Real Estate Models for Apartment Properties - Adventures in CRE

A.CRE Apartment Development Model (Updated July 2025)

Spencer Burton — Mon, 28 Jul 2025 20:15:31 +0000

For several years now, our library of real estate models has been lacking a robust ground-up apartment development model. Sure, our All-in-One (Ai1) model has the capability to model multifamily development deals, but it’s more a generalist tool than a specialized one. As a result, I’ve found it wanting when used to model developments. So a few […]

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Multifamily (Apartment) Acquisition Model (Updated July 2025)

Spencer Burton — Wed, 23 Jul 2025 13:00:21 +0000

Our library of real estate Excel models has a variety of decent apartment models, including our All-in-One model and our Apartment Development Model – both robust models in their own right. However, if you’re looking for a straight multifamily (apartment) acquisition model, and don’t want all of the unnecessary components of the All-in-One (ie. office, retail, industrial modules), […]

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All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated July 2025)

Spencer Burton — Thu, 03 Jul 2025 12:00:30 +0000

As many of you recall, in 2015 I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow going. Alas, in 2016 I released the first beta-version of the model – my All-in-One (Ai1) […]

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A.CRE Value-Add Apartment Acquisition Model (Updated Jun 2025)

Spencer Burton — Wed, 25 Jun 2025 13:00:33 +0000

We’ve shared a handful of apartment models over the years. Several of those are capable of analyzing apartment acquisitions but none was built for the express purpose of modeling value-add apartment deals. As a result, each has its limitations in value-add scenarios. So today, I’m excited to share a new apartment model; this one built […]

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Multifamily Development Model (Updated April 2024)

Michael Belasco — Wed, 17 Apr 2024 14:40:19 +0000

Not to be confused with Spencer’s masterpiece, The A.CRE Apartment Development Model, I decided to build a second option on our website for multifamily development with a different feel. For us true modeling nerds out there, we know that financial modeling and the way we present our underwriting models is equal parts math and art. […]

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Actual + Forecast Construction Draw Schedule with S-Curve (Updated Dec 2023)

Spencer Burton — Wed, 20 Dec 2023 01:12:50 +0000

Several times in the last month, I’ve been asked to tackle an interesting real estate financial modeling challenge – pare actual construction draw cash flows with s-curve cash flow forecasts to create an Actuals + Forecast Construction Draw schedule. The real challenge in this exercise, is to have the actual construction draws transition into the […]

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Development Draw Schedule – Visually Customize Each Line Item (UPDATED APR 2022)

Michael Belasco — Tue, 26 Apr 2022 13:00:52 +0000

Working a lot with development draw schedules, I have always been looking for a catch all solution as to how one could easily model all the unique ways cash actually flows over time during the process. The norm for many is to model cash flows using a straight line method with even payments over time, […]

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Tutorials for the A.CRE Apartment Development Model

Spencer Burton — Tue, 01 Feb 2022 14:39:13 +0000

As promised, I’m following up the release of the A.CRE Apartment Development model with a series of walk-throughs and tutorials to help you better understand the various elements of the model. The tutorials start with the basics – a guide to getting started, and then get progressively more advanced. If you’ve already visited the model’s […]

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Pro Forma For Multifamily Renovation (Updated 11.17.2021)

Michael Belasco — Wed, 17 Nov 2021 19:17:25 +0000

I’m excited to share the Pro Forma for Multifamily Renovation model with all of you. This multifamily renovation model is made to analyze value add apartment acquisition opportunities and has a lot of functionality that is meant to provide you an ability to get into the details and go unit by unit for up to […]

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Tutorials for A.CRE Value-Add Apartment Acquisition Model

Spencer Burton — Tue, 11 May 2021 12:00:50 +0000

As promised, I’m following up the release of the A.CRE Value-Add Apartment Acquisition model with a series of walk-throughs and tutorials to help you better understand the various elements of the model. The tutorials start with the basics – a guide to getting started, and then get progressively more advanced. If you’ve already visited the […]

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Apartment Acquisition Model with Monte Carlo Simulation Module (Updated Jan 2021)

Spencer Burton — Thu, 07 Jan 2021 00:40:11 +0000

We have a few stochastic modeling tools for real estate on the website, but none as robust as this Apartment Acquisition Model with Monte Carlo Simulation Module. I originally built the model in 2016 by taking my standard apartment acquisition model, and assigning probabilities to various assumptions. I then added a Monte Carlo Simulation module […]

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Multifamily Redevelopment Model (Updated June 2020)

Michael Belasco — Sat, 27 Jun 2020 05:00:47 +0000

This is an Excel model I originally built from scratch back in 2015 for quickly assessing multifamily redevelopment opportunities. It was designed to work best for scenarios where individual units will be rehabbed over the hold at varying times. It’s a simple way to quickly analyze the viability of this type of multifamily investment. Since […]

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Watch Me Build a Multifamily Real Estate Model (Updated Feb 2020)

Spencer Burton — Wed, 19 Feb 2020 13:26:51 +0000

One way to become a better real estate financial modeling professional, is to watch other professionals model. I know in my career being able to physically see how others tackle different modeling problems has shaped my methods and made me better at what I do. I remember sitting with a friend, watching him zip back […]

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How to Use the Apartment Acquisition Model’s Monte Carlo Simulation Module

Spencer Burton — Mon, 22 Feb 2016 03:01:29 +0000

You may recall that a couple of weeks ago, I began to explore Stochastic Modeling concepts, or the idea of adding probability into my models, to get a more complete picture of the risk-return metrics of an investment. I became interested in the idea, after reading a thesis on the subject by Keith Chin-Kee Leung shared […]

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Apartment Valuation Tutorial Using the Real Estate Acquisition Model

Spencer Burton — Sat, 14 Nov 2015 18:57:51 +0000

I promised a how-to video for my real estate apartment acquisition model, and so I thought I’d use an actual property to do so. I grabbed a property from Loopnet that is currently for sale, and dropped the information from the listing into the model. I’m not at all familiar with the property or the sub-market, and […]

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