About the Apartment Development Model
The A.CRE Apartment Development Model is an institutional-quality ground-up multifamily development model. It includes an extensive development module, expandable unit mix capability, a retail module, simple or detailed OpEx underwriting, single or double promote, and basic sensitivity analysis.
Version 2.0 added a permanent debt module for hold-period analysis. Last updated September 2025. Author: Spencer Burton.
New to the Apartment Development Model? Watch this first.
A quick video tour of the model from Spencer himself. Then follow the three steps below to get productive fast.
Then follow these three steps
Read the Guide to Using A.CRE Financial Models
How every model is structured (blue = input, black = output) and how to navigate them.
Read the Guide →Read Best Practices in Real Estate Financial Modeling
The conventions institutional firms actually use. This will make every A.CRE model feel familiar.
Read the Article →Pick a tutorial below based on what you’re modeling
Start with the overview, then go deeper into development-specific topics like construction draws and unit mix.
Pick a topic below →Go Deeper by Topic
Open any section and work through what matters for your deals.
01
Foundations
Core concepts and modeling best practices before you dive into the model.
2 resources
Foundations
02
Financing & Debt
How construction loans, amortization, and capital stacks work in development deals.
3 resources
Financing & Debt
03
Valuation & Exit Analysis
Income approach, residual land value, and deciding when to sell your development.
3 resources
Valuation & Exit Analysis
04
Equity & Partnership
Waterfall structures, promote tiers, and partnership cash flow modeling.
2 resources
Equity & Partnership
05
Advanced Techniques
Sensitivity analysis, scenario tools, and probability-weighted risk modeling.
3 resources
Advanced Techniques
06
Case Study
Full case study with video solution — apply development underwriting to a real deal.
1 resource
Case Study
Frequently Asked Questions
What is the Apartment Development Model designed for?
The A.CRE Apartment Development Model is built for ground-up apartment development analysis. It includes an extensive development module, expandable unit mix, retail module, simple or detailed OpEx, sensitivity analysis, and permanent debt module.
Can the Apartment Development Model handle mixed-use projects?
Yes. The model includes a retail module so you can layer retail income alongside the apartment units, which works well for mixed-use buildings with ground-floor retail.
Is the Apartment Development Model free?
Yes. It is free. Download it from the Adventures in CRE website through a free checkout.
How is this different from the All-in-One Model?
The Apartment Development Model goes deeper on apartment development with features like an expandable unit mix and detailed OpEx options. The All-in-One Model is broader, covering multiple property types and both development and acquisition.
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