NA Capital Group · Investment Committee
Northgate Apartments
Acquisition recommendation · archived sample decision
Recommendation
Pursue with Conditions
Human-owned · Elena Vasquez
Maximum property price
$56.42M
Fees and reserves excluded
Open conditions
4
Retained through contingency
Decision status
Draft
Awaiting committee review
Recommendation basis
Northgate fits the approved value-add multifamily strategy and the base case clears the fund hurdle at the current property price. The opportunity should proceed only at or below $56.42M, with no price increase justified by unverified renovation upside.
Material risks
- Physical: 77 units remain outside the interior-inspection sample.
- Legal: the roof-access easement requires lender acknowledgement.
- Operational: bad debt remains above the underwritten run rate.
- Execution: renovation scope must reconcile to the PCA and property-manager budget.
Conditions to proceed
- Complete a stratified 30-unit physical inspection before contingency release.
- Obtain counsel and lender acknowledgement of the roof-access easement.
- Retain the year-one bad-debt reserve in the approved base case.
- Reconcile renovation cost and scope to the PCA and property-manager budget.