Multifamily Underwriter – Development & Acquisitions (Contract)

Multifamily Real Estate Underwriter

Development & Acquisitions | Contract / Project-Based

Overview

We are seeking a highly capable and proactive Multifamily Real Estate Underwriter to support the underwriting of development and acquisition opportunities. This is not a traditional desk-only modeling role — the ideal candidate will go beyond the spreadsheet to validate assumptions in the real world. You will be expected to pick up the phone, call municipalities, lenders, and property management companies, and pressure-test every line item in the model. If you thrive on accuracy, initiative, and getting the details right down to the last dollar, this role is for you.

Key Responsibilities

Financial Modeling & Underwriting

Underwrite multifamily development and acquisition deals from start to finish

Build, update, and refine financial models using provided templates (improvements and enhancements are welcome and encouraged)

Pressure-test all underwriting assumptions and proactively identify potential risks, gaps, or areas of concern in each deal

Market Research & Comparable Analysis

Conduct thorough market research on comparable properties, including rental rates, concessions, absorption trends, and occupancy levels

Analyze local market conditions and competitive landscape to inform deal-level assumptions

Outbound Verification & Due Diligence Calls

Contact municipalities to confirm permit fees, impact fees, and zoning considerations

Reach out to lenders and banks to verify current interest rates, loan terms, and financing structures

Speak with property management companies to validate operating expense assumptions, including taxes, payroll, insurance, repairs, and maintenance costs

Ideal Candidate Profile

Required Qualifications

Demonstrated experience in real estate financial underwriting with a multifamily focus (development experience strongly preferred)

Advanced proficiency in Microsoft Excel, including the ability to build, audit, and enhance complex financial models

Comfortable and confident communicating by phone with municipalities, lenders, property managers, and other third-party contacts

Exceptionally detail-oriented with a commitment to digging into the “last 10%” of every deal to ensure accuracy

Based in the United States, or able to reliably work during U.S. business hours

Preferred Qualifications

Direct experience in the New Jersey and/or broader Northeast real estate markets

Background in both ground-up development and value-add acquisitions

Familiarity with local municipal processes, fee structures, and zoning codes in the Northeast region

Engagement Details

Engagement Type

Project-based contract with potential for ongoing work

Scope of Work

Financial modeling, market research, and outbound verification calls

Location

Remote (U.S.-based or U.S. business hours preferred)

Availability

Responsive and reliable; proactive communication is essential