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Real Estate Financial Modeling Accelerator (Updated Dec 2020)

Since starting A.CRE, Michael and I have fielded email after email requesting a more structured real estate financial modeling training program on the site. Over the years, we've covered hundreds of real estate modeling topics in our blog,…
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Book Review: The Birth of a Building

Who "The Birth of a Building" Is For If you're a beginner to the real estate development process, this book is for you. In The Birth of a Building, Ben Stevens provides a high level guide to the building process from idea to completion…
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Case Study #2 – Renovo Tower Office Acquisition (Case + Solution)

This is the second in a series of commercial real estate case studies shared by A.CRE. These case studies are meant to help you practice to master real estate financial modeling. Renovo Tower puts you in the role of an acquisitions professional…
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Case Study #1 – Presidio (Case + Solution)

This is the first in a series of commercial real estate case studies shared by A.CRE. These case studies are meant to help you practice to master real estate financial modeling. Presidio puts you in the role of an acquisitions professional needing…
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Tenant Estoppel Letter

A Tenant Estoppel Letter confirms the existence and status of a commercial lease. This is a unique legal document that contractually binds the Tenants of a building with the new Purchaser. The Letter of Intent (LOI) sets the parameters of the…
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Today’s Job Market & How To Stand Out In An Interview

The real estate job market has changed dramatically over the past 3-4 months, with the market shifting from one that favored job seekers to one that now favors employers. In light of that shift, we're excited to welcome onto the A.CRE Audio…
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Real Estate Portfolio Valuation Model (Updated Jul 2020)

I built, and would like to share, a real estate portfolio model for valuing a portfolio of up to 30 properties. This is a "roll-up" model, meaning you will need to model your unlevered (before financing) property-level cash flows in a separate…
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Case Study #5 – The Jefferson Branded Condo Development (Case Only)

This is the fifth in a series of commercial real estate case studies shared by A.CRE. These case studies are meant to help you practice to master real estate financial modeling. The Jefferson Branded Condo Development puts you in the position…
adventures in cre real estate modeler creating cash-on-cash return equity waterfall
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Real Estate Equity Waterfall Model With Cash-on-Cash Return Hurdle (Updated Jul 2020)

Over the years, Michael and I have built and shared numerous real estate equity waterfall models, all multi-tiered and most with internal rate of return (IRR) hurdles. And as our readers have downloaded those models, I've received dozens of…
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Multifamily Purchase and Sale Agreement

The Purchase and Sale Agreement (“PSA”) is the game plan and overarching playbook to the transfer of a commercial real estate asset. The PSA is the critical contract between a Purchaser and Seller and is legally binding. Some Purchasers…
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Case Study #4 – The Stones Hotel – Acquisition (Case Only)

This is the fourth in a series of commercial real estate case studies shared by A.CRE. These case studies are meant to help you practice to master real estate financial modeling. The Stones Hotel puts you in the position of an associate at a…
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Making the Masters in Real Estate Decision

This topic has come up on Adventures in CRE various times over the years. I first blogged about my decision to pursue a Masters in Real Estate over an MBA five years ago. And last year Michael, discussed his thought process around getting dual…
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Case Study #3 – Just the Facts – Retail Sale-Leaseback (Case Only)

This is the third in a series of commercial real estate case studies shared by A.CRE. These case studies are meant to help you practice to master real estate financial modeling. Just the Facts puts you in the role of a direct real estate investor…