Workshop: Underwriting Multifamily Deals — A Live Deal Review

This isn't a presentation about underwriting. It's a live underwriting session using a real deal submitted by an attendee — on screen, in real time, no pre-rehearsed answers.

David Chen (Managing Partner, Chen Capital Partners) works through an attendee-submitted multifamily acquisition opportunity using the same underwriting model Chen Capital uses to evaluate every deal they consider. The deal is selected in advance from submissions received in the conference app by June 10. The submitting attendee remains anonymous; the deal details are shown and worked through live.

What David covers as he underwrites the deal: reading and stress-testing the rent roll; setting market vacancy and credit loss assumptions based on submarket data; building a renovation cost estimate and modeling the value-add premium; structuring the debt and how different loan terms change the deal math; running the waterfall — preferred return, equity split, and LP/GP economics at different exit scenarios; sensitivity analysis on exit cap rate (the assumption that kills the most deals); how to present a deal honestly to LPs when the numbers are close; and what makes him pass at the end of the analysis.

To submit your deal, use the 'Submit a Deal' feature in the conference app by June 10. Include T12 financials, rent roll, purchase price, and deal thesis. Selected deals are notified 48 hours before the session. 1.5 CE credits.