation)","Insurance negotiation and claims management"],"stat_label":"Expense ratio reduction target","stat_value":"150 bps over hold"},{"icon":"Heart","title":"Resident Retention","points":["Average turn cost: $3,500-5,000 per unit — reducing turnover by 10% saves $100K+ annually","Proactive maintenance response (target: 24-hour resolution for non-emergency)","Corporate housing outreach to Anduril, Intel, Victoria's Secret, Bath & Body Works","Medium-term and furnished unit program for defense/tech contractor demand"],"stat_label":"Portfolio retention rate","stat_value":"58% → 62% target"}],"noi_projections":[{"year":0,"conservative":2971000,"base":2971000,"upside":2971000},{"year":1,"conservative":3000000,"base":3000000,"upside":3100000},{"year":2,"conservative":3100000,"base":3200000,"upside":3400000},{"year":3,"conservative":3200000,"base":3300000,"upside":3600000},{"year":4,"conservative":3300000,"base":3500000,"upside":3800000},{"year":5,"conservative":3400000,"base":3600000,"upside":4000000}],"noi_narrative":"Under the base case, NOI grows from $2.97M at acquisition to $3.6M at Year 5 — a 21% increase driven by loss-to-lease capture, concession burn-off, organic rent growth, and operational efficiencies. The 15-year tax abatement adds ~$895K+ annually on top, bringing effective NOI with abatement to $3.87M in Year 1 and growing through the hold period.","scenario_assumptions":[{"assumption":"Annual Rent Growth","conservative":"3.0%","base":"4.0%","upside":"5.0%","strategic":"6.0%"},{"assumption":"Stabilized Occupancy","conservative":"92%","base":"93.5%","upside":"95%","strategic":"96%"},{"assumption":"Expense Growth","conservative":"3.5%","base":"3.0%","upside":"2.5%","strategic":"2.5%"},{"assumption":"Exit Cap Rate","conservative":"6.00%","base":"5.50%","upside":"5.25%","strategic":"5.00%"},{"assumption":"Hold Period","conservative":"7 years","base":"7 years","upside":"7 years","strategic":"7 years"},{"assumption":"Tax Abatement","conservative":"Full 15yr","base":"Full 15yr","upside":"Full 15yr","strategic":"Full 15yr"},{"assumption":"Renovation Required","conservative":"$0","base":"$0","upside":"$0","strategic":"$0"}],"demographics":{"radius_1mi":{"total_population":10278,"total_households":5400,"pop_growth_5yr_pct":null,"pop_growth_5yr_note":"New tracts formed post-2019; 3mi proxy: +5.6%","median_age":39.8,"median_hh_income":86370,"avg_hh_income":102152,"per_capita_income":53755,"pct_hh_75k_plus":56,"pct_hh_100k_plus":42.7,"pct_bach_degree_plus":54.1,"pct_grad_prof_degree":19.9,"median_home_value":324477,"pct_owner_occupied":55.6,"pct_renter_occupied":44.4,"median_rent":1551,"unemployment_rate":3.1,"pct_white_collar":76.9,"tracts_included":2},"radius_3mi":{"total_population":63648,"total_households":28736,"pop_growth_5yr_pct":5.6,"pop_growth_5yr_note":"Comparable-tract growth; 6 of 12 tracts not in 2019 ACS (newly created)","median_age":37.6,"median_hh_income":101959,"avg_hh_income":123664,"per_capita_income":56155,"pct_hh_75k_plus":60.9,"pct_hh_100k_plus":48,"pct_bach_degree_plus":54.9,"pct_grad_prof_degree":21,"median_home_value":349426,"pct_owner_occupied":53.6,"pct_renter_occupied":46.4,"median_rent":1607,"unemployment_rate":2.4,"pct_white_collar":75.7,"tracts_included":12},"radius_5mi":{"total_population":151561,"total_households":62181,"pop_growth_5yr_pct":4.4,"pop_growth_5yr_note":"Comparable-tract growth; 11 of 30 tracts not in 2019 ACS (newly created)","median_age":36.7,"median_hh_income":107701,"avg_hh_income":130719,"per_capita_income":53978,"pct_hh_75k_plus":60.5,"pct_hh_100k_plus":47.3,"pct_bach_degree_plus":50.8,"pct_grad_prof_degree":19.8,"median_home_value":349167,"pct_owner_occupied":59.9,"pct_renter_occupied":40.1,"median_rent":1478,"unemployment_rate":2.8,"pct_white_collar":72.7,"tracts_included":30},"source":"U.S. Census Bureau ACS 2020-2024 5-Year Estimates (Tables B01003, B01002, B19013, B19025, B19001, B19301, B15003, B25003, B25064, B25077, B23025, C24010). ESRI 2025 Estimates via Gray Capital Investor Deck (April 2026) for cross-reference.","generated":"2026-04-10"}},"created_at":"2026-04-16T19:23:57.028Z","updated_at":"2026-04-12T02:40:17.208Z","year_built":2025,"gp_coinvest":3000000,"minimum_investment":100000,"loan_amount":43750000,"interest_rate":5.15,"io_period":48,"loan_term":7,"preferred_return":8,"pref_type":"cumulative","gp_catchup":"no","lp_split":80,"gp_split":20,"hold_period":7,"acquisition_fee":1.5,"asset_management_fee":1.5,"construction_management_fee":0,"disposition_fee":0,"fundraise_progress":0,"show_fundraise":false,"waterfall_tiers":[{"label":"Return of Capital","lp_pct":100,"gp_pct":0,"trigger":"First"},{"label":"8% Cumulative Preferred Return","lp_pct":100,"gp_pct":0,"trigger":"Pref"},{"label":"Profits up to 15% IRR","lp_pct":80,"gp_pct":20,"trigger":"Below 15% IRR"},{"label":"Profits above 15% IRR","lp_pct":60,"gp_pct":40,"trigger":"Above 15% IRR"}],"waterfall_description":"80/20 LP/GP up to 15% IRR · 60/40 LP/GP above 15% IRR · 8% cumulative preferred return · No GP catch-up","lp_split_above_hurdle":60,"gp_split_above_hurdle":40,"hurdle_irr":15,"target_close":"July 2026"}}