3214 students


This is the final course in the 16-course Accelerator, and the last of three capstone courses. Upon completion of this course and together with completion of the previous 15 core Accelerator courses, you will receive the A.CRE Real Estate Financial Modeling Accelerator – Certificate of Completion.

In this case-based course, you will put into practice what you’ve learned in previous courses to build an institutional-quality, apartment value-add model.

In this course you will rely heavily on the following concepts learned from previous Accelerator courses:

  1. Use the inputs –> calculation modules –> outputs concept to build a fully dynamic real estate model
  2. Use the straight-line construction cost forecasting method to calculate investment cash flows related to a heavy renovation project
  3. Model operating cash flows, applying appropriate growth rate, recovery percentage, and vacancy assumptions
  4. Track rental rates and rental income as units transition from non-renovated to renovated
  5. Create a direct cap pro forma to derive a reversion value
  6. Layer in two tranches of debt, a senior loan and a mezzanine loan
  7. Modeling debt service with two types of interest calculation methods, 30/360 and Actual/365
  8. Build a discounted cash flow model, summing to unlevered and levered net cash flow lines
  9. Calculate property-level return metrics
  10. Model a partnership waterfall to arrive at partnership-level returns
  11. Use proper formatting and layout convention
  12. Solve for two value-add metrics, untrended yield-on-cost and development spread

CASE DESCRIPTION – A.CRE Capital Technical Interview Modeling Test

After a phone interview with a recruiter and a 1st round interview with a Director at A.CRE Capital, you’ve been asked to fly to A.CRE Capital’s corporate offices in Anytown USA for a full day of interviews and testing. As part of the day, the recruiter mentioned that you will be required to complete a technical interview test. In that test, you will be given 3-4 hours and a blank Excel Workbook to model a hypothetical investment opportunity.

Upon completion of the test, you will be asked to sit with one of the managing directors at the firm and discuss your analysis.

A.CRE Capital is a real estate private equity firm that executes on a wholly opportunistic strategy. The firm identifies under performing real estate assets, improves NOI through either streamlined management or targeted renovations, and then sells the assets at a profit 3 to 5 years later. The firm is largely agnostic to property type and geography, focusing instead on a nimble strategy of seeking out value wherever it can be found.

In preparation for the modeling test, you look at a combination of development and acquisition models, recognizing that a value-add model is largely a fusion of concepts from both. After several weeks of study and practice, you feel prepared for whatever A.CRE Capital might throw at you in terms of a test.


  • Apartment; most concepts apply to all property types


  • While we recommend using Microsoft Excel, as that is the industry standard, this course will work with most other spreadsheet software such as Google Sheets and OpenOffice Calc
  • This course was built using the Google Chrome browser, thus we recommend you use Google Chrome for optimal view experience
  • This course is best taken on a desktop computer, although the platform is compatible with tablet and mobile devices


  • The course assumes you have at least a basic proficiency working with Microsoft Excel


User Avatar The A.CRE Team

Spencer and Michael started Adventures in CRE in their first year of graduate school. Since that time, the two have written over 350 in-depth articles on real estate financial modeling, careers, and education options; built and shared over 60 institutional-quality real estate financials models; developed an extensive glossary of real estate terms, recorded over 100 tutorial videos, and created the most comprehensive real estate financial modeling training program available.
Spencer Burton is currently President and member of the founding team at Stablewood, a data-infused multi-strategy institutional real estate investor that combines the best of traditional real estate investment with proprietary data analytics and machine learning. Spencer has over 20 years of real estate experience, both as a fiduciary and principal. Over his career, Spencer has helped close $5+ billion and underwrite $30+ billion of commercial real estate at some of the largest institutional real estate firms in the world. He has worked in land brokerage, residential development, commercial real estate acquisitions, debt production, and Investment Manager for a $60 billion institutional real estate investor. Spencer is also the co-creator of AdventuresinCRE.com, the industry’s go-to place for commercial real estate financial modeling, education, and career advancement resources. He is also the author of various AI-powered CRE tools and an expert on the practical application of generative AI in commercial real estate. Spencer Burton holds a Bachelor of Arts in International Affairs with an emphasis in economics from Florida State University and a Masters in Real Estate with a concentration in finance from Cornell University.
Michael Belasco has over eight years of real estate and construction experience. He currently works for a global real estate investment, development, and asset management firm in San Francisco managing large scale development projects in the city. Michael has both an MBA and Master in Real Estate with a concentration in Real Estate Finance from Cornell University.