Project Type · Acquisition
Acquisition Feasibility & Due Diligence
An acquisition case is a bet on the gap between what the property earns today and what it could earn. We measure both, independently, before the deposit goes hard.
Scope
What this analysis is for
Acquisition underwriting usually begins with the seller's numbers: trailing operations, a rent roll and a broker's projection. Analysis begins by separating what is documented from what is projected, then testing the projected improvement against the market and against the capital required to achieve it.
Wert-Berater works within acquisition timelines, from letter of intent through closing, and structures the work so the most consequential findings arrive while there is still time to renegotiate or walk away.
Analytical framework
Acquisition timeline
- 01
LOI
Screening-level evidence on price and achievable operations to inform terms.
- 02
Under contract
Scope agreed for the diligence period; information requests issued.
- 03
Due diligence
Market, operations, CapEx and financial analysis completed.
- 04
Closing
Final reconciled case for investment committee and lender.
- 05
Post-closing
Business plan baseline established.
- 06
Monitoring
Actual performance tracked against acquisition underwriting.
Evidence
What we analyze
Each line is tested against independent market and operating evidence, not accepted from the sponsor or seller model.
| Variable | What we test |
|---|---|
| Purchase price | Price per unit, key or square foot against recent trades and replacement cost. |
| Market and comparable assets | Rents, occupancy and pricing at directly competing properties. |
| Current operations | Trailing revenue and expense quality, normalized for non-recurring items. |
| Projected operations | Achievable improvement and the time needed to reach it. |
| CapEx and repositioning | Deferred maintenance and value-add capital required for the plan. |
| Debt and equity | Acquisition financing, coverage and equity requirement. |
| Returns and value | Hold-period returns and value at exit on the reconciled case. |
| Downside scenarios | Returns and coverage if the business plan is delayed or partially achieved. |
Application
Who engages acquisition analysis
Family offices and private investors
Independent support for direct acquisitions.
Funds and REITs
Third-party verification for committee processes.
Lenders
Acquisition financing supported by independent market and operating analysis.
Co-investors
Verification of a lead sponsor's acquisition case.
Work product
What you receive
- Acquisition diligence report
- Normalized trailing and projected operating statements
- Reconciled acquisition model with downside cases
- Business plan baseline for monitoring
Scope boundary. Acquisition analysis is not an appraisal or a physical inspection. We coordinate with, but do not replace, legal, environmental and engineering diligence.
Analytical continuity
After the Investment: Independent Performance Monitoring
The acquisition business plan becomes the monitoring baseline: each period we report whether revenue, expenses, NOI and coverage are tracking the case on which the asset was bought.
The analytical relationship does not have to end when the feasibility study is delivered. Wert-Berater can continue monitoring the asset against the original underwriting assumptions, updating market conditions, testing coverage, identifying performance variances and maintaining a recurring analytical record.
-
Individual Asset Monitoring
Most relevant here- Revenue
- Expenses
- NOI
- DSCR
- Occupancy
- Market rents
- Competitive supply
- Value
- Original underwriting assumptions
-
Watchlist Monitoring
- DSCR deterioration
- NOI deterioration
- Occupancy
- Revenue
- Expenses
- Market conditions
- Collateral / value
- Stabilization
- Refinancing risk
-
Construction Monitoring
- Progress
- Budget
- Cost-to-complete
- Schedule
- Change orders
- Draws
- Remaining costs
- Lease-up
- Stabilization
-
Portfolio Monitoring
- Portfolio performance
- Risk
- Concentration
- Market exposure
- Annual review
- Re-underwriting
- Watchlist
- Portfolio-level trends
Related analysis
Continue through the lifecycle
Discuss the analysis before you commit to it.
A briefing is a working conversation about the decision, the evidence available and the scope that would answer it. There is no obligation, and nothing is subscribed.