Multi-Family Acquisition Model - Includes T12, Joint Venture, and Detailed Forward Assumptions

This is the most comprehensive and flexible real estate model I've built. I've spent the last few years doing a lot of modeling and template building in this space. My real estate template library is now even more comprehensive as you will find the features below incredibly useful. I'm excited for feedback.

$75.00 USD

After purchase, the template will be immediately available to download. It is also included in the real estate bundle and the Super Smart Bundle.

multi-family underwriting

This Excel template is made for acquisitions with potentially light renovations, meaning all activity (sources/uses) happen in period 0. There is monthly granularity for how you plan to improve key operating metrics such as loss-to-lease, vacancy, concessions and so forth, and then the  returns / equity waterfalls run on annual periods. I have integrated logic to account for potential operating burn with a reserve and reserve analysis area. The idea was to make calculations visible and easy to follow.

Template Features:

  • Historical tab to drop in T12 and run T12, T6, T3, or T1 analysis.
  • Rent roll (20 unit types) inputs to understand existing and potential rent and loss-to-lease (LTL) opportunity.
  • Granular and high-level sources and uses summary.
  • Dynamic forward assumptions for LTL, economic vacancy, bad debt/credit loss, concessions, renovation vacancy, and value-add premiums.
  • Dynamic debt options (acquisition loan, capex loan, seller note) and an option to REFI all debt. The seller note can be toggle to roll into REFI or continue to exit.
  • Up to 10 different ancillary income items (4 high level, 6 unit-based driven).
  • OPEX assumptions can toggle between using T12, manual input, or T12+.
  • Toggle between three joint venture options (Simple Pref., IRR Hurdles, or Hard Pref. with IRR Hurdle subordinate).
  • Includes monthly and annual pro forma with T12 and stabilized pro forma views to compare.
  • Robust GP fee options (acquisition, asset management, debt placement, guarantor, disposition, setup, and construction).
  • Easily toggle all major assumptions and see how it effects LP/GP returns, IRR, and cash flow / feasibility.
  • Dynamic start month for all expense items and other income items.
  • Includes a comparable tab for better context on the subject property.
  • Includes debt service coverage (DSCR)
  • Includes cash-on-cash returns for the project and each equity investor leg.
  • Includes KPIs and 21visualizations.
  • Model run for up to 10 years (toggle exit year).
  • The model is fast, fully unlocked, and fully editable.
The model was built in order for the user to make a highly defensible case for purchasing a property. No assumption was left out and there are lots of levers to pull in order to see how the deal is effected.

Waterfalls for Joint Venture: Easily Toggle Between the Three:
  • Option 1 is a simple preferred return where the user can choose to split cash with the LP/GP during the pref. phase, during the equity repayment phase, and after equity has been repaid.
  • Option 2 is IRR Hurdles with an optional GP catch-up. This splits cash with the LP and GP based on the LP achieving defined IRR hurdles. The catch-up allows the GP to earn cash flows until they achieve a defined catch-up IRR. Then, the subsequent hurdles go back into effect for the LP.
  • Option 3 is a hard preferred equity leg that sits on top of a LP/GP IRR Hurdle-based distribution split. That means the preferred leg gets 100% of the cash flows until they receive all their money back plus a defined rate. There is an option for an equity kicker. All remaining cash flows then flow to a 3-tier IRR Hurdle waterfall between a subordinate LP/GP.
  • If this deal is not a joint venture, you can simply view the project-level returns and cash flows.
Each waterfall has inputs for LP/GP contribution percentages, hurdle rates, and distribution splits. The user can easily toggle the option they want to use and the resulting IRR, investment amounts, distributions amount, and equity multiples will populate accordingly.

Balances Simplicity and Depth of Analysis

By focusing on potential acquisitions with limited renovation scope—all of which happens at closing (Period 0)—this template keeps things streamlined. At the same time, monthly granularity for revenue drivers (loss-to-lease, vacancy, concessions, etc.) allows you to capture nuanced changes in occupancy and rents, giving you a more precise view of how strategic improvements will play out financially.

Why it’s valuable:

  • Simplicity: No sprawling or confusing renovations timeline.
  • Granularity: Monthly detail on rent growth and operational metrics provides accuracy often missing from “one-size-fits-all” annual models.

Flexible Historical and Forecasting Options

In acquisitions, analyzing historical performance is crucial for setting realistic forecasts. The built-in Historical tab lets you input T12 data, then run T12, T6, T3, or T1 analyses. With additional tabs for rent roll inputs and forward assumptions, the model helps you convert past trends into actionable, forward-looking insights.

Why it’s valuable:

  • Robust Historical Context: Quickly see how different “look-back” periods (T12 vs. T3, etc.) perform.
  • Rent Roll Integration: Understand existing rents, potential rent growth, and loss-to-lease in a seamless way.

Comprehensive Assumption and Scenario Toggling

The template’s toggles for expense assumptions (T12 vs. manual input vs. T12+), JV structures (simple preferred return, IRR hurdles, or a hard preferred return structure), and a variety of GP fee structures make scenario analysis straightforward. A few clicks can reveal how different partnership structures or fee splits affect LP/GP returns, IRR, and overall feasibility.

Why it’s valuable:

  • Scenario Analysis in Real-Time: Quickly test the impact of changing costs, partnership terms, or revenue projections.
  • Customized JV and GP Fee Options: Accurately model partnership returns, aligning with your actual deal structure.

Built-In Reserve Analysis

Projects can have soft periods where operating shortfalls might occur—particularly if occupancy dips during repositioning or renovations. This model integrates a reserve and reserve analysis function, so you can plan for potential operating burn. It automatically forecasts these reserves and ties them back into your pro forma, giving you a more accurate capital requirement and cash flow projection.

Why it’s valuable:

  • Risk Mitigation: You won’t overlook the critical buffer needed if lease-ups take longer or rent growth is slower than anticipated.
  • Realistic Underwriting: Lenders, investors, and partners will appreciate the stress-tested nature of your numbers.

Clear, Visible Calculations

This template was designed with transparency in mind. Instead of hiding logic in a web of linked cells, the formulas and assumptions are structured to be easily traced, enabling efficient collaboration and reducing the chance of errors.

Why it’s valuable:

  • Collaboration: Sponsors, lenders, and partners can see exactly how numbers are generated.
  • User-Friendly: Ease of debugging fosters trust in the outputs and speeds up due diligence.

KPI Tracking and Visualizations

Having built-in Key Performance Indicators (KPIs) and graphical representations can be critical for quick decision-making. By showing metrics like IRR, equity multiples, stabilized income, and occupancy trends, the model offers a high-level snapshot while still letting you dive into granular details if needed.

Why it’s valuable:

  • Fast Insights: Decision-makers can get a pulse on the deal without parsing through endless rows of data.
  • Professional Reporting: Well-designed visuals can help you present your findings convincingly to investors and stakeholders.

Annual Returns and Equity Waterfalls

Even though certain projections are monthly, the annual equity waterfalls make it simpler to present and understand how investor returns get distributed over the life of the deal. This approach aligns with the standard reporting cycles most institutional partners prefer while still preserving the accuracy gained from monthly data for operational improvements.

Why it’s valuable:

  • Accurate Timing: Monthly detail for operations, annual waterfalls for investor distributions.
  • Industry Standard Format: Easier for partners or internal committees to follow.

Holistic View of Feasibility and Cash Flow

With so many real estate modeling tools focusing on either top-line revenue or expense metrics, this template unifies them in one place. When you tweak a single assumption—like increasing a renovation premium or adjusting vacancy—immediate downstream impacts on cash flow, IRR, and returns are instantly visible.

Why it’s valuable:

  • End-to-End Analysis: No need to cobble together multiple spreadsheets or external modules.
  • Realistic Feasibility: Quickly confirm if a deal still works when adversity (e.g., higher vacancy or slower rent growth) hits.

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