Multifamily Acquisition Screener Model
A full acquisition screen for a stabilized or value-add multifamily deal. It runs from the T12 and unit mix through renovation capex, acquisition and permanent financing, a two-tier sponsor and JV partner waterfall, and returns by party, so you can decide quickly whether a deal deserves a full underwrite.
Model Features
- T12 and unit mix. Start from the trailing twelve months and up to twenty unit types, each with its own count and in-place rent.
- Renovation premiums. Flag which unit types get renovated, set the rent premium and the year it starts, and the rent roll steps up on schedule.
- Full operating statement. Vacancy, bad debt, concessions, other income, utility reimbursement and every major expense line, with separate growth rates and a property tax reassessment year.
- Capex and reserves. Unit and general capex budgets with start dates and durations, a capex reserve schedule and an optional capex funding facility.
- Acquisition and permanent financing. An acquisition loan, optional seller financing, and a permanent loan sized to the lowest of the DSCR, debt yield and LTV constraints.
- Two-tier waterfall. A preferred return followed by a residual split between the LP and the GP entity, with the GP side broken out between the sponsor and a JV partner.
- Sponsor fees. Acquisition, general contractor, asset management, refinancing and disposition fees, shared between the sponsor and the JV partner.
- Sources and uses. Initial and future equity by party, debt proceeds, closing costs and fees in one table.
- Returns by party. Unlevered and levered IRR, equity multiple and profit, gross and net of fees, for the LP, the sponsor and the JV partner.
- Live Excel formulas. Nothing is hardcoded or locked. Every cell is traceable.
What a screener is for
A screener answers one question fast: is this deal worth a full underwrite? Drop in the T12, the unit mix and your financing terms, and within minutes you can see whether the returns hold up at the asking price and what has to be true for them to work.
It is not a substitute for a full underwrite. A deal headed to investment committee needs a unit-level rent roll, a renovation and lease-up schedule, refinancing scenarios and the exact waterfall in your operating agreement. If your structure needs more distribution tiers, see the 4-Tier IRR GP Catch-Up Waterfall or the 5-Tier IRR-EM Hybrid Waterfall.