Multifamily raise: building the apartment deal room
A multifamily data room centers on the rent roll, the trailing twelve month operating statement and the value-add plan. Investors want to see in-place income, the gap to market rents, the renovation budget per unit and the loan terms, all tied together in a model they can check.
Folder index
- 01 Deal summary Investment summary, returns, hold period, key dates and minimums.
- 02 Rent roll Current rent roll by unit, lease expiration schedule, delinquency report.
- 03 Operating history Trailing twelve months, prior two years, seller budget.
- 04 Market Rent comparables, sale comparables, submarket supply pipeline.
- 05 Value-add plan Interior and exterior scope, cost per unit, rent premium evidence from renovated units.
- 06 Physical Property condition report, unit walk notes, capital needs, Phase I environmental report.
- 07 Debt Loan quote or commitment, rate cap terms, reserves required by the lender.
How this raise works
Apartment acquisitions are among the most common deals raised from individual investors and family offices. The buyer usually finances with agency debt or a bridge loan and raises the balance as equity, often through a syndication, a fund or a joint venture with an institutional partner.
Reviewers start with the numbers that drive value: occupancy, rent per unit against comparable properties, concessions, bad debt, other income, payroll, repairs and taxes. They read the rent roll unit by unit to check lease dates and loss to lease, then compare the operating statement to the budget and to the proposed post-renovation numbers.
Property taxes and insurance are frequent surprises. A sale often triggers a reassessment, and insurance costs vary widely by region, so investors look for a tax projection based on the purchase price and a current insurance quote rather than the seller's historical figures.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Investor tracking carries the most weight here.
- Investor tracking 24%
- Permission control 15%
- Raise workflow 19%
- Investor onboarding 21%
- Cost of a raise 20%
-
Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
Price Priced on request Trial Free trial available Features 9 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Bank-grade platform for large processes, with AI and a mobile app.
Price Priced on request Trial Demo on request Features 10 of 12 listed -
Deal room with AI and readiness tools for preparing a process.
Price Priced on request Trial Free trial available Features 8 of 12 listed -
Content cloud with watermarks and signing, priced per user.
Price $15 a user a month Trial Free trial available Features 9 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed -
Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
One of the oldest deal rooms, common on bank-led transactions.
Price Priced on request Trial Demo on request Features 8 of 12 listed
Places 11 to 16: DealRoom (7.0), SmartRoom (6.9), ShareVault (6.7), Digify (6.4), DocSend (6.2), Venue by DFIN (6.2)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Deal summaryInvestment summary, returns, hold period, key dates and minimums.
- 02 Rent rollCurrent rent roll by unit, lease expiration schedule, delinquency report.
- 03 Operating historyTrailing twelve months, prior two years, seller budget.
- 04 MarketRent comparables, sale comparables, submarket supply pipeline.
- 05 Value-add planInterior and exterior scope, cost per unit, rent premium evidence from renovated units.
- 06 PhysicalProperty condition report, unit walk notes, capital needs, Phase I environmental report.
- 07 DebtLoan quote or commitment, rate cap terms, reserves required by the lender.
- 08 Taxes and insuranceReassessment estimate at purchase price, insurance quotes.
- 09 Offering documentsPPM, operating agreement, subscription agreement.
- 10 Investor questionsQ&A log with sponsor answers.
Features this raise needs
| Feature | Why | Ellty | iDeals | SecureDocs | Datasite | Ansarada | Box |
|---|---|---|---|---|---|---|---|
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| NDA e-sign step | Confidentiality terms an investor must accept in the room before folder one appears. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Native mobile app | An installed app for phones and tablets, on top of reading in the mobile browser. |
Setting up the room
- 01
Clean the rent roll
Reconcile the rent roll to the operating statement and flag concessions, employee units and down units before investors see it.
- 02
Rebuild taxes and insurance
Show taxes at the expected reassessed value and insurance at a current quote. Investors check these first.
- 03
Prove the rent premium
If the seller already renovated some units, include those leases as evidence for the premium in your plan.
- 04
Publish the model
Give investors a read-only version of the model with assumptions visible so they can test exit cap rate and rent growth.
- 05
Open subscriptions
Move committed investors to the subscription folder with e-signature and a funding tracker.
Common mistakes
- Underwriting with the seller's tax bill rather than a reassessed figure.
- Assuming a rent premium with no renovated units to support it.
- Floating rate debt with no rate cap or no stress case in the model.
- A rent roll that does not tie to the trailing twelve month statement.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What do multifamily investors read first?
The rent roll, the trailing twelve months and the deal summary. If those three agree with each other, they move on to the plan and the debt.
Should I share unit-level data?
Yes, with tenant names removed or redacted. Unit-level rents and lease dates are what let investors test loss to lease and renewal risk.
How is a multifamily fund room different?
A fund room shows a strategy and pipeline instead of a single asset, so the property folders become a sample deal folder and a track record folder.