Underwriter - Multifamily Housing

Who We Are

BH Management, LLC is a people-first multifamily owner and operator that grew from a small startup into one of the nation's largest commercial real estate companies. Founded in 1993, BH is celebrated for its simple commitment to doing business the right way and investing in its team. Today, BH manages over 100,000 units, employs over 2,800 people, owns its processes in-house, and is praised by Fortune Magazine as the “Best Workplace for Women,” “Best Workplace for Millennials,” and “Best Workplaces for Diversity.” Powered by innovation and a can-do attitude, BH improves daily, striving to construct a smarter way to live, invest, manage, and grow.

BH is passionate about setting the standard in the multifamily industry. We are a welcoming band of go-getters who think big, sweat the details, and take our work (but never ourselves) too seriously. We set our sights high, own our mistakes, and turn lemons into lemonade. We are incredibly proud of where we’ve come and are ready to tackle what’s next. Come join us!

Job Summary:

Underwriter – Multifamily Housing will evaluate investment opportunities through financial modeling, market research, due diligence, and risk analysis. The role uses approved AI, automation, and data tools to improve the speed and quality of underwriting while independently validating all assumptions, calculations, and conclusions. Success requires strong real estate judgment, analytical rigor, data integrity, and clear, decision-ready recommendations.

Key Responsibilities

Underwriting and valuation - Build, maintain, and audit acquisition models for multifamily investments, including value add, core/core-plus, and other strategies as applicable. Analyze unlevered and levered returns, IRR, equity multiple, cash-on-cash return, cap rates, yield on cost, debt-service coverage, breakeven occupancy, and exit scenarios.

Operating analysis - Normalize trailing operating statements; reconcile rent rolls to property level revenue; evaluate occupancy, loss-to-lease, concessions, bad debt, delinquency, other income, payroll, repairs and maintenance, utilities, taxes, insurance, management fees, and replacement reserves.

Business plan assessment - Evaluate renovation scope, rent premiums, unit turn timing, lease up assumptions, operating efficiencies, capital requirements, and execution constraints. Translate the business plan into phased cash flows and measurable underwriting assumptions.

Scenario and downside analysis - Build base, upside, and downside cases; stress test rent growth, occupancy, collections, expense inflation, renovation pace, interest rates, financing proceeds, cap rates, and exit timing. Identify the variables most likely to impair returns or liquidity.

Market and competitive intelligence - Assess submarket supply and demand, deliveries, absorption, rent and occupancy trends, concessions, comparable properties, employment drivers, demographics, taxes, insurance conditions, and regulatory or physical risks relevant to the investment thesis.

Debt and capital structure - Evaluate agency, bank, bridge, and other financing alternatives as applicable, including proceeds, pricing, amortization, interest-only periods, reserves, covenants, prepayment provisions, extension terms, and refinance risk.

Due diligence - Support financial, operational, physical, environmental, legal, tax, insurance, and third-party diligence. Maintain an assumption and issue log, resolve data discrepancies, quantify identified risks, and update the underwriting as findings emerge.

Investment communication - Prepare concise investment memoranda, approval materials, model outputs, and presentations that explain the thesis, key assumptions, sensitivities, risks, mitigants, and recommended decisions. Respond clearly to investment committee and leadership questions.

Cross-functional partnership - Partner with Acquisitions, Capital Markets, Asset Management, Property Operations, Construction, Accounting, Legal, Risk, and other internal stakeholders to ensure assumptions reflect executable operating plans and current financing conditions.

Post-close learning - Compare original underwriting with actual operating performance, document variance drivers, and incorporate lessons learned into assumptions, templates, screening criteria, and future investment decisions.

Data and process discipline - Maintain organized deal files, version control, comparable databases, assumption libraries, and pipeline records. Improve templates, controls, and repeatable workflows without weakening review standards.

AI, Automation, and Data Expectations

AI-enabled workflow - Use approved AI and automation tools to assist with offering memorandum review, rent roll and T-12 extraction, data normalization, comparable property research, issue spotting, first pass scenario generation, and drafting of investment narratives.

Validation - Reconcile AI-assisted outputs to source documents and approved models; verify formulas, mappings, citations, assumptions, and conclusions before use.

Prompting and workflow design - Create clear, reusable instructions, templates, and quality checks that improve the consistency and speed of analytical workflows. Identify opportunities to automate repetitive work while preserving appropriate review and approval controls.

Data governance and confidentiality - Use approved systems and follow company requirements for handling confidential, proprietary, personal, lender, broker, and transaction data.

Analytical fluency - Work effectively with structured and unstructured data and use modern reporting and visualization tools to identify patterns, exceptions, and decision relevant insights.

Continuous learning - Stay current on evolving AI capabilities, multifamily data sources, modeling practices, and underwriting risks; test new methods thoughtfully and recommend practical improvements.

Qualifications

Bachelor’s degree in finance, real estate, economics, accounting, business, data analytics, or a related field. Equivalent relevant experience in lieu of education.

2-5 years of experience in multifamily underwriting, acquisitions, commercial real estate, real estate private equity, lending, valuation, asset management, or investment analysis.

Advanced Excel and financial modeling capability, including cash-flow modeling, sensitivity analysis, data validation, model auditing, and clear documentation of assumptions.

Strong command of multifamily operating statements, rent rolls, property valuation, investment return metrics, debt sizing, and capital structure analysis.

Demonstrated ability to evaluate incomplete or inconsistent information, ask effective diligence questions, and distinguish facts, estimates, assumptions, and judgment.

Ability to use AI-assisted tools responsibly and to validate outputs against source data, approved methodologies, and investment standards.

Strong written and verbal communication skills, including the ability to present complex analysis in a concise, decision oriented format.

High attention to detail, intellectual curiosity, sound judgment, and the ability to manage multiple transactions and deadlines.

Preferred Qualifications

• Institutional multifamily acquisition, lending, valuation, or investment-management experience.
• Experience with value-add underwriting, renovation programs, property-level operating models, and post-acquisition variance analysis.
• Exposure to Fannie Mae, Freddie Mac, HUD/FHA, bank, life company, CMBS, bridge, or debt-fund financing, as relevant to the investment strategy.
• Experience with real estate and analytics platforms such as CoStar, Yardi, RealPage, ARGUS Enterprise, Power BI, Tableau, or comparable tools.
• Experience improving underwriting workflows through AI, data extraction, automation, standardized templates, or low-code tools.
• CCIM, CFA, CPA, MAI, graduate real estate/finance degree, or other relevant designation.

BH is an Equal Employment Opportunity Employer. We foster the diverse voices of our community by advocating for inclusivity, celebrating our differences, and continually evolving our practice to make BH a better place to work and live. Our posted compensation reflects the cost of talent across multiple US geographic markets. Pay is based on a number of factors and may vary depending on job-related knowledge, skills, and experience.

Originally posted on Himalayas