Institutional Multifamily Acquisition & Development Model with Refinance and Waterfall

Description
A complete institutional-grade Excel model for underwriting multifamily real estate investments across the full deal lifecycle. Built by a Managing Principal with $285M+ of institutional transaction volume across acquisitions, dispositions, ground up development, and refinancings at platforms managing $7B+ in real estate AUM.


The model handles three deal types in one workbook: stabilized acquisitions, ground up development, and value-add repositioning. Set the deal type with a single toggle and the model adjusts how it treats your inputs. Includes full debt sizing with senior, supplemental, and refinance scenarios; lease-up modeling; capital events and recapitalizations to extract equity prior to exit; and a complete LP/GP equity waterfall with preferred return, catch-up, and tiered promote.


Output includes a clean one-page returns summary (IRR, equity multiple, cash-on-cash, sources & uses) and built-in sensitivity tables across exit cap, rent growth, and hold period. All inputs are color-coded and clearly separated from calculations. Formula cells are protected to prevent accidental breakage. Includes 718 live formulas with zero hardcoded calculations.


Comes with an 8-page documentation PDF walking through model logic, key assumptions, tab-by-tab explanations, an institutional terms glossary, and guidance on customizing the model for different deal types and structures. Suitable for institutional analysts, syndicators, family offices, GPs raising LP capital, and operators underwriting deals from $5M to $200M+.