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The Institutional Multifamily Model

Build a complete institutional multifamily acquisition from a near-blank sheet: a four-floor-plan rent roll that produces gross potential rent, the in-place bridge and going-in cap rate, line-item operating expenses, the capital reserve, a full loan amortization schedule you build rather than get handed, the forward-NOI exit, and the equity cash flow behind both levered MoIC and levered IRR.

REPE · Intermediate · about 140 minutes · 55 guided steps

Lesson outline

Rent Roll by Unit Type

  1. Step 1: Annual Rent by Unit Type
  2. Step 2: Rent Roll: Total Units
  3. Step 3: Rent Roll: In-Place Gross Potential Rent
  4. Step 4: Rent Roll: Weighted Average Rent

Lease Abstract by Cohort

  1. Step 5: Loss to Lease by Lease Cohort
  2. Step 6: Lease Abstract: Total Units
  3. Step 7: Lease Abstract: Weighted Average In-Place Rent
  4. Step 8: Lease Abstract: Weighted Average Market Rent
  5. Step 9: Lease Abstract: Total Annual Loss to Lease
  6. Step 10: Market Gross Potential Rent
  7. Step 11: Loss to Lease % of Gross Potential Rent
  8. Step 12: Loss to Lease Rolling in Year 1

In-Place Underwriting Bridge (Today's Rent Roll)

  1. Step 13: In-Place Gross Potential Rent
  2. Step 14: In-Place Other Income
  3. Step 15: In-Place Effective Gross Income
  4. Step 16: In-Place Operating Expenses
  5. Step 17: In-Place NOI
  6. Step 18: Going-In Cap Rate

Sources, Uses & Debt Sizing

  1. Step 19: Loan Amount
  2. Step 20: Total Uses
  3. Step 21: Initial Equity
  4. Step 22: Annual Debt Service

Operating Pro Forma

  1. Step 23: Gross Potential Rent
  2. Step 24: Other Income
  3. Step 25: Less: Vacancy & Credit Loss
  4. Step 26: Effective Gross Income
  5. Step 27: Real Estate Taxes
  6. Step 28: Insurance
  7. Step 29: Utilities
  8. Step 30: Repairs & Maintenance
  9. Step 31: Payroll
  10. Step 32: Management Fee
  11. Step 33: Total Operating Expenses
  12. Step 34: Net Operating Income
  13. Step 35: Less: CapEx Reserve
  14. Step 36: Cash Flow Before Debt Service

Debt Schedule

  1. Step 37: Loan: Beginning Balance
  2. Step 38: Loan: Debt Service
  3. Step 39: Loan: Interest
  4. Step 40: Loan: Principal Amortization
  5. Step 41: Loan: Ending Balance
  6. Step 42: Levered Cash Flow

Forward (Year 6) NOI & Exit

  1. Step 43: Forward (Year 6) Gross Potential Rent
  2. Step 44: Forward (Year 6) Other Income
  3. Step 45: Forward (Year 6) Effective Gross Income
  4. Step 46: Forward (Year 6) Fixed Operating Expenses
  5. Step 47: Forward (Year 6) Management Fee
  6. Step 48: Forward (Year 6) NOI
  7. Step 49: Gross Sale Price
  8. Step 50: Net Sale Proceeds

Returns Summary

  1. Step 51: Exit Equity Proceeds
  2. Step 52: Total Operating Distributions
  3. Step 53: Levered MoIC

Equity Cash Flow & IRR

  1. Step 54: Equity Cash Flow
  2. Step 55: Levered IRR