{
  "dealId": "DEAL-2024-001",
  "dealName": "Parkview Apartments Acquisition",
  "property": {
    "name": "Parkview Apartments",
    "address": "1200 Parkview Drive, Austin, TX 78701",
    "units": 200,
    "yearBuilt": 1998,
    "type": "multifamily",
    "class": "B"
  },
  "strategy": "core-plus",
  "status": "COMPLETED",
  "overallProgress": 100,
  "overallVerdict": "CONDITIONAL",
  "startedAt": "2024-06-15T08:00:00Z",
  "completedAt": "2024-06-15T14:30:00Z",
  "phases": {
    "dueDiligence": {
      "status": "COMPLETED",
      "startedAt": "2024-06-15T08:00:00Z",
      "completedAt": "2024-06-15T10:15:00Z",
      "verdict": "CONDITIONAL",
      "agentStatuses": {
        "rent-roll-analyst": "COMPLETED",
        "opex-analyst": "COMPLETED",
        "physical-inspection": "COMPLETED",
        "legal-title-review": "COMPLETED",
        "market-study": "COMPLETED",
        "tenant-credit": "COMPLETED",
        "environmental-review": "COMPLETED"
      },
      "redFlagCount": 2,
      "dataGapCount": 1,
      "riskScore": 78,
      "dataForDownstream": {
        "rentRoll": {
          "totalUnits": 200,
          "occupancy": 0.93,
          "avgRent": 1450,
          "avgMarketRent": 1525,
          "lossToLease": 15000,
          "lossToLeasePercent": 0.049,
          "tenantMix": {
            "studioCount": 20,
            "oneBedCount": 80,
            "twoBedCount": 80,
            "threeBedCount": 20
          },
          "leaseExpirationSchedule": {
            "2024": 45,
            "2025": 85,
            "2026": 50,
            "2027": 15,
            "2028": 5
          },
          "vacancyTrend": [0.05, 0.06, 0.07, 0.07],
          "concessions": [
            {
              "type": "1 month free",
              "units": 12,
              "value": 17400
            }
          ]
        },
        "expenses": {
          "totalOpEx": 1440000,
          "opExPerUnit": 7200,
          "opExRatio": 0.41,
          "anomalies": [
            {
              "item": "Repair spike Q3",
              "amount": 45000,
              "explanation": "Roof repair after storm"
            }
          ],
          "oneTimeItems": [
            {
              "item": "Legal settlement",
              "amount": 22000
            }
          ],
          "adjustedExpenses": {
            "taxes": 480000,
            "insurance": 96000,
            "utilities": 192000,
            "repairs": 168000,
            "management": 144000,
            "payroll": 192000,
            "admin": 48000,
            "marketing": 36000,
            "contractServices": 60000,
            "other": 24000
          },
          "benchmarkComparison": {
            "vsMarket": "5% below",
            "vsClass": "in-line"
          }
        },
        "physical": {
          "condition": "FAIR",
          "conditionScore": 72,
          "deferredMaintenance": 680000,
          "deferredMaintenancePerUnit": 3400,
          "capExNeeds": [
            {
              "item": "Roof replacement - Bldg A",
              "cost": 180000,
              "year": 1
            },
            {
              "item": "HVAC units (40)",
              "cost": 240000,
              "year": 2
            },
            {
              "item": "Parking lot resurface",
              "cost": 95000,
              "year": 3
            },
            {
              "item": "Unit renovations (50 units)",
              "cost": 500000,
              "year": 1
            }
          ],
          "capExTotal5Year": 1200000,
          "majorIssues": [
            "Roof age on Building A (23 years)",
            "HVAC units past useful life in 40 units"
          ],
          "systemAges": {
            "roof": { "age": 23, "remainingLife": 2 },
            "hvac": { "age": 18, "remainingLife": 5 },
            "plumbing": { "age": 26, "remainingLife": 14 },
            "electrical": { "age": 26, "remainingLife": 14 }
          },
          "immediateRepairs": [
            {
              "item": "Roof leak Bldg A, unit 312",
              "cost": 8500
            }
          ]
        },
        "title": {
          "status": "CLEAR",
          "exceptions": [
            "Standard utility easements",
            "HOA covenant (acceptable)"
          ],
          "liens": [],
          "easements": [
            "10ft utility easement along north boundary"
          ],
          "zoningCompliance": "COMPLIANT",
          "surveyIssues": [],
          "encumbrances": []
        },
        "market": {
          "submarket": "East Austin",
          "submarketClass": "B+",
          "rentGrowthTrailing12": 0.035,
          "rentGrowthProjected": 0.04,
          "capRateRange": {
            "low": 0.050,
            "mid": 0.055,
            "high": 0.065
          },
          "supplyPipeline": {
            "unitsUnderConstruction": 1200,
            "unitsPlanned": 800,
            "deliveryTimeline": [
              { "year": 2024, "units": 600 },
              { "year": 2025, "units": 1400 }
            ]
          },
          "demandDrivers": [
            "Tech sector growth",
            "UT Austin expansion",
            "Population influx from CA"
          ],
          "employmentGrowth": 0.032,
          "populationGrowth": 0.025,
          "medianHouseholdIncome": 78500,
          "rentToIncomeRatio": 0.22,
          "comparableProperties": [
            {
              "name": "The Preserve",
              "units": 180,
              "avgRent": 1510,
              "capRate": 0.054
            },
            {
              "name": "Oak Hill Village",
              "units": 240,
              "avgRent": 1480,
              "capRate": 0.058
            },
            {
              "name": "Riverside Commons",
              "units": 160,
              "avgRent": 1550,
              "capRate": 0.052
            }
          ]
        },
        "tenants": {
          "creditSummary": "Generally good tenant base with moderate delinquency",
          "avgCreditScore": 680,
          "concentrationRisk": "LOW",
          "topTenantExposure": 0.005,
          "leaseExpirations": {
            "year1": 45,
            "year2": 85,
            "year3": 50,
            "year4": 15,
            "year5": 5
          },
          "delinquencyRate": 0.04,
          "tenantRetentionRate": 0.72
        },
        "environmental": {
          "phase1Status": "CLEAN",
          "recognizedEnvironmentalConditions": [],
          "recommendations": [
            "Standard Phase I monitoring"
          ],
          "risks": [],
          "floodZone": "X",
          "wetlands": false,
          "estimatedRemediationCost": 0,
          "regulatoryCompliance": "COMPLIANT"
        }
      }
    },
    "underwriting": {
      "status": "COMPLETED",
      "startedAt": "2024-06-15T10:15:00Z",
      "completedAt": "2024-06-15T11:30:00Z",
      "verdict": "PASS",
      "agentStatuses": {
        "financial-model-builder": "COMPLETED",
        "scenario-analyst": "COMPLETED",
        "ic-memo-writer": "COMPLETED"
      },
      "redFlagCount": 0,
      "dataGapCount": 0,
      "riskScore": 82,
      "dataForDownstream": {
        "financialModel": {
          "purchasePrice": 32000000,
          "pricePerUnit": 160000,
          "noi": 2064000,
          "capRate": 0.0645,
          "dscr": 1.35,
          "ltv": 0.70,
          "cashOnCash": 0.092,
          "irr": 0.168,
          "equityMultiple": 2.1,
          "debtYield": 0.092,
          "debtService": 1529000
        },
        "scenarios": {
          "totalScenarios": 27,
          "scenariosPassingAll": 22,
          "baseCaseIRR": 0.168,
          "worstCaseIRR": 0.089,
          "bestCaseIRR": 0.245
        },
        "recommendation": "APPROVE"
      }
    },
    "financing": {
      "status": "COMPLETED",
      "startedAt": "2024-06-15T11:30:00Z",
      "completedAt": "2024-06-15T12:30:00Z",
      "verdict": "PASS",
      "agentStatuses": {
        "lender-outreach": "COMPLETED",
        "quote-comparator": "COMPLETED",
        "term-sheet-builder": "COMPLETED"
      },
      "redFlagCount": 0,
      "dataGapCount": 0,
      "riskScore": 88,
      "dataForDownstream": {
        "bestQuote": {
          "lender": "Freddie Mac Optigo",
          "rate": 0.0575,
          "ltv": 0.70,
          "loanAmount": 22400000,
          "term": 10,
          "amortization": 30,
          "prepayment": "yield-maintenance",
          "originationFee": 0.01
        },
        "lenderCount": 8,
        "quotesReceived": 5,
        "totalCostOfCapital": 0.0612
      }
    },
    "legal": {
      "status": "COMPLETED",
      "startedAt": "2024-06-15T12:30:00Z",
      "completedAt": "2024-06-15T13:45:00Z",
      "verdict": "PASS",
      "agentStatuses": {
        "psa-reviewer": "COMPLETED",
        "loan-doc-reviewer": "COMPLETED",
        "title-survey-reviewer": "COMPLETED",
        "estoppel-tracker": "COMPLETED",
        "insurance-coordinator": "COMPLETED",
        "transfer-doc-preparer": "COMPLETED"
      },
      "redFlagCount": 0,
      "dataGapCount": 0,
      "riskScore": 92,
      "dataForDownstream": {
        "psaStatus": "EXECUTED",
        "titleStatus": "CLEAR",
        "estoppelReturnRate": 0.88,
        "insuranceStatus": "BOUND",
        "loanDocsStatus": "EXECUTED",
        "transferDocsStatus": "PREPARED"
      }
    },
    "closing": {
      "status": "COMPLETED",
      "startedAt": "2024-06-15T13:45:00Z",
      "completedAt": "2024-06-15T14:30:00Z",
      "verdict": "GO",
      "agentStatuses": {
        "closing-coordinator": "COMPLETED",
        "funds-flow-manager": "COMPLETED"
      },
      "redFlagCount": 0,
      "dataGapCount": 0,
      "riskScore": 95,
      "dataForDownstream": {
        "readinessVerdict": "GO",
        "purchasePrice": 32000000,
        "loanAmount": 22400000,
        "equityRequired": 10200000,
        "closingCosts": 600000,
        "prorations": 45000,
        "closingDate": "2024-07-15"
      }
    }
  }
}
