Apers for Analysts
Spend your time on judgment, not data entry.
Apers is the AI system that compresses the mechanical work from hours to minutes — so you do the CRE analysis you were hired to do.
You didn't get an MBA to type rent rolls into Excel
Your Tuesday starts the same way every Tuesday starts. A broker package arrived overnight — 60-page OM, 8-page rent roll, 3-page T-12. You open the OM and start reading. Page 12: unit mix. You type it into your model. Page 18: operating expenses by category. You type those in. Page 23: the broker's pro forma with assumptions you'll need to override. More typing. Page 31: the rent roll in a PDF table format that doesn't copy cleanly into Excel. You spend 45 minutes cleaning the paste artifacts.
By 2 PM you have the data in your model. Now you build the cash flow projections, link the debt service, set up the sensitivity table, and format the waterfall. By 6 PM you have a draft model. Wednesday morning you review it, catch two formula errors in the waterfall (the catch-up provision wasn't accruing correctly), fix them, and run the sensitivities. Wednesday afternoon you start on the IC memo.
Two days of work. Eighteen hours. Of those eighteen hours, maybe three involved actual judgment — challenging the broker's rent growth assumption, stress-testing the downside scenario, forming a view on whether this deal fits the fund's thesis. The other fifteen hours were mechanical: reading PDFs, typing numbers, building formulas, formatting tabs, debugging calculations.
That's the 80/20 that defines the CRE analyst role today: 80% mechanical data processing, 20% actual analysis. Apers flips it.
What changes with Apers
The rent roll is read in 30 seconds
Upload the PDF. Apers reads the rent roll — every unit, every field. Unit type, square footage, current rent, market rent, lease start, lease expiration, concessions. Structured, clean, mapped to your model's assumptions tab. The 45 minutes you spent cleaning paste artifacts? Gone. The two hours typing operating expenses line by line? Gone. You start from data, not from data entry.
The model is built before you finish reading the OM
While you're still reading the executive summary to form your initial view on the deal, Apers has already built the acquisition model — assumptions, cash flow projections, debt service, returns analysis, sensitivity tables. When you finish reading, you open the model and start where you're most valuable: challenging assumptions, testing scenarios, forming a view. The mechanical construction is done.
You never leave Excel
Apers doesn't replace Excel. It generates Excel. The output is a native .xlsx workbook that opens in the same Excel environment you've used your entire career. Every cell is a formula you can inspect, modify, and extend. The tab structure matches institutional conventions. Your senior opens it and sees a model they recognize — because it was built to the same standards they expect. You customize it, add your analysis, and present it as your work. Because the judgment is yours — Apers just handled the construction.
No more debugging the waterfall at 6 PM
The waterfall catch-up provision accrues correctly. The DSCR constraint binds at the right threshold. The sensitivity table recalculates when you change inputs. Apers generates models from a growing collection of institutional templates that have been tested across hundreds of deal configurations. The formula errors that eat your Wednesday morning — the circular reference in the debt sizing, the off-by-one in the waterfall tier — don't happen because the formulas were built correctly the first time.
The analysts who thrive will be the ones who analyze
The CRE analyst role is changing. The analysts who advance fastest won't be the ones who type fastest — they'll be the ones who produce the best analysis. Who challenge assumptions most effectively. Who identify the risk the rest of the team missed. Who develop a market view that informs the fund's strategy. Apers frees your time for the work that gets you promoted — and makes the work that doesn't your machine's problem.
Tuesday, reimagined
The same deal: 60-page OM, 8-page rent roll, 3-page T-12. Class B multifamily, 200 units, value-add opportunity.
Upload the broker package
Drag the OM, rent roll, and T-12 into Apers. While the system reads the documents, you start reading the executive summary — forming your initial view on the deal, the market, and the sponsor.
Model is ready
Apers has extracted all 200 units from the rent roll, pulled the operating expenses from the T-12, identified the broker's key assumptions from the OM, and generated a complete acquisition model. You open the Excel file. Assumptions tab, cash flow tab, debt tab, returns tab, sensitivity tab — all populated, all formula-driven.
Challenge the assumptions
The broker assumed 4% rent growth. You know this submarket — 2.5% is more realistic given the supply pipeline. You change the assumption and watch the IRR drop from 16.2% to 13.8%. The broker's vacancy is 5% — the T-12 shows 8.2%. Apers flagged this discrepancy. You use the trailing number. IRR drops to 12.1%. Now you're doing real analysis.
Run scenarios and form a view
Downside: 12-month lease-up delay with 10% concessions. Base case: 6-month lease-up at market rents. Upside: faster absorption with renovation premium. The sensitivity table shows IRR at each combination of exit cap and rent growth. You identify the deal's key risk: it only works if renovation premiums hit $150/unit, and the market data is thin. That's the insight that goes in the IC memo.
IC memo drafted by lunch
The model is the memo's backbone. You write the investment thesis, highlight the key risk (renovation premium uncertainty), and present the scenario analysis. The model is attached — auditable, formula-driven, every assumption sourced to a document page. Your senior opens it at 2 PM. By 3 PM they have comments. By end of day the memo is finalized. What used to take until Thursday is done by Tuesday afternoon.
Models you'll use every day
A growing collection covering the deal types you encounter — from standard acquisitions to complex structures.
Multifamily Acquisition
The most common model you'll generate. Unit mix, revenue projections, value-add CapEx, waterfall, sensitivity. Your daily driver.
Office / Industrial
Tenant-level revenue, TI/LC, lease rollover, NNN structures. For when the deal type changes but the deadline doesn't.
Debt Sizing
Senior + mezz. LTV, DSCR, debt yield constraints. No more circular references in the debt sizing tab.
Waterfall Distribution
Multi-tier promotes that calculate correctly on the first try. Preferred return, catch-up, lookback — all formula-driven.
Frequently Asked Questions
Do I need coding skills to use Apers?
No. Apers generates native Excel workbooks — the same .xlsx files you already work with. You upload documents, review the generated model, and customize it in Excel. There is no scripting, no command line, and no new software to learn.
Can I modify the models Apers generates?
Every cell in the output is a formula you can inspect, modify, and extend. The model opens in Excel like any other workbook. You change assumptions, add tabs, adjust formatting — it's your model once it's generated.
How accurate is the document extraction from PDFs?
The UDPE (Unstructured Data Processing Engine) reads rent rolls, T-12s, and OMs with field-level precision. It extracts every unit, every line item, and cross-references documents to flag discrepancies — like when the T-12 vacancy doesn't match the rent roll snapshot.
What does Apers cost for individual analysts?
The Basic plan starts at $19-29/month with 100 SRC (standard report credits). A free trial gives you 25 credits with no credit card required, so you can test it on a real deal before committing.
Will my senior know the model was generated by Apers?
The output follows institutional formatting conventions — standard tab structure, formula-driven cells, and assumptions sourced to document pages. Your senior opens it and sees a model they recognize. The judgment and customization you add make it yours.