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It all starts with an apartment unit.

Lodestar is your portfolio management navigator. The platform is built from the
unit-level up.
Leases and tenants are the foundation for the whole model.

AssetAshwood PlaceUnit 10-02
Unit 10-021bd/1ba Type A - 800 sqft
Unit Status
Occupied
Availability: Unavailable
Tenant
A. Morgan
Current resident
Lease Type: Trade Out
Next Availability
August 2027
Current lease ends
Renovation Status
Renovated
Started: Feb 2025
Completed: Mar 2025
Rent
$2,705
In-place lease
Asking Rent: $2,750
Concessions
1.0 wks
Signed (in-place lease)
Amount: $624
Last Rate Change
+4.8%
Trade Out
Amount: +$125
Signed: Aug 2026
Last Trade Out
+4.8%
Tenant turnover
Amount: +$125
Signed: Aug 2026
Unit History
$2,000$2,200$2,400$2,600$2,800Jan-21Jan-22Jan-23Jan-24Jan-25Jan-26Oct-26
In-Place RentRenewalTurnoverRenovation
Pricing History
$2,400$2,600$2,800Feb-24Mar-24Mar-25Apr-25Jul-26Aug-26
Asking RentEffective RentInitial ListPrice DecreasePrice IncreaseConcessionLeased

See how renovations drive value.

Lodestar separates renovation premiums from market-driven rent
movement to calculate return on investment for every dollar spent.

AssetAshwood PlaceUnit 10-02
Unit 10-021bd/1ba Type A - 800 sqft
Renovation ROI (Market-Adjusted)
$0$1,000$2,000$3,000Base Rent$2,345Market Rent Growth+$95Realized Value-Add Premium+$265ROI 18%
Renovation Details
ComponentCostTarget Premium/Mo
Stainless steel appliances$5,324$58/mo
Hardwood flooring$5,131$61/mo
Countertops$2,964$50/mo
Cabinet finishes$2,995$48/mo
Doors and hardware$1,074$18/mo
Overhead lighting$412$8/mo
Total$17,900$243/mo

Put your tenant demographic data to use.

Lodestar helps you understand who your tenants are so that you can correctly invest
in what your residents want and need at this stage of their life and career.

TenantsResident BaseAshwood Place
Tenant Profile: Unrenovated Units
Age
25-33
years old
Average Household Size
1.5
persons
Annual Income Range
$85,000 - $112,000
Largest Industries
Healthcare
Transportation
Education
Tenant Profile: Renovated Units
Age
29-38
years old
Average Household Size
1.7
persons
Annual Income Range
$110,000 - $175,000
Largest Industries
Technology
Aerospace
Financial Services
Industry Breakdown (10 Largest)
Technology16.5%Healthcare14.5%Aerospace9.8%Financial Services8.7%Education7.9%Transportation7.4%Retail Trade6.6%Professional Services5.9%Public Administration4.8%Hospitality4.2%All Others13.7%
Median Rent to Income Ratio
0%10%20%30%40%30% affordability threshold29%Unrenovated Units27%Renovated Units28%All Units

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Lodestar centralizes operational, financial, and investment analytics into a unified command center
so you
can assess problems and assign solutions with speed and accuracy.

AssetAshwood PlacePerformance Overview
T12 Revenue
$10.20M
Var to Budget: -0.7%
Yr/Yr: +2.1%
T12 NOI
$6.24M
Var to Budget: -0.2%
Yr/Yr: +1.6%
T12 OpEx
$3.96M
Var to Budget: +0.4%
Yr/Yr: +2.8%
T12 NOI Margin
61.2%
Var to Budget: -0.5%
Yr/Yr: -0.6%
In-Place Rent
$2,462
Var to Budget: -1.1%
Yr/Yr: +0.4%
In-Place Rent Change, Yr/Yr
+0.4%
1 Year Ago: +3.2%
Financial Occupancy
93.0%
Var to Budget: -0.4 pp
Yr/Yr Occ Change: +0.7 pp
Annual NOI
Display Benchmark:
BudgetUnderwritingSubmarket Research
Interval:
QuarterlyYearly
$0.0M$2.0M$4.0M$6.0M$8.0M+0%+2%+4%+6%+8%2020202120222023202420252026
NOIBudgetYoY %Submarket YoY %
In-Place Rent
Display Benchmark:
BudgetUnderwritingSubmarket Research
Interval:
QuarterlyYearly
$0$750$1,500$2,250$3,000+0%+2%+4%+6%+8%2020202120222023202420252026
In-Place RentBudget RentUnderwriting RentRent YoY %

Analyze investment metrics and
returns in one place.

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analytics.
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AssetAshwood PlaceInvestment Analytics
Cap Rates
5.00%
Valuation Cap, 2Q 2026
Appraised5.25%
T12 (Implied)5.00%
Exit Assumption4.50%
Going-In (UW)4.30%
Value
$124.8M
Book Value: 2Q 2026
Target Residual$142.2M
At Exit Cap$138.7M
NAV$52.7M
Total Cap.$120.2M
Target ExitJun 2029
Net Investor IRRs
7.5%
Current (Valuation Model)
At NAV (Modeled)7.3%
Target Net (Exit)11.0%
Net Cash-on-Cash
5.9%
Trailing 12 months
Last Qtr (Ann.)6.1%
Inception (Ann.)5.2%
UW Average5.6%
Net Equity Multiple
1.47x
Current dist + NAV
DPI (Realized)0.38x
RVPI (Unrealized)1.10x
Target at Exit2.10x
UW Net EM2.00x
Distributions
$18.2M
Cumulative: net of AM fees
Contributions$48.1M
T12 Dist.$2.8M
AM Fees Paid$2.3M
Valuation History
Interval:
QuarterlyAnnual
Overlay IRRs
$80M$95M$110M$125M$140M4.0%4.4%4.8%5.2%5.6%20192020202120222023202420252026
Book ValueValuation Cap RateAppraised Cap Rate

Manage loans, financing details, and capital events.

Lodestar's loan management system allows owners to easily track loan expirations, covenant
performance,
and refinance options at the asset-level and across the entire portfolio.

PolarisFund ScenariosFinancing
Financing: Ashwood Place
TermsCurrent FinancingFuture Financing
Origination / Refinance DateDec 2016Dec 2026
Maturity DateDec 2026Dec 2031
Term Length (Yrs)10.05.0
InstrumentAgencyAgency
LenderFreddie MacFreddie Mac
Rate TypeFixedFixed
AmortizationFull Term IOFull Term IO
By YearBase Case100 BPS Treasury SpikeDelta
Loan Balance (Mil.)$72.1M$81.1M$75.6M-$5.5M
All-In Rate3.65%5.60%6.60%+100 bps
LTV57.8%65.0%60.6%-4.4 pts
DSCR2.37x1.37x1.25x-0.12x
Debt Yield8.7%7.7%8.3%+0.6 pts
Net Debt / NOI11.6x13.0x12.1x-0.9x
Interest Expense (Mo.)$219K$379K$416K+$37K
Cash To / From Equity-$8.2M proceeds out$2.7M proceeds out-$5.5M
Ashwood Place: LTV (%)
50%55%60%65%70%2019202020212022202320242025202620272028202920302031TODAYDEC 2026 REFINANCE
HistoryBase Case100 BPS Treasury Spike

Capture the granular renter dynamics of the neighborhood.

Lodestar's demographic research metrics goes beyond the back-of-the-envelope
zip, county,
and metro stats much of the industry still relies on.

TenantsAshwood PlaceArea Radius Analysis
Median HH Income: Ashwood Place
$104.0k
Median HH Income: Renter HH (1 Mile)
$81.9k
Median HH Income: All HH (1 Mile)
$98.5k
Rent to Income: Ashwood Place
28.4%
Rent to Income: Renter HH (1 Mile)
36.1%
At subject property rents
Rent to Income: All HH (1 Mile)
30.0%
At subject property rents
Industry Comparison
0%5%10%15%20%Health careTechnologyLogisticsRetail tradeFinanceEducationProfessional
Ashwood Place residentsAll residents in the 1-mile radius
Median HH Income by Radius
$60k$80k$100k$120k$140k$160k0.5 mi1 mi3 miAshwood Place $104.0k
Renter HHsAll HHsOwner HHsAshwood Place

For-sale affordability metrics that
are actually accurate.

Lodestar's proprietary First-Time Homebuyer Series looks at actual mortgage data
to show what
properties in the area first-time homebuyers are really purchasing.

TenantsGeography Demographics ResearchBuy vs. Rent
Geographic Benchmark:
0.5 mi1 mi3 mi5 miZipCityCountyMSA
Series:
First-Time HomebuyersAll Current Buyers
Median Cost to Income
TenantFTHB
Income$8,667$14,200
Cost$2,462$5,500
Cost to Income28.4%38.7%
First-Time Buyer Mix
First-time homebuyers at the 3 mi radius are most likely to buy a Condo/Co-op.
Estimated transaction split
SFH/Townhome 38.0%, Condo/Co-op 62.0%
First-Time Buyer Costs
$3,800/mo
Condo/Co-op, median sales price $700,000
$7,500/mo
SFH/Townhome, median sales price $1,300,000
Tenant Affordability
Your tenants cannot afford a Condo/Co-op or a Single-Family Home/Townhome at the 3 mi radius.
Condo all-in 43.8% of tenant income
SFH all-in 86.5% of tenant income
First-Time Buyer Share
31.4%
of the mortgages issued in this area went to first-time homebuyers
Components of First-Time Homebuyer Median Expenses
$1,000$3,000$5,000$7,000$9,000-$1,000CondoSFHCombinedSubject Property Rent$3,800 net$7,500 net$5,500 net$2,462
P&IRE TaxesInsuranceUtility PremiumMaintenanceHOAMortgage Interest DeductionSubject Property Rent

Use Lodestar's predictive analytics to help future-proof your portfolio.

See how your assets and portfolio respond to market, financing, and
macroeconomic scenarios of your choosing.

Polaris:Portfolio Impact Scenario
Impact on Seattle
YearYear 5 (2031)
Selected YearAnnual Average Rate
Growth RatesBase CaseTech CorrectionDeltaBase CaseTech CorrectionDelta
Rent3.2%2.6%-0.6 pts3.1%1.4%-1.7 pts
Revenue3.4%2.8%-0.6 pts3.3%1.2%-2.1 pts
OpEx2.9%2.9%02.9%3.0%+0.1 pts
NOI3.7%2.7%-1.0 pts3.6%0.1%-3.5 pts
CapEx2.0%2.0%02.0%2.4%+0.4 pts
Absolute Values
Revenue and OperationsValues and ReturnsFinancing
Values and ReturnsBase CaseTech CorrectionDelta
Exit Cap Rate5.00%5.50%+50 bps
Net IRR11.4%7.9%-3.5 pts
Gross IRR14.2%10.1%-4.1 pts
GP Earnings (Mil.)$18.6$7.4-$11.2M
NAV (Mil.)$486$352-$134M
GAV (Mil.)$858$724-$134M
Impact on Seattle: Net IRR (%)
4%6%8%10%12%14%2019202020212022202320242025202620272028202920302031TODAY8.3%11.4%7.9%
HistoryBase CaseTech Correction

Run fund analytics so you can make the best decisions for your investors.

Quickly and accurately assess base case and scenario impacts to fund reserves, debt coverage,
and distribution waterfalls, priced through your actual loan terms and LPA structure.

Polaris:Fund Scenarios
GP/LP Waterfall: Starway Portfolio
Total Portfolio
Today1y3yFund Close
Base CaseSunbelt RecoveryDelta
Distributions
Distributable Proceeds$3,600M$3,850M+$250M
Return of Capital$1,850M$1,850M0
Preferred Return Paid$868.0M$868.0M0
Unpaid Pref Accrual--0
Promote
GP Catch-up$289.0M$289.0M0
Tier 1 Promote (80% / 20%)$60.8M$100.2M+$39.4M
Tier 2 Promote (70% / 30%)-$15.9M+$15.9M
Total Promote$349.8M$405.1M+$55.3M
Promote in Escrow (25%)$87.5M$101.3M+$13.8M
LP Outcome
LP Net Distributions$3,250M$3,445M+$195M
LP Net Equity Multiple1.76x1.86x+0.10x
LP Net IRR12.0%13.2%+1.2 pts
Fees
AM Fees (1.5%, Gross)$194.3M$194.3M0
PM Fees (3% of EGI)$108.6M$113.0M+$4.4M
Fee Offset Credit (50% of PM)-$54.3M-$56.5M-$2.2M
Net Fees$248.6M$250.8M+$2.2M
GP Total
Total GP Earnings$598.4M$655.9M+$57.5M
Waterfall Tier ReachedTier 1Tier 2
Distribution Waterfall (Mil.)
$0$1,000$2,000$3,000$4,000Base Case$1,850M$868MSunbelt Recovery$1,850M$868M8% PREFCATCH-UP13% HURDLE
Return of CapitalPreferred ReturnTo LP above the prefGP PromoteTier 2 Promote
Hurdle Ladder: LP Net IRR
100% to LP until the 8% prefGP catch-up 50 / 50Tier 1: 80 / 20Tier 2: 70 / 300%4%8%12%16%8% PREF 8.0%CATCH-UP DONE 10.2%13% HURDLE 13.0%+1.2 ptsBase Case 12.0% netSunbelt Recovery 13.2% net
Base CaseSunbelt Recovery

Cutting-edge AI capability, trained by and for the multifamily industry.

Lodestar's AI agent, Magellan, is an expert in triaging and proposing solutions to property and fund questions. He is trained to always point you back to the exact data that supports his answer.

MagellanAsk the portfolioScreen recording

Our AI model can plug directly into your database.

If you don't want to export data into a separate platform, Lodestar offers an in-database AI service, where Magellan can run within your own database. To maximize your company's security and privacy, your data continues to live within a closed-circuit server to ensure maximum data privacy and is never exposed to external models or servers for training.

In an uncertain world, use Lodestar to navigate to the highest-return business plans for your properties.

Lodestar's asset and fund modeling suite "Polaris" analyzes alternative business plans, exit strategies, and market rent growth scenarios. The model is easy for anyone to use, but Magellan is always there to help you set up scenarios.

PolarisPerimeter Park FlatsScreen recording

Model how economic events impact your business so you're never caught off guard.

Combining asset and market scenarios together to model how world events impact your fund income, returns, and reserves. Set up the scenario asset by asset, or talk to Magellan to configure a fund-wide scenario at one go.

MagellanStarPath PortfolioScreen recording
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All displayed data is illustrative. Copyright Lodestar 2026