Guided case studies built by an institutional investor. Designed to get new analysts and associates up to speed faster — at your own pace, without the pressure of a boss watching.
Most Excel courses teach you formulas. This teaches you judgment — the kind you only get after years on the institutional side.
Case studies mirror actual work product you'd produce as an analyst or associate — not abstract exercises. Multifamily lease-ups, debt sizing, JV waterfalls.
Each case study builds on the last. Start with an unlevered acquisition model, then layer in debt, derivatives, and a full equity waterfall.
Work through the material on your own schedule. No cohorts, no deadlines, no boss. Download once, reference forever.
Lessons reflect how a large institutional investor thinks — not just how to build the model, but what the outputs actually mean in context.
Three connected case studies that take you from a blank spreadsheet to a fully structured acquisition model with debt and a JV waterfall. Start free.
New to REPE modeling? Follow this sequence to build up your skills systematically.
Understand the real estate acquisition model structure — NOI, cap rates, hold period assumptions, and how IRR and cash-on-cash are derived.
Build the full unlevered acquisition model for a multifamily lease-up from scratch. Get comfortable with Excel structure before adding complexity.
Case study 1 — free →Add debt to the model. Learn how lenders think about sizing, how to use a SOFR-based rate curve, and how to compare derivative hedging strategies.
Case study 2 →Layer in an equity waterfall with GP promote, asset management fees, and preferred returns. Solve for partnership-level IRRs.
Case study 3 →I got into Real Estate Private Equity from a non-traditional background — I started my career as an engineer in New York City, designing and building high-rise residential and office buildings. After several years working for real estate developers and investors, I transitioned to the ownership side by way of graduate school.
When I landed my first associate role at a large institutional investor, I realized there were nuances to the job that graduate school, raw computational ability, or generic Excel practice wouldn't fully prepare you for. The context matters as much as the mechanics.
That's the rationale behind these case studies. You'll practice Excel modeling — but you'll do it in the most realistic scenarios you'd actually encounter when you start your job. The first case study is free. If you find it useful, the rest of the series is there when you're ready.
Whether it's about the material, a custom session, or something else — reach out directly.
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