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343 units · 1556 NW 110th Ave · RangeWater PM · Data through: 5/4/26
Occupied & Leased
49 / 343
14.3% leased · 85.7% exposure
Leased (signed)
37
+ 12 occupied = 49 total
Available
292
of 341 rentable (2 excluded)
Gap to 20% milestone
19
target = 68 units
Days since TCO
53
TCO 3/12/26
Avg leased rent
$3,065
$3.01/sf · vs property $3.07/sf
Reporting note: 2 model units excluded from rentable inventory Headline = Occupied & Leased. Rent roll captures only "Vacant Rented Not Ready"; occupied units roll off once active.
Affects trajectory, daily tour activity, and lead generation charts. Stocks (trajectory) use end-of-period values; flows sum within each period.

Lease-up trajectory · 3/12 – 5/4/26

Total Occupied & Leased 10% target (34) 15% target (51) 20% target (68)
Concession period: 4 weeks free (3/12 – 3/19) 6 weeks free (3/20 – 4/22) 2 months free (4/23 onward)
Continuous daily axis. Targets at floor(343 × percentage). Concession band per period is colored by the regime in effect at the end of that period (so weekly/monthly views aggregate to a single dominant color). 4/22+ from DARs; earlier dates from box scores and inferred net activity.

Funnel conversion · 4/15 – 4/27 (13 days)

New leads
263
100%
Tours completed
78
30% of leads
Applications
~30
38% of tours
Net new leases
16
53% of apps
Tours = scheduled + walk-ins. Net leases reflects 28 → 44 over the period. Lead-to-lease all-in: ~6.1%.

Daily traffic

Traffic (incl. virtual tours)
DAR row 14 (Traffic). Pre-4/28 dates derived from prior tour-type splits summed.

Daily lease activity

Gross leases Cancellations / denials
DAR rows 15 + 16. Net leases (= Gross − Cancel) shown in the separate chart below.

Unit-mix detail

Unit-mix velocity

Leased (signed) Available Excluded
Unit mix velocity.
Leased = "Vacant Rented Not Ready" on rent roll (signed leases waiting move-in). Excluded = employee + model units. Bars sum to total inventory of each mix.

Unit-mix breakdown

Mix Total Excl Rent. Leased Avail. Lsd % Avg rent $/sf
Studio (Aster) 11 0 11 2 9 18.2% $2,100 $3.38
1BR (Zinnia) 115 0 115 10 105 8.7% $2,528 $3.29
1BR + Den (Zinnia K) 31 1 30 12 18 40.0% $2,720 $3.21
2BR (Cosmos) 130 1 129 10 119 7.8% $3,270 $2.92
2BR + Den (Cosmos M/N) 28 0 28 8 20 28.6% $3,581 $2.87
3BR (Lavender) 28 0 28 6 22 21.4% $3,943 $2.77
Total (signed) 343 2 341 37 304 10.9% $3,065 $3.01
+ Occupied (already moved in) — — — 12 — — — —
Occupied & Leased 343 2 341 49 292 14.4% — —
Property baseline (all 343 units): avg rent $3,018 · $3.07/sf. Leased rents are tracking at $3.01/sf — -2.0% vs budget.

Daily net leases

Net leases Net cancellations

Lead source mix

Drive By Property Website Zillow Other

Move-ins

Total leases (committed)
44
across 4 months
Already moved in
20
as of 5/4/26
Upcoming move-ins
24
next starts 5/5/26
Peak month
April
20 move-ins

Move-ins by month

Move-ins by month.

Leases by agent

Leases by agent.

Upcoming move-in schedule (next 25)

Unit Resident Agent Move-in
1-229 Alagel, Jacob Norelis Madera 5/5/26
1-413 Goncalves, Andreina Norelis Madera 5/10/26
1-205 Bracamonte, Abigail Britney Vargas 5/24/26
1-218 Rosado, Grace Norelis Madera 5/24/26
1-602 De Grazia, Anyela Britney Vargas 5/24/26
1-604 Fernandez,, Lester Norelis Madera 5/24/26
1-607 Grullon, Joel Britney Vargas 5/24/26
1-213 santacruz quiroga, Ruben Norelis Madera 5/25/26
1-217 Ganges, Minerva Britney Vargas 5/26/26
1-106 Ramirez, Eric Britney Vargas 5/27/26
1-415 FORERO, CESAR Britney Vargas 5/27/26
1-425 Manzanares, Gisselle Maggie Ramos 5/27/26
1-604 Fernandez, Lester Norelis Madera 5/27/26
1-235 Betancourt, Glenda Norelis Madera 5/31/26
1-328 Madera, Norelis Norelis Madera 6/2/26
1-207 Rivera, Linette Britney Vargas 6/4/26
1-407 Beristain, Valentina Norelis Madera 6/18/26
1-805 Lacayo, Alenairam Norelis Madera 6/30/26
1-826 Jones, Reilly Britney Vargas 6/30/26
1-126 Buritica, Daniel Norelis Madera 7/2/26
1-329 Paez, Maira Norelis Madera 7/2/26
1-405 Tortolani, Nicole (primary Norelis Madera 7/9/26
1-234 Casas, David Norelis Madera 7/19/26
1-704 Tortolani, Gaetano Norelis Madera 7/19/26
Source: RangeWater "Projected Move-ins" XLSX, refreshed daily. Once a resident moves in, they roll off the rent roll into Occupied status.

Leased rent by floor plan (weighted)

Code Mix Leases Avg sqft Avg leased rent $/sf
S1 Studio (Aster) 2 622 $2,100 $3.38
A1 1BR (Zinnia) 2 744 $2,473 $3.32
A2 1BR (Zinnia) 3 750 $2,482 $3.31
A5 1BR (Zinnia) 1 725 $2,540 $3.50
A6 1BR (Zinnia) 1 798 $2,715 $3.40
A8 1BR (Zinnia) 3 809 $2,545 $3.15
AD1 1BR + Den (Zinnia K) 12 847 $2,720 $3.21
B1 2BR (Cosmos) 4 1,110 $3,371 $3.04
B10 2BR (Cosmos) 1 1,196 $3,465 $2.90
B2 2BR (Cosmos) 1 1,000 $2,865 $2.87
B5 2BR (Cosmos) 1 1,230 $3,545 $2.88
B6 2BR (Cosmos) 1 1,102 $2,995 $2.72
B8 2BR (Cosmos) 1 1,026 $2,875 $2.80
B9 2BR (Cosmos) 1 1,205 $3,470 $2.88
BD1 2BR + Den (Cosmos M/N) 3 1,263 $3,600 $2.85
BD2 2BR + Den (Cosmos M/N) 5 1,238 $3,569 $2.88
C1 3BR (Lavender) 6 1,422 $3,943 $2.77
Weighted total (48 leases) 48 1,017 $3,065 $3.01
Weighted by lease count. Source: rent roll (Vacant Rented Not Ready). 2 occupied units (already moved in) not included here — they roll off rent roll once active.

Recent leased units (rent roll · top 15)

Bldg-Unit FP Mix SQFT Resident Rent $/sf
1-236 A1 1BR (Zinnia) 744 Avella, Brandon $2,295 $3.08
1-826 A1 1BR (Zinnia) 744 Jones, Reilly $2,650 $3.56
1-322 A2 1BR (Zinnia) 750 Marin, Stephanie $2,585 $3.45
1-222 A2 1BR (Zinnia) 750 Cano, Luis $2,585 $3.45
1-331 A2 1BR (Zinnia) 750 Forero Borrero, Cesar $2,275 $3.03
1-224 A5 1BR (Zinnia) 725 Davila, Adrian $2,540 $3.50
1-126 A6 1BR (Zinnia) 798 Buritica, Daniel $2,715 $3.40
1-228 A8 1BR (Zinnia) 809 Fernandez, Martin $2,665 $3.29
1-229 A8 1BR (Zinnia) 809 Alagel, Jacob $2,305 $2.85
1-329 A8 1BR (Zinnia) 809 Paez, Maria $2,665 $3.29
1-215 AD1 1BR + Den (Zinnia K) 847 Serrano Aguilar, Claudia $2,760 $3.26
1-402 AD1 1BR + Den (Zinnia K) 847 GONZALEZ, HECTOR $2,720 $3.21
1-105 AD1 1BR + Den (Zinnia K) 847 gonzalez, Larry $2,795 $3.30
1-202 AD1 1BR + Den (Zinnia K) 847 Albo, Jacqueline $2,375 $2.80
1-205 AD1 1BR + Den (Zinnia K) 847 Bracamonte, Abigail $2,705 $3.19
Source: rent roll (data as of 05/04/2026 04:51 PM EDT). Showing top 15 of 48 leased units. All currently in "Vacant Rented Not Ready" status (signed but not moved in).

Financial Performance

YTD Operating Revenue
$9,350
3 months reported · pre-stabilization (no rent yet)
YTD Total OpEx
$121,729
$40,576 / mo avg
YTD NOI
$-112,379
lease-up burn — turns positive once revenue scales
YTD Net Loss
$-123,241
incl. $-10,863 non-operating
Latest month
Mar 2026
Source: Atala Reporting (01.26-03.26)

Monthly P&L

Line itemJan 2026Feb 2026Mar 2026YTD
Operating Revenue$0$1,150$8,200$9,350
Operating Expenses:
Property Payroll$7,583$14,396$25,318$47,297
Advertising & Marketing$0$3,735$21,899$25,635
General & Administrative$594$12,996$8,754$22,345
Total Operating Expenses$14,629$41,128$65,972$121,729
Net Operating Income (Loss)$-14,629$-39,978$-57,772$-112,379
Non-Operating Income/(Expense)$-7,800$-10,328$7,265$-10,863
Net Income / (Loss)$-22,429$-50,306$-50,506$-123,241
Source: Atala Reporting (01.26-03.26). Each column = that month's PTD; YTD column = running total from the latest statement.

Monthly OpEx breakdown

Property Payroll Marketing G&A

NOI & Net Loss trend

NOI (loss) Net Income/(Loss)

Actual vs PM Budget vs Owner Proforma

Calendar anchor: Jan 2026 = M1 across all three streams PM Budget: RangeWater Lease-Up M1-M12 Proforma (06/27/25) Owner Proforma: BP v18 P1 MCF (Jan 2026 = col 37 / M30 of model)
Apples-to-apples adjustment: Actual OpEx + NOI in this section include imputed Insurance + Property Taxes at the same monthly rate as the Owner Proforma (RangeWater hasn't booked those costs yet — first tax assessment and insurance billing aren't posted, but they're inevitable). PM Budget's Insurance + Taxes were blank in the M1-M12 file and likewise use the BP's monthly values, so all three streams carry identical T&I. The standalone Monthly P&L table above shows raw actuals as RangeWater reported them. Actual data extends through Mar 2026; budget/proforma lines extend through Dec 2026.

Revenue · monthly

Actual PM Budget Owner Proforma

OpEx · monthly

Actual PM Budget Owner Proforma

NOI · monthly

Actual PM Budget Owner Proforma

Avg leased rent

Actual (rent roll, $3,065) PM Budget (gross potential, $3,346) Owner Proforma (monthly trajectory)
Annualization: sum of last N reported months × (12/N). Budget streams aligned to the same months as actuals (apples-to-apples).
Line item Actual PM Budget Δ vs PM Owner Proforma Δ vs BP
Revenue — — — — —
   Payroll — — — — —
   Repairs & Maintenance — — — — —
   Marketing / Advertising — — — — —
   Contracted Services — — — — —
   Turnover / Make-Ready — — — — —
   Utilities — — — — —
   General & Admin — — — — —
   Management Fee — — — — —
   Replacement Reserves — — — — —
Controllable OpEx — — — — —
Controllable NOI — — — — —
   Insurance — — — — —
   Real Estate Taxes — — — — —
Total Operating Expenses — — — — —
Net Operating Income (NOI) — — — — —
   Debt Service — — — — —
   Non-Operating Income / (Expense) — — — — —
Net Income / (Loss) — — — — —
PM Budget and Actuals share the same Insurance ($411,600/yr) and Real Estate Taxes ($313,702/yr based on 2025 TRIM). Owner Proforma keeps its own (higher) BP-derived T&I. BP doesn't break out controllable categories — payroll/marketing/etc. show "—" for that stream. Debt Service is currently $0 (loan not yet funding). Net Income = NOI − Debt Service + Non-Operating.