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Partnership

REFS has partnered with WH Advisory & Investments LLC  (“WHA”) to provide a premier data-driven platform for multifamily property valuation. WHA is led by Webster Hughes, PhD, an investment industry veteran with deep expertise in quantitative financial analysis.

Operational Alpha™ Analysis

We utilize a proprietary database of over 45,000 verified CMBS operating statements with advanced AI-driven analytics to deliver forensic-level insights that traditional surveys cannot match. Our analysis bridges the gap between raw financial data and actionable information, offering a “7-Step Process” to engineer value through precise benchmarking. Whether you are looking to validate a property’s market position or unlock hidden Net Operating Income (NOI) growth opportunities, our combined tools provide the most rigorous methodology in the industry.

  • Forensic Line-Item Benchmarking: We perform a detailed comparison of your property’s P&L—including Payroll, Repairs, Utilities, and G&A—against the verified median of your peer group to identify specific anomalies.
  • AI-Driven Diagnostic Insights: Our system identifies underperforming categories and provides a narrative identification of likely causes.
  • Realistic Target Setting: We establish conservative remediation strategies based on actual market performance and property-specific nuances, such as age-related “mid-lifecycle” premiums for maintenance.
  • Quantified Equity Impact: Every analysis concludes with a clear calculation of the potential increase in Net Operating Income (NOI) and the resulting Asset Valuation improvement based on current market CAP rates.
STATVAL (Property-Level Database and Applications) Dec2025

Multifamily Database and Software Solutions

  • Comprehensive Data Ecosystem: Our platform provides access to a rich SQL Azure cloud database containing data for approximately 45,000 loans and 150,000+ serialized operating statements, updated monthly with the latest CMBS releases.
  • Advanced Property-Level Applications: Users can utilize our web-based and Excel/VBA tools to perform geo-mapped demographic research and create custom comp sets based on vintage, location, and property attributes.
  • Automated Statistical Valuation (AVM): The software includes a proprietary algorithm that estimates CAP rates and property values by analyzing appraised values and underwritten financials from recent loan originations.
  • Flexible Integration and Support: Licensees can connect directly to processed data tables via SQL queries or receive organized Excel files, supported by customized technical assistance
REFS Operational Alpha Multifamily Example
REFS OperationalAlpha Student Housing Example
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