Underwriter - Multifamily Housing

Overview

The organization is seeking an underwriting and investment analysis professional to support multifamily acquisitions and investment decision-making. This role involves building and auditing acquisition models, performing operating and market analysis, supporting diligence, and communicating findings to internal stakeholders and leadership.

Responsibilities

• Underwriting and valuation: Build, maintain, and audit acquisition models for multifamily investments, including value-add, core/core-plus, and other strategies as applicable.
  • Analyze unlevered and levered returns, IRR, equity multiple, cash-on-cash return, cap rates, yield on cost, debt-service coverage, breakeven occupancy, and exit scenarios.
• Operating analysis: Normalize trailing operating statements; reconcile rent rolls to property-level revenue.
  • Evaluate occupancy, loss-to-lease, concessions, bad debt, delinquency, other income, payroll, repairs and maintenance, utilities, taxes, insurance, management fees, and replacement reserves.
• Business plan assessment: Evaluate renovation scope, rent premiums, unit turn timing, lease-up assumptions, operating efficiencies, capital requirements, and execution constraints.
  • Translate the business plan into phased cash flows and measurable underwriting assumptions.
• Scenario and downside analysis: Build base, upside, and downside cases.
  • Stress test rent growth, occupancy, collections, expense inflation, renovation pace, interest rates, financing proceeds, cap rates, and exit timing.
  • Identify variables most likely to impair returns or liquidity.
• Market and competitive intelligence: Assess submarket supply and demand, deliveries, absorption, rent and occupancy trends, concessions, comparable properties, employment drivers, demographics, taxes, insurance conditions, and regulatory or physical risks relevant to the investment thesis.
• Debt and capital structure: Evaluate agency, bank, bridge, and other financing alternatives as applicable.
  • Consider proceeds, pricing, amortization, interest-only periods, reserves, covenants, prepayment provisions, extension terms, and refinance risk.
• Due diligence support: Support financial, operational, physical, environmental, legal, tax, insurance, and third-party diligence.
  • Maintain an assumption and issue log, resolve data discrepancies, quantify identified risks, and update underwriting as findings emerge.
• Investment communication: Prepare concise investment memoranda, approval materials, model outputs, and presentations.
  • Explain the thesis, key assumptions, sensitivities, risks, mitigants, and recommended decisions.
  • Respond clearly to investment committee and leadership questions.
• Cross-functional partnership: Partner with Acquisitions, Capital Markets, Asset Management, Property Operations, Construction, Accounting, Legal, Risk, and other internal stakeholders to ensure assumptions reflect executable operating plans and current financing conditions.
• Post-close learning: Compare original underwriting with actual operating performance.
  • Document variance drivers and incorporate lessons learned into assumptions, templates, screening criteria, and future investment decisions.
• Data and process discipline: Maintain organized deal files, version control, comparable databases, assumption libraries, and pipeline records.
  • Improve templates, controls, and repeatable workflows without weakening review standards.

AI, Automation, and Data Expectations

• AI-enabled workflow: Use approved AI and automation tools to assist with offering memorandum review, rent roll and T-12 extraction, data normalization, comparable property research, issue spotting, first-pass scenario generation, and drafting of investment narratives.
• Validation: Reconcile AI-assisted outputs to source documents and approved models.
  • Verify formulas, mappings, citations, assumptions, and conclusions before use.
• Prompting and workflow design: Create clear, reusable instructions, templates, and quality checks to improve consistency and speed.
  • Identify opportunities to automate repetitive work while preserving appropriate review and approval controls.
• Data governance and confidentiality: Use approved systems and follow company requirements for handling confidential, proprietary, personal, lender, broker, and transaction data.
• Analytical fluency: Work effectively with structured and unstructured data and use modern reporting and visualization tools to identify patterns, exceptions, and decision-relevant insights.
• Continuous learning: Stay current on evolving AI capabilities, multifamily data sources, modeling practices, and underwriting risks.
  • Test new methods thoughtfully and recommend practical improvements.

Qualifications

• Bachelor’s degree in finance, real estate, economics, accounting, business, data analytics, or a related field; equivalent relevant experience in lieu of education.
• 2–5 years of experience in multifamily underwriting, acquisitions, commercial real estate, real estate private equity, lending, valuation, asset management, or investment analysis.
• Advanced Excel and financial modeling capability, including cash-flow modeling, sensitivity analysis, data validation, model auditing, and clear documentation of assumptions.
• Strong understanding of multifamily operating statements, rent rolls, property valuation, investment return metrics, debt sizing, and capital structure analysis.
• Ability to evaluate incomplete or inconsistent information, ask effective diligence questions, and distinguish facts, estimates, assumptions, and judgment.
• Ability to use AI-assisted tools responsibly and validate outputs against source data, approved methodologies, and investment standards.
• Strong written and verbal communication skills, including presenting complex analysis in a concise, decision-oriented format.
• High attention to detail, intellectual curiosity, sound judgment, and ability to manage multiple transactions and deadlines.

Preferred Qualifications

• Institutional multifamily acquisition, lending, valuation, or investment-management experience.
• Experience with value-add underwriting, renovation programs, property-level operating models, and post-acquisition variance analysis.
• Exposure to Fannie Mae, Freddie Mac, HUD/FHA, bank, life company, CMBS, bridge, or debt-fund financing, as relevant to the investment strategy.
• Experience with real estate and analytics platforms such as CoStar, Yardi, RealPage, ARGUS Enterprise, Power BI, Tableau, or comparable tools.
• Experience improving underwriting workflows through AI, data extraction, automation, standardized templates, or low-code tools.
• CCIM, CFA, CPA, MAI, graduate real estate/finance degree, or other relevant designation.

Compensation & Benefits

• The organization is an Equal Employment Opportunity Employer.
• Posted compensation reflects the cost of talent across multiple US geographic markets.
• Pay is based on a number of factors and may vary depending on job-related knowledge, skills, and experience.