A sample value-add apartment deal - how (un)realistic is this porforma?

[Nick B.]

Hello BP,

I put together a proforma for a fictitious 100-unit C-class apartment deal located in DFW, Texas.

Here is the link:

https://docs.google.com/spreadsheets/d/1_Dui4Fly69...

I used rents and expenses from the deals that I reviewed and from the one I am currently in.

I also used rather small assumptions for future rent and expenses growth (2% for rents and 1% for expenses).

Please tell me if these numbers are attainable or if I am totally off my rocker :-)

BTW, if someone wants to copy my spreadsheet, you are welcome to do so but use it at your own risk. There is no warranty implied or explicit that it works. The yellow areas are meant for the user input, the rest is calculated.

Thanks
Nick