About the Value-Add Apartment Acquisition Model
The A.CRE Value-Add Apartment Acquisition Model is built specifically for value-add multifamily deals. It includes an extensive investment cash flow and renovation budgeting module, option for up to four capital sources, in-place and stabilized operating cash flow underwriting, option to either sell or refinance at stabilization, and a 4-tier equity waterfall.
Designed for analysts underwriting heavy-lift renovation business plans. Last updated June 2025. Author: Spencer Burton.
New to the Value-Add 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 renovation budgeting, capital structure, and waterfall topics.
Pick a topic below →Go Deeper by Topic
Open any section and work through what matters for your deals.
01
Foundations
Start here — key tutorials for anyone underwriting value-add apartment deals.
3 resources
Foundations
02
Renovation & Financing
Construction draw schedules, renovation budgeting, and how lenders price debt.
3 resources
Renovation & Financing
03
Valuation & Exit Analysis
Income approach, hold-sell decisions, and residual value at stabilization.
3 resources
Valuation & Exit Analysis
04
Equity & Capital Stack
Waterfall structures, promote tiers, and stacking multiple debt and equity sources.
3 resources
Equity & Capital Stack
05
Advanced Techniques
Monte Carlo simulation, after-tax projections, and scenario analysis.
2 resources
Advanced Techniques
06
Case Studies
Practice with real value-add apartment deals — full problem sets with video solutions.
2 resources
Case Studies
Frequently Asked Questions
What is the Value-Add Apartment Model designed for?
The A.CRE Value-Add Apartment Acquisition Model is purpose-built for apartment acquisitions involving renovations. It includes renovation budgeting, in-place and stabilized operating cash flows, an option to sell or refinance at stabilization, and a 4-tier equity waterfall.
What capital sources does the Value-Add Model support?
The model supports up to four capital sources, giving you flexibility to model complex capital stacks with multiple debt and equity tranches.
Is the Value-Add Apartment Model free?
Yes. It is free. Download it from the Adventures in CRE website through a free checkout.
How is this different from the Multifamily Acquisition Model?
The Value-Add model is specifically designed for renovation scenarios with built-in renovation budgeting and in-place vs. stabilized cash flow comparison. The Multifamily Acquisition Model is better for straightforward stabilized apartment acquisitions.
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