Real Estate Development Models - Adventures in CRE

A.CRE Self Storage Development Model (Updated Aug 2025)

Spencer Burton — Wed, 13 Aug 2025 12:00:10 +0000

We’ve received numerous requests over the years for a Self Storage Development Model in Excel. With strong investment and development activity in this niche property type, I recognize a self storage model on A.CRE is long overdue. But with so many other projects on our plates and limited experience with self storage, we just hadn’t […]

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Data Center Development Model (Updated Aug 2025)

Arturo Parada — Tue, 12 Aug 2025 14:00:07 +0000

As the built environment evolves to meet the demands of an increasingly digital world, data centers have emerged as one of the most sophisticated and capital-intensive asset classes in commercial real estate. What was once considered a niche subset of infrastructure has become a foundational layer of the global economy, driven by AI, cloud computing, […]

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Land Development Model – Multi-Scenario (Updated Aug 2025)

Spencer Burton — Fri, 08 Aug 2025 14:50:21 +0000

Over the years, we’ve shared eight development-focused real estate financial models and numerous development-specific tools to the A.CRE Library of Excel Models. Nevertheless, there’s been a hole in the development offerings in our library. The library has been missing a model to analyze general land development scenarios, such as master-planned residential and commercial developer opportunities […]

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A.CRE Build-to-Rent (BTR) Development Model (Updated Aug 2025)

Spencer Burton — Wed, 06 Aug 2025 12:00:49 +0000

Build-to-rent (BTR) has become more and more common in CRE and now accounts for a meaningful share of development. In the past, we’ve recommended A.CRE readers use our Apartment Development Model for BTR analysis. However, as we’ve received numerous requests over the few years for a purpose-built BTR model – including an inquiry in a […]

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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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Industrial Real Estate Development Model (Updated July 2025)

Spencer Burton — Fri, 18 Jul 2025 13:00:53 +0000

Allow me to share my Industrial Development Model in Excel. Over the past few years, I’ve been working to add more specialty real estate models to our library. While our All-in-One model certainly has its place, oftentimes really digging into the underwriting of a deal takes a hyper-focused tool. This model has spawned sister Office […]

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Residential Land Development Pro Forma (Updated July 2025)

Spencer Burton — Tue, 15 Jul 2025 12:00:07 +0000

As many of you know, I started my career in residential land development first as a broker and later as a principal. During that time, I built my fair share of residential land development Excel pro formas, modeling returns and forecasting cash flows for my clients and investor partners. I’ve since transitioned into the institutional […]

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Mixed-Use Development Model: Condo and Retail (Updated July 2025)

Michael Belasco — Fri, 11 Jul 2025 13:00:47 +0000

In this post, I walk you through the A.CRE Mixed Use Development Model for Condo and Retail projects. The model is basically a reworked and expanded version of the Condo Development Model, so if you are familiar with that, this should feel and operate very similarly. This model can also be used as a condo […]

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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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Condominium Development Model (Updated Jun 2025)

Michael Belasco — Tue, 24 Jun 2025 12:00:34 +0000

After posting the construction draw module that demonstrates how to calculate the true LTC of a development loan, I decided that since we have yet to publish a condo development model, to build upon that module to create one. This condominium model has a lot of really great functionality that will allow the user to get a […]

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Office Real Estate Development Model (Updated Jun 2025)

Spencer Burton — Mon, 23 Jun 2025 06:00:38 +0000

I’m excited to share my Office Development Model in Excel. This pro forma analysis tool comes as I’ve continued to build and share specialty real estate models, tailor-made for specific investment scenarios and property types. This model is an adaptation of my Industrial Development Model. It’s specifically built to analyze both merchant-build and build-to-core, ground-up […]

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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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Retail Real Estate Development Model (Updated Apr 2024)

Spencer Burton — Mon, 01 Apr 2024 06:01:54 +0000

I’m excited to share my Retail Development Model in Excel. This pro forma analysis tool comes as I’ve continued to build and share specialty real estate models, tailor-made for specific investment scenarios and property types. This model is an adaptation of my Office Development Model and Industrial Development Model. It’s specifically built to analyze both […]

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Construction Draw and Interest Calculation Model (Updated Feb 2024)

Spencer Burton — Sun, 25 Feb 2024 14:00:49 +0000

I originally uploaded this equity/construction loan draw and interest calculation tool to our library of real estate financial analysis models in 2016. Over the years, I’ve continued to update it as suggestions, comments, and requests flowed in from our readers. The model is meant to be used to forecast construction budget cash flows (uses), and then model […]

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Real Estate Sources and Uses of Capital Module (Updated Feb 2024)

Spencer Burton — Sun, 25 Feb 2024 07:00:15 +0000

An important component in any acquisition, development, and value-add model is the Sources and Uses of Capital section. Of course, how the sources and uses are modeled and how those cash flows are visualized will vary from one model to the next. But no model is complete without an accurate estimation of the sources and […]

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