Portfolio Overview
Week ending Apr 6, 2026 · 3 active properties · 693 active units · 134 pre-active
Pendleton Mill Lofts
Pendleton SC · 120u · Entrata
Occupied
30.0%
↑ +1.7 wk
Leased
42.5%
+12.5 ahead
Apps/Wk
8
↑ +5 vs prior
New Bldg laggingPipeline strongSpring critical
Sharon Crossing
Charlotte NC · 144u · Entrata
Occupancy
91.0%
→ Flat wk
Delinquency
$26K
↓ -$25K wk
SIA Units
24/29
5 short
SIA gap4 pts to targetDelinq ↓
Life at Lakeside
Wilmington NC · 429u · OneSite
Occupancy
67.8%
↓ -0.2 wk
Delinquency
$356K
↓ -$54K wk
Avg Days Vac
238d
↓ -2 wk
WHA blockedExp overrunCollections ↑
Rivers Edge
Knoxville TN · 134u · Yardi
⏳
Onboarding — Mid May 2026
Yardi · kickoff call · market survey pending
Portfolio Occupancy TrendJan–Apr 2026 · Weekly
Revenue at Risk Summary
LA: Occupancy gap vs 75% target
-$24.9K/mo
PM: Pending leases not yet occupied (15 units)
-$20.8K/mo
LA: WHA vouchers blocked (20+ units)
-$17.5K/mo
SC: Occupancy gap vs 95% target
-$4.6K/mo
Total Revenue at Risk
-$67.8K/mo
Recovery Opportunity
WHA approval (20+ voucher units)
+$17.5K/mo
LA delinquency collections (at current pace)
+$20-30K/mo
PM pending leases → occupied
+$20.8K/mo
VPG turn fix (238 → 90 days avg)
+$13.1K/mo
PM spring velocity acceleration
+$5-8K/mo
Total Upside Executed
+$77-89K/mo
Flags & Actions
9 open · 4 Alert · 5 Watch · Last reviewed Apr 6
| Prop | Severity | Issue | $ Impact | Action Required |
|---|---|---|---|---|
| LA | ALERT | WHA blocking voucher approvals — 20+ applicants waiting. Legal action pending (Ward & Smith). | +$17.5K/mo | Get legal timeline from Ward & Smith. Visit tgarrett@wha.net directly. |
| LA | ALERT | $147K expense overrun vs budget. Source unknown — no line-item breakdown available. | -$147K cash | Request top 5 expense categories YTD from Christine/Michele by EOW. |
| LA | ALERT | Occupancy declining 11 of last 13 weeks. Structural, not seasonal. | -$3,613/1 pt | Two levers: WHA vouchers + VPG turn schedule. Both need immediate accountability. |
| SC | ALERT | SIA count 24 of 29 required. 5 units short of 20% lending mandate. LEO compliance risk. | Loan risk | Confirm with Latise this week. Identify 5 units to designate. Notify mpherigo@leoic.com. |
| PM | WATCH | New Building (23.9% occ) lagging Mill (38.4%) by 14.5 pts. No product differentiation. | +$600/1% | Kevin Smith pricing call. Test targeted concession or amenity bundle for New Bldg only. |
| PM | WATCH | 15 signed leases not yet occupied. Lost revenue on closed deals each day of delay. | $20.8K/mo | Coordinate move-in dates with Amethyst. Batch, don't trickle. |
| SC | WATCH | Occupancy dropped from 94.4% (Feb 16) to 91.0% today. -3.4 pts in 7 weeks. | -$4.6K/mo | Review denial reasons. Track if applicant pool is thin vs policy too strict. |
| SC | WATCH | Trade-out spread negative. New leases below departing rents — rent erosion compounding. | -$135/mo | Adam + Mary pricing review. Prioritize renewal retention over new lease acquisition. |
| LA | WATCH | Avg days vacant 238 (was 212 in Jan). VPG turn schedule worsening, not improving. | +$13K/mo | Unit-by-unit accountability from VPG. Hard deadlines, not progress updates. |
Portfolio Intelligence
AI-powered analysis · MultiCore internal only · Never shared with owners
⚡ THIS WEEK'S HIGHEST-LEVERAGE ACTIONS
1
LA: WHA legal timeline — get a date, not a status. Patrick visited WHA on April 1. Ward & Smith (MJP@wardandsmith.com) are counsel. The question isn't "any update?" — it's "what is your next filing date and what do you need from us to hit it?" 20 qualified applicants × $875 = $17.5K/month sitting blocked. Every week of delay is a choice.
Impact: +$210K annualized on resolution
2
PM: Move the 15 signed-not-occupied leases. These deals are closed. Amethyst Amico has signed leases in hand. The revenue loss is on your side now, not theirs. Get unit-by-unit move-in dates confirmed by end of this week. Batch them — don't let them trickle at 1/week when they could move in 5 at once.
Impact: $20,790/mo when all 15 are occupied
3
SC: SIA compliance is a lending event, not a paperwork item. LEO's loan documents require 20% income-restricted units. 24 of 29 required — 5 short. If an auditor or lender reviews and finds non-compliance, this is a covenant breach. This week: Latise provides specific unit list, you confirm which 5 vacants qualify, notification to mpherigo@leoic.com before next investor tour.
Impact: Prevents loan covenant violation
4
LA: Find the $147K expense bleed this week. Without line-item breakdown, you're managing blind. $450K actual vs $304K budget (Apr 6). Request from Christine Jenkinson: top 5 expense categories YTD, actual vs budget per category. Most likely culprits: security deployment, HVAC replacements misclassified, unauthorized vendor charges, maintenance labor overtime. One call, one request — don't wait for monthly close.
Impact: Identify sources → cut $50-80K in non-essential spend
Portfolio Email Generator
Generate and send from here — internal or owner-facing
Internal Weekly SummaryAdam · Mary · John · Charlie
Recipients
Internal (all):
amarcus@multicoream.com
charlie.kennedy@multicoream.com
mary.jordan@multicoream.com
John.Cattano@Multicoream.com
Camden/Dominion (PM + RE):
Johngumpert@camdenmanagement.net
LEO Impact (SC):
mpherigo@leoic.com
Olive Tree / ASCP (LA):
kquerbes@ascp.capital · kpeters@ascp.capital
Preservation Mgmt (LA):
patrick.crook@presmgmt.com
christine.jenkinson@presmgmt.com
Woodruff (PM):
Ksmith@thewoodruffway.com
pendletonmgr@thewoodruffway.com
Gingko (SC):
Jayme.johnson@ginkgomail.com
manager@sharoncrossing-apts.com
amarcus@multicoream.com
charlie.kennedy@multicoream.com
mary.jordan@multicoream.com
John.Cattano@Multicoream.com
Camden/Dominion (PM + RE):
Johngumpert@camdenmanagement.net
LEO Impact (SC):
mpherigo@leoic.com
Olive Tree / ASCP (LA):
kquerbes@ascp.capital · kpeters@ascp.capital
Preservation Mgmt (LA):
patrick.crook@presmgmt.com
christine.jenkinson@presmgmt.com
Woodruff (PM):
Ksmith@thewoodruffway.com
pendletonmgr@thewoodruffway.com
Gingko (SC):
Jayme.johnson@ginkgomail.com
manager@sharoncrossing-apts.com
Pendleton Mill Lofts
250 S Depot St, Pendleton SC 29670 · Historic Mill 1903 + New Construction 2025
1BR In-Place
$1,420
Mkt $1,325
2BR In-Place
$1,603
Mkt $1,464
Concession
5.9%
Below mkt 8.3%
Signed Pipeline
15 units
Not yet moved in
30.0%
Occupancy · Apr 6
↑ +1.7% this week
Leased: 42.5% · Target: 95%
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Occupied Units
36 / 120
↑ +2 this week
84 vacant · 15 signed pending move-in
Leased % (Pipeline)
42.5%
↑ +5.8 pts this week
51 units signed incl. pipeline
Avg Scheduled Rent
$1,386
↓ -$6 this week
Market: $1,459 · LTL: $121/unit
Apps This Week
8
↑ +5 vs prior week
Best week to date — protect velocity
Move-Ins This Week
2
↓ -1 vs prior
Need 4+/wk to hit Aug target
Delinquency
$0
→ Clean (lease-up)
Expected at 30% occ
Occupancy & Leased %Jan 26–Apr 6 · 95% target
Building SplitMill vs New Building
Mill Building38.4%
28 occ / 73 units · Brick + beam · Charm premium working
New Building23.9%
11 occ / 46 units · Modern finish · No differentiation vs comps
Building gap: 14.5 pointsMill leasing 2× faster than New. New Building is commodity product at same price as three comps. Decision needed: targeted concession OR amenity differentiation.
Goals ProgressLease-up targets
Occupancy (30.0% → 95%)31.6% of target
At 2 move-ins/wk → Nov 2026. At 4/wk → Aug 2026. Need 4+ to hit summer.
Leased % Pipeline (42.5% → 95%)44.7% — pipeline healthy
Weekly Move-In Velocity (2 → 4+)50% of weekly goal
Concession vs Comps (5.9% vs 8.3% market)Below market — room to maneuver
Week-over-Week Comparison
Apr 6 vs Mar 30, 2026
What happened last week (Apr 6): Strongest application week to date — 8 apps (+5 vs prior). 2 move-ins (down 1 from prior). Leased % jumped to 42.5% — 15 units signed awaiting move-in. Occupancy crossed 30% for first time. App pipeline suggests occupancy will jump 5-8% in coming weeks as pending leases convert.
Metric ComparisonThis week vs prior week
| Metric | Mar 30 | Apr 6 | Change | Trend |
|---|---|---|---|---|
| Occupancy % | 28.3% | 30.0% | +1.7 pts | ↑ Improving |
| Occupied Units | 34 | 36 | +2 | ↑ |
| Leased % | 36.7% | 42.5% | +5.8 pts | ↑↑ Accelerating |
| Apps Completed | 3 | 8 | +5 | ↑↑ Best week |
| Move-Ins | 3 | 2 | -1 | ↓ Watch |
| Avg Sched Rent | $1,392 | $1,386 | -$6 | ↓ Minor |
| Market Rent | $1,466 | $1,459 | -$7 | ↓ Market softening? |
| Leases Signed | 2 | 5 | +3 | ↑ Strong |
| Vacant Units | 86 | 84 | -2 | ↑ Improving |
| Delinquency | $0 | $0 | — | Clean |
13-Week Occupancy History
Application & Leasing ActivityWeekly
Absorption Analysis
Pipeline ahead of occupancy — good sign.42.5% leased vs 30.0% occupied = 15 units signed and pending move-in. These are revenue locked in. Priority is executing move-ins, not finding more leads right now.
Signed Not In
15
Revenue: $20,790/mo
Avg Apps/Wk (4wk)
3.8
Accelerating
Avg Move-Ins/Wk
2.0
Need 4+ for Aug goal
Leasing Velocity
↑
Best week on record
Pace Calculator
2 move-ins/wk → 95% = Nov 2026
3 move-ins/wk → 95% = Sep 2026
4 move-ins/wk → 95% = Aug 2026
5 move-ins/wk → 95% = Jul 2026
Spring window: Apr–Jun. Must sustain 4+/wk now.
3 move-ins/wk → 95% = Sep 2026
4 move-ins/wk → 95% = Aug 2026
5 move-ins/wk → 95% = Jul 2026
Spring window: Apr–Jun. Must sustain 4+/wk now.
Note: PM opened Jan 2026. Expense and delinquency data not yet in tracker — expected as Entrata daily reports accumulate. Delinquency expected to be minimal at lease-up occupancy levels. Showing rent economics and revenue trend.
Rent EconomicsPro forma vs actual pace
Avg Market Rent (current)
$1,459
Avg Scheduled Rent (in-place)
$1,386
-$73 LTL/unit
Loss-to-Lease per Unit
$121
1BR: In-Place vs Market
$1,420
$1,325 mkt
+$95 above
2BR: In-Place vs Market
$1,603
$1,464 mkt
+$139 above
3BR: In-Place vs Market
$2,058
$1,865 mkt
+$193 above
Concession (2-mo free) effective
5.9%
Below comp avg 8.3%
Monthly Revenue TrendTotal scheduled rent collected
CapEx Projects — Pendleton Mill
| Project | Status | Budget | Spent | Expected Impact | Notes |
|---|---|---|---|---|---|
| Golf carts — model unit tours | In Progress | TBD | TBD | Leasing velocity for Mill tours | Adam approved. Coordinate with Aleta. |
| Model unit staging + movers | In Progress | TBD | TBD | Show quality, impression on prospects | Adam approved. Confirm with Amethyst. |
| Parking expansion/overflow plan | Planning | TBD | $0 | Remove leasing obstacle at 50%+ occ | Growing constraint — plan before needed |
| New Building differentiation (TBD) | Planning | TBD | $0 | +$600/mo per 1% occupancy gain | Smart home? Amenity bundle? Decide on strategy. |
| Common area WiFi activation | Planning | TBD | $0 | Leasing selling point, resident retention | Noted as pain point in prior tracker entries |
Competitive Market AnalysisSurvey date: Apr 14, 2026 · CoStar + website verified
| Property | Units | Occ | 1BR Ask | 2BR Ask | 3BR Ask | Concession | Note |
|---|---|---|---|---|---|---|---|
| Pendleton Mill (Subject) | 120 | 30.0% | $1,298 | $1,471 | $1,876 | 5.9% | Below market concession |
| Falls at Meehan ① | 296 | 97.6% | $1,325 | $1,600 | $1,770 | 8.3% | 1 mo free + $300 gift card |
| Newry Mill ② closest comp | 197 | 92.4% | $1,275 | $1,634 | — | 8.3% | Also mill conversion |
| Streams at Battery Park ③ | 252 | 92.9% | $1,425 | $1,665 | $1,833 | 8.3-11.5% | 1 mo + 6 wks on 3BR |
Position: Competitive on rent, below-market on concessions.All 3 comps at 8.3%+ concession vs PM at 5.9%. PM pricing is competitive — room to maintain. New Building is the gap: 1BR at $1,298 vs $1,275-1,425 market range — not cheaper enough to overcome the "commodity vs charm" problem.
Pricing Strategy RecommendationsBy unit type · Current vs recommendation
| Unit Type | Current Ask | Comp Avg | Position | Recommendation | Rationale |
|---|---|---|---|---|---|
| Mill 1BR | $1,298 | $1,325 | -$27 below | HOLD or +$25 | Mill charm = demand inelastic. Test $1,325 on next 3 leases. |
| Mill 2BR | $1,471 | $1,617 avg | -$146 below | RAISE +$50-100 | Significantly underpriced vs comps. Demand supports increase. |
| New 1BR | $1,298 | $1,325 | At market | CONCESSION ONLY | Don't lower face rent. Add 1-mo free (from 2-mo). Preserves rent basis. |
| New 2BR | $1,471 | $1,617 avg | Below market | HOLD + concession | Velocity issue, not price. Add targeted concession to close faster. |
| 3BR (all) | $1,876 | $1,802 avg | +$74 above | MONITOR | Above comp avg. If 3BRs not moving, reduce by $50 and add 2-mo free. |
Intelligence — Pendleton Mill
Problem: New Building occupancy (23.9%) lagging Mill (38.4%) by 14.5 pts
Root cause: New Building is commodity product vs 3 comps (Streams, Newry, Falls) with no meaningful differentiation at similar price point. Mill has irreplaceable charm advantage.
Option A — AggressiveFastest fill, lower rent basis risk
Reduce New Building face rent $50-75/mo AND add 1.5 months free. Creates a price advantage vs comps (currently at parity). Fastest absorption — prospects choose on price.
Risk: Lowers long-term rent basis. Harder to raise back. Comp set may follow.
Option B — Balanced (Recommended)
Keep face rent, increase concession on New Building ONLY to 1.5 months free (from 2 months). Target: "Same price as comps, but our new-build amenities package." Build a differentiation story: smart thermostats, keyless entry, EV charger access if feasible. Small investment, major marketing narrative.
Preserves rent basis. Creates a repeatable "why" for New Building. $600/mo per 1% gain.
Option C — ConservativeLeast disruption
Let Mill fill first (absorb its demand), then re-price New Building in May when broader spring demand peaks. The market comes to you — patience over panic. Risk is missing the spring window.
Lower cost but time-sensitive. Spring demand peaks April-June. Delay beyond that = slower fill into summer.
Problem: 15 signed leases not yet occupied — $20,790/mo in committed revenue sitting idle
Leases are closed deals. Every day of delay is pure revenue loss on a done transaction. This is an execution problem, not a leasing problem.
Action (Immediate)
Call Amethyst today. Get move-in date for each of the 15 units — specific dates, not "soon." Batch them: if 5 can move in the same week, do it. Coordinate elevator/dock access, key handoff, parking assignments in advance. Don't let logistics slow what leasing already won.
$20,790/mo unlocked when all 15 occupied. Each week of delay = $4,800 lost.
Problem: Parking will become a leasing obstacle before summer
Currently flagged as "growing concern" at 30% occupancy. At 50%, this becomes a sales objection in tours. At 70%, a lease-breaker for car-dependent prospects (college market — everyone has a car).
Option A
Negotiate overflow parking with adjacent landowner or shared commercial lot. Monthly cost may be offset by 1-2 additional leases it enables.
Option B (Recommended)
Implement golf cart shuttle between overflow parking and building. Reframe the "parking is far" problem as a "we have a golf cart shuttle" amenity. Already approved by Adam — execute now before it becomes a complaint.
Turns a weakness into a talking point. Unique amenity no comp offers.
Option C
Reserved parking at premium: $50-75/mo assigned spot revenue. Manages scarcity through pricing. Creates $2,500-3,750/mo ancillary income at full occupancy.
Email Generator — Pendleton Mill
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Sharon Crossing
2123 El Verano Circle, Charlotte NC 28210 · Quail Hollow Submarket · Built 1984 · Value-Add Renos
SIA Compliance
24/29
Need 5 more
Delinquency
$26K
↓ -$25K wk
Expense Budget
-$41K
Under budget
Avg Days Vacant
53d
Made ready: 95.8%
91.0%
Occupancy · Apr 6
→ Flat this week
Peak: 94.4% (Feb 16) · Target: 95%
Loading owner commitments…
★ Three Michael Metrics — Auto-Computed
Replaces Mary's manual dashboard. Refreshes daily from Entrata CSVs.
T-3 Monthly Collection %
—
HAP / Subsidy Balance Due
—
SIA Conversion Progress
24 / 29
Context: Sharon Crossing was at 94.4% occupancy just 7 weeks ago (Feb 16). The current 91% is a 3.4-point softening driven by intentional tighter screening (fewer approvals, more denials). This is not a structural problem — it's a strategy with a tradeoff. Goal: return to 95%+ while maintaining improved tenant quality.
Occupied Units
131 / 144
→ Flat (0 change)
13 vacant · 2 vacant rented · 11 VNR
Delinquency
$26K
↓ -$25K from Mar 30
Peak: $51K (Mar 30) — strong collection
Avg Scheduled Rent
$1,114
↓ -$2 this week
Market: $1,159 · LTL: $24/unit
SIA Units
24/29
Need 5 more — lending mandate
20% of 144 required by LEO loan docs
Apps This Week
4
↑ +3 vs prior
Recovering from 0-1/wk lull
Budget vs Actual
-$41K
Under budget (good)
$19K actual vs $60K budget
Occupancy TrendFeb 2–Apr 6 · Peak 94.4% shown
Delinquency TrendMar 23–Apr 6
Collections breakthrough: -$25K in one week.$51K peak → $26K in single week. Find what drove this result and systematize it. Target: sub-$15K by April 30.
SIA ComplianceLEO Impact Capital lending requirement
24
Current
5 units short of 29 required (83% compliant)
29
Required
Action this week — not this month.Contact Latise Howie (manager@sharoncrossing-apts.com). Identify 5 vacant units that qualify. Notify Michael Pherigo (mpherigo@leoic.com) before next investor tour. Lending covenant compliance is non-negotiable.
Week-over-Week — Sharon Crossing
Apr 6 vs Mar 30, 2026
What happened last week: Delinquency dropped $25K in one week — the single biggest positive event this week. 4 applications received (recovering from the 0-1/week lull). No move-ins, no move-outs — occupancy flat. 2 vacant rented units (signed, pending). Expenses well under budget. Core issue remains: how to get from 91% back to 95%+ while maintaining tenant quality standards.
Metric Comparison
| Metric | Mar 30 | Apr 6 | Change | Trend |
|---|---|---|---|---|
| Occupancy % | 91.0% | 91.0% | — Flat | → Plateau |
| Occupied Units | 131 | 131 | — | → |
| Delinquency $ | $51,041 | $26,018 | -$25,023 | ↑↑ Strong collection |
| Apps Completed | 1 | 4 | +3 | ↑ Recovering |
| Move-Ins | 0 | 0 | — | → |
| Avg Sched Rent | $1,116 | $1,114 | -$2 | ↓ Minor |
| Expenses Actual | N/A | $19,040 | — | Under budget ✓ |
| Expenses Budget | N/A | $59,929 | — | -$41K favorable |
| Vacant Rented | 0 | 2 | +2 | ↑ Pipeline building |
| Days Vacant | N/A | 53 | — | Healthy for stabilized |
Occupancy & Leasing Full History
Leasing ActivityWeekly traffic and retention
Trade-Out Analysis
Trade-out spread is negative.New leases coming in below departing rents. This compounds: each turnover erodes the rent basis. Not a crisis yet, but a directional problem.
Departing Rent (est)
$1,159
New Lease Avg
~$1,114
Spread per Unit
-$45
Budget vs Actual (Apr 6)
Total Expenses — Actual
$19,040
Total Expenses — Budget
$59,929
Expense Variance
-$40,889 UNDER
Delinquency (current)
$26,018
↓ Best in 3 weeks
Delinquency (peak)
$51,041
Mar 30 peak
Delinquency (first tracked)
$21,093
Mar 23
Financial position: Strong.SC well under expense budget. Delinquency recovering fast. Cash flow improving.
Delinquency Timeline
| Project | Status | Budget | Spent | Rent Premium | Notes |
|---|---|---|---|---|---|
| Unit renovations (Classic → Reno on turns) | In Progress | Per unit TBD | TBD | +$100-150/mo per reno unit | Reno units on natural turns. Track reno vs classic rent delta. |
| Curb appeal improvements | In Progress | TBD | TBD | Investor tour quality | Must be pristine — AJ/LEO tour investors here. Cost-cutting reversed by Adam. |
| Landscaping / common area | Planning | TBD | $0 | Occupancy support | Part of curb appeal package. Coordinate with Latise. |
Pricing StrategyQuail Hollow submarket · Charlotte NC
Submarket dynamics: New supply without proportional demand growth. Landlords competing for a flat pool of renters. Rent growth pressure is real — protect the occupied base before growing it.
| Unit Type | In-Place Rent | Market Avg (est) | Position | Recommendation |
|---|---|---|---|---|
| 1BR Classic | $987 | ~$1,050 | Below market | Raise $30-50 on renewals. Hold on new leases to maintain velocity. |
| 1BR Reno | ~$1,100 | ~$1,150 | At market | Hold. Reno premium is working. |
| 2BR Classic | $1,264 | ~$1,300 | Below market | Raise $25-40 on next renewal. Classic units underpriced. |
| 2BR Reno | ~$1,350 | ~$1,380 | At market | Hold. Premium vs classic is appropriate. |
Problem: Occupancy dropped from 94.4% (Feb 16) to 91.0% — 3.4 pts in 7 weeks
Intentional denial policy = better tenant quality but slower velocity. The question: is the tradeoff working? Are we getting lower delinquency in exchange for the occupancy sacrifice?
Option A — Speed to 95%
Ease one screening criterion: drop minimum credit score requirement by 25 points, or allow 1 additional negative mark. Accept 2 more applicants per month who would previously be denied. Track their payment behavior for 60 days.
Risk: May re-introduce delinquency pattern we're trying to exit. Only do if applicant pool data supports it.
Option B — Retention Focus (Recommended)
Stop chasing new leases — protect the 131 occupied units. Offer current residents 1.5% renewal increase max (below market 3%) to lock them in for 12 months. 1 renewal = same as 1 new lease without the turnover cost (~$1,200/unit).
Each retained resident = $1,200 in avoided turnover cost + no vacancy gap. Better ROI than finding new residents.
Option C — Hold and Monitor
The denial policy is 7 weeks old. Delinquency is dropping ($51K → $26K). Give it 60 more days. If delinquency reaches sub-$15K and applicant pipeline is strong, the tradeoff is working. Premature policy change may undo the quality improvement.
Timeline cost: 4 units × $1,114 = $4,568/mo gap for 60 more days = $9,136 opportunity cost.
Problem: SIA compliance at 24/29 — lending covenant at risk
LEO Impact Capital's loan documents require 20% of units to be income-restricted. 5 units short. This is not a "work toward it" item — it's a compliance requirement that could trigger loan review if violated.
Required Action
1. Latise Howie: Identify 5 current vacant units that meet income qualification. 2. Designate those units as SIA in system. 3. Notify mpherigo@leoic.com in writing confirming compliance count. 4. Set up monthly monitoring so count never drops below 29. This is a compliance matter — not a leasing strategy matter.
Prevents loan covenant violation and protects relationship with LEO Impact Capital.
Email Generator — Sharon Crossing
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Life at Lakeside Villas
1519 Lake Branch Dr, Wilmington NC 28401 · 1988 · Duplex-style community · Historically 95%+ occupancy
Delinquency
$356K
↓ -$54K wk
Avg Days Vacant
238d
Target: <90
Exp Overrun
+$147K
Source unknown
Open Evictions
8
↓ -2 from prior
67.8%
Occupancy · Apr 6
↓ -0.2% this week
Near-term: 75% · Medium: 85% · Historical: 95%+
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Occupied Units
291 / 429
↓ -1 this week
138 vacant · 132 VNR · 8 notice unrented
Delinquency
$356K
↓ -$54K this week
Peak: $410K Mar 30 — collections working
Avg Days Vacant
238d
Was 212d in January
VPG turn bottleneck worsening
Expense Overrun
+$147K
vs budget (Apr 6)
$450K actual vs $304K budget
Open Evictions
8
↓ -2 from prior
Improving — legal process working
Avg Sched Rent
$903
↑ +$8 this week
Market avg: $1,104
Occupancy TrendJan 12–Apr 6 · 13 weeks · historically 95%+
Structural decline: 11 of 13 weeks trending down.Peak 70.1% (Jan 26) → current 67.8%. Not seasonal — structural. Two interventions can reverse this: WHA vouchers (fastest, biggest) and VPG turn schedule (parallel). Without these, trajectory continues.
Delinquency & Avg Days Vacant
Collections momentum: -$54K in one week.Best single-week improvement. Identify the specific action (calls? payment plans? notices?) and do it every week until sub-$100K.
Week-over-Week — Life at Lakeside
This week's win: Delinquency dropped $54K in one week — the largest single-week improvement in the dataset. Collections initiative is clearly working. Avg days vacant improved slightly (-2 days). Open evictions down 2.
This week's concern: Occupancy declined -0.2 pts (291 → 290 net). Expense overrun remains at $147K above budget with no line-item breakdown available. WHA vouchers still blocked.
Metric Comparison
| Metric | Mar 30 | Apr 6 | Change | Trend |
|---|---|---|---|---|
| Occupancy % | 68.1% | 67.8% | -0.2 pts | ↓ Structural decline |
| Occupied Units | 292 | 291 | -1 | ↓ |
| Delinquency $ | $409,985 | $356,000 | -$53,985 | ↑↑ Breakthrough |
| Avg Days Vacant | 240 | 238 | -2d | ↑ Marginal |
| Expenses Actual | $353,810 | $450,549 | +$96,739 | ↓ Worsening (check source) |
| Expenses Budget | $140,182 | $303,727 | — | Budget increased? |
| Expense Variance | +$213,628 | +$146,822 | -$66,806 | ↑ Variance narrowing |
| Notice Unrented | 10 | 8 | -2 | ↑ Improving |
| Open Evictions | N/A | 8 | — | Monitor |
| Avg Sched Rent | $895 | $903 | +$8 | ↑ Positive |
WHA Voucher StatusHighest-leverage item in portfolio
🛑
WHA Blocking Approvals
Ward & Smith counsel · Legal action pending
Applicants in voucher pipeline
20+
Revenue per approval
$875/mo avg
Monthly impact (20 units)
+$17,500/mo
Annualized impact
+$210,000
WHA contact
tgarrett@wha.net
Legal: Ward & Smith
MJP@wardandsmith.com
Patrick visited WHA
April 1, 2026
Get a date, not a status.Call Ward & Smith this week: "What is your next filing date and what do you need from us?" Progress without a timeline is not progress.
Turn Pipeline AnalysisVPG Construction bottleneck
Current avg days vacant238 days
Industry standard target90 days
Turn Cost Calculator
238-day avg vs 90-day target = 148 extra idle days/unit
138 vacant units × $903/mo × (148/30) = $615K in revenue sitting idle
If VPG hits 90-day avg: unlock ~15 units immediately
+$13,500/mo from turn fix alone
138 vacant units × $903/mo × (148/30) = $615K in revenue sitting idle
If VPG hits 90-day avg: unlock ~15 units immediately
+$13,500/mo from turn fix alone
Avg Days Vacant TrendJan–Apr 2026 — worsening
Critical: $147K expense overrun with no line-item breakdown.Cannot fix what you cannot see. Request top 5 expense categories YTD from Christine/Michele by end of this week. This is a cash flow emergency, not a reporting request.
Budget vs Actual (Known Data Points)
Mar 30 — Expenses Actual
$353,810
Budgeted $140,182
+$213,628
Apr 6 — Expenses Actual
$450,549
Budgeted $303,727
+$146,822
Most likely overrun sources (unconfirmed)
Security deployment (was this budgeted?)
Check
HVAC replacements (capex misclassified?)
Check
Maintenance labor overtime
Check
Unauthorized vendor charges
Check
Delinquency History
Note: $150K+ estimated in 90+ day bucket (prior meeting notes). Legal action may be required on oldest balances. Focus collection resources on 30-60 day bucket — highest recovery probability. Do not chase uncollectable 90+ day debt with expensive collection actions.
CapEx Projects — Life at Lakeside
Note: These projects are essential to return Lakeside to its historical 95%+ stabilization. Curb appeal and amenity investment signals commitment to the property and improves tenant recruitment and retention.
| Project | Status | Budget | Impact | Owner / Next Step |
|---|---|---|---|---|
| Security deployment | In Progress | TBD | Crime reduction, tenant safety, retention | Patrick Crook — confirm security schedule |
| HVAC replacements (stolen units) | In Progress | TBD | Unit habitability — required for occupancy | Christine/Michele — confirm unit count + cost |
| Homeless removal — vacant units | In Progress | TBD | Unlock units for leasing | Patrick — status per unit |
| Gym renovation (new equipment) | Planned | TBD | Amenity quality, leasing tool | Charlie to schedule with Michael P |
| Exterior paint | Planned | TBD | Curb appeal, first impressions | Charlie to schedule with Michael P |
| Curb painting | Planned | TBD | Property appearance, pride of place | Charlie to schedule with Michael P |
| Soccer court | Planned | TBD | Community amenity, family appeal | Charlie to schedule with Michael P |
| Cleaning contract (common areas) | Planned | TBD | Daily cleanliness, impression management | Charlie to execute — ongoing contract needed |
| Boarded unit reopening | Planned | TBD | Add rentable inventory | Patrick — clean gutters, remove boards |
Problem: Occupancy declining 11 of 13 weeks — structural, not seasonal
The property historically operated at 95%+. Current 67.8% is a distressed state, not a new normal. Two levers exist: WHA vouchers (external, fastest) and VPG turns (internal, parallel). Everything else is noise until these are fixed.
Primary Action
WHA resolution: Get a specific legal filing date from Ward & Smith this week. Request an urgent meeting with tgarrett@wha.net. Escalate through ASCP (kquerbes@ascp.capital) if Ward & Smith are moving slowly. The 20+ voucher applicants in your pipeline represent $17.5K/mo in immediate revenue — this single action moves the needle more than any other.
$210K annualized on resolution. This is the entire path to the June target.
Parallel Action
VPG accountability: Set unit-by-unit hard deadlines, not process expectations. For every vacant unit currently being turned: specific address, specific completion date, consequence for missing (escalation to ownership). 238-day avg vs 90-day standard means something is fundamentally broken in the turn workflow — not just slow, broken.
90-day avg vs 238 = unlock 15 units immediately = +$13,500/mo
Problem: $147K expense overrun — source unknown
Managing expenses without line-item detail is flying blind. The overrun is real cash leaving the property. At current rates, this is a ~$1.7M annualized overrun vs budget — which will trigger ownership scrutiny if not addressed.
Option A — Emergency Request (This Week)
Email Christine Jenkinson today: "Need top 5 expense categories YTD with actual vs budget by Friday. This is a financial review request." Not optional, not "when you can" — by Friday. Present findings to Adam by Monday.
Understand the bleed in 5 days.
Option B — Forensic Review (30 days)
Request full monthly financials (P&L) for Jan-Apr from Preservation Mgmt. Review line by line. Compare to budget. Identify patterns (recurring unauthorized charges, billing errors, unbudgeted security costs). Potential to recover 20-30% of overrun through vendor renegotiation or authorization controls.
$50-80K in recoverable spend if sources are found.
Option C — Direct Conversation with ASCP
ASCP (kquerbes@ascp.capital) owns the asset. If Preservation Mgmt is not providing financials transparency, escalate to ownership. ASCP will demand answers from their PM company. Sometimes the direct route bypasses the bottleneck.
Problem: $356K delinquency — 150K+ in 90+ day bucket
Collections momentum exists ($54K in one week). The question is whether to pursue 90+ day accounts aggressively or write them off and focus on recoverable 30-60 day debt.
Strategy (Recommended)
Triage by bucket. 30-day: call campaign + payment plan offer (high recovery rate). 60-day: payment plan + formal notice (medium recovery). 90+ day: eviction process for non-responsive, settlement negotiation for engaged tenants. Do NOT spend disproportionate collection resources on 90+ day accounts — return rate is low. Allocate 70% of effort to 30-60 day bucket.
At current -$54K/week pace: if sustainable, delinquency reaches $100K in 9 weeks. That's a manageable number for a 429-unit asset.
Email Generator — Life at Lakeside
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Rivers Edge
1701 Island Home Ave, Knoxville TN 37920 · Stabilized 2016 · Transitioning to MultiCore
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Awaiting Yardi
Mid-May 2026
Yardi Access
Not Provisioned
Request in writing from Dominion
Kickoff Call
Not Scheduled
Blocking all data access
Market Survey
Overdue
Dominion is waiting
Expected Active
Mid-May
~60 days from Mar 30
⚡ RIVERS EDGE — ONBOARDING PRIORITIES
1
Schedule the kickoff call this week.Camden/Dominion gave MultiCore their ONLY outside AM engagement. This relationship requires immediate visible competence. Missed kickoff = broken first impression. Get it on calendar: Charlie + Adam + Dominion team. This week.
2
Deliver market survey before the kickoff call.Walk in with data. Research Knoxville Island Home Ave corridor comps. Show Dominion you've done your homework before the first meeting. This converts "vendor" to "strategic partner" in their eyes.
3
Request Yardi credentials in writing.Noted: information inaccuracy in Yardi impacting financials. First action on access: verify unit count, rent roll, and occupancy against what Dominion reports verbally. Don't trust the system — verify.
Property Profile
Address
1701 Island Home Ave, Knoxville TN 37920
Total Units
134
Year Built
2016 (existing stabilized asset)
Asset Class
Stabilized · Transitioning to MultiCore AM
Owner
Camden Management Partners / Dominion Dev Group
Key Note
Dominion's ONLY deal with an outside AM team — critical relationship
PM Company
Dominion Property Management
PMS
Yardi (not yet provisioned)
Lender
John Gumpert · Johngumpert@camdenmanagement.net
Target Active Date
Mid-May 2026
Email Generator — Rivers Edge Kickoff
MC
MultiCore Asset Management
Property Performance Report
Week ending April 6, 2026 · Prepared by MultiCore Asset Management
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Current Occupancy Rate
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Occupied Units
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Avg Market Rent
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Asset Status
Occupancy Trend
Recent Highlights
Questions about your property?
Contact your dedicated Asset Manager at MultiCore Asset Management.
charlie.kennedy@multicoream.com
© 2026 MultiCore Asset Management LLC · Confidential — Prepared for property owner review
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Open Action Items — Cross-Portfolio
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Total Open
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Stale 7+ Days
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Stale 14+ Days
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Today / Urgent
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Waiting on Others
Aggregating action items across all properties…
Items aged 7+ days without closure or update. Yellow = 7-13 days, red = 14+ days.
Items closed within the last 14 days. Use this to verify completions and write learnings.