Entries by Spencer Burton

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All-in-One (Ai1) Walkthrough #3 – Modeling a Hypothetical Retail Development Investment

This walkthrough, our third in the series, takes you through the entire process of modeling a simple development investment. I’ve created hypothetical assumptions for this exercise written out in PDF format (download link below) and then use those assumptions to assess the viability of the investment. I model a hypothetical retail development investment using the All-in-One […]

Version Notes: All-in-One Underwriting Model

Version notes for the All-in-One Underwriting Model for Real Estate Development and Acquisition are found here as well as in the ‘Version’ tab of the Excel model. Download the Model Version 0.3.1 (March 11, 2017) Added version notes section Misc. formatting fixes Added link to model documentation online Added data validation to construction length on Budget tab […]

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Bonus Content – Gantt Chart and Weighted Average with Multiple Conditions

I have two updates/improvements to previous posts I thought I’d share with our readers today; call it, bonus content! The first, is a dynamic Gantt Chart tool I recently added to my Construction Draw and Interest Calculation Model. The second, is an enhancement to my post on writing conditional weighted average formulas that shows you how to include multiple conditions in […]

Michael to SF – Spencer to Dallas

I thought I’d write a quick post and update our readers on some exciting news around here. As many of you may (or may not) know, Michael and I met while working on our graduate real estate studies at Cornell University. We started adventuresincre.com because we wanted a conduit through which we could interact with likeminded real estate […]

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How to Use the Apartment Acquisition Model’s Monte Carlo Simulation Module

You may recall that a couple of weeks ago, I began to explore Stochastic Modeling concepts, or the idea of adding probability into my models, to get a more complete picture of the risk-return metrics of an investment. I became interested in the idea, after reading a thesis on the subject by Keith Chin-Kee Leung shared […]

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How to Use the Construction Draw and Interest Calculation Model

As promised, I’ve recorded a tutorial on how to use my construction draw and interest calculation model. The 20 minute tutorial walks you through how to use the model to forecast construction cash flows during your development period. The model calculates construction loan interest, forecasts the distribution of sources and uses throughout construction, projects an equity […]

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Another Shot at Stuy Town – Blackstone’s $5.3 Billion Bet

Styuvesant Town-Peter Cooper Village, otherwise known as Stuy Town, is back in real estate news. Blackstone, together with Ivanhoe Cambridge and CWCapital Asset Management, have agreed to buy the 11,232-unit apartment complex for $5.3 billion – nearly matching the $5.4 billion paid for the property by a Tishman Speyer/Blackrock partnership in 2006. The property is the largest apartment […]