Senior Development Analyst

The Chicago Residential Investment Fund is deploying a nine-figure equity allocation to co-invest alongside experienced market-rate developers in the Chicago market. Deals are structured as CoGP, LP, or preferred equity investments. The investment strategy is both long-term and flexible,enabling the deployment of capital during all phases of the real estate cycle with the goal to buildaportfolio of institutional-quality assets.

The Senior Development Analyst or Development Associate is a critical member of the Fund’s investment team, primarily responsible for financial modeling, underwriting, and analyzing multifamily development and investment opportunities. This individual will work closely with the Director of Investments to evaluate potential investments, monitor ongoing development projects,conduct market research, and prepare clear, decision-ready analyses.

This role is intended for a highly analytical professional who can make an immediate contribution through underwriting, financial modeling, and investment analysis. As the Fund has a lean team,the candidate will also have the opportunity to develop broader experience in areas such as development oversight, transaction execution, and fund strategy. As the Fund and team grow,there will be opportunities for the individual to take on greater responsibilities based on performance and the organization’s needs.

• Develop, maintain, and audit detailed financial models for multifamily investments,including ground-up development, adaptive reuse, acquisitions, recapitalizations, andrefinancings; including capital structures, waterfall distributions, and sensitivity analyses.
• Evaluate opportunities by analyzing development budgets, schedules, market conditions,lease-up assumptions, financing terms, exit strategies, and other key return factors.
• Support due diligence and closings by reviewing project, financing, and third-party information in order to summarize key economic terms.
• Monitor active development projects, assess performance against approved plans, and identify significant variances and potential risks.
• Collaborate with co-development partners, consultants, lenders, and other participants togather and assess project information.
• Prepare investment committee materials, portfolio reporting, and other analysis supporting investment decisions and fund planning.
• Track market comparables, submarket trends, and portfolio performance to inform underwriting and strategy.
• Other analysis and projects, as assigned on an as needed basis.

• At least three years of experience in market-rate real estate investment analysis,acquisitions, or development finance, with significant exposure to multifamily development projects.
• Expert Excel skills with proven ability to independently audit and create complex real estate financial models from scratch. Includes modeling joint venture waterfalls or Co-GP, LP, and preferred equity structures.
• Strong understanding of market-rate multifamily underwriting, development economics, capital structures, and investment returns.
• Experience with development budgets, schedules, construction processes, lease-up activities, and project stabilization.
• Excellent analytical and communication skills, coupled with the ability to manage several projects and deadlines independently.
• Bachelor’s degree in real estate, finance, economics, accounting, engineering,architecture, or a demonstrated expertise in real estate finance post-graduation; MBA or master’s degree in real estate a plus.

• Demonstrated understanding of entitlements, zoning, and permitting.
• Familiarity with development monitoring, transaction documents, and materials from
• investment committee meetings.
• Knowledge of the Chicago multifamily market, including rent dynamics, submarketconditions, and entitlement processes.
• Experience presenting to investors.
• Familiarity with accretive sustainability investments.
• Experience modeling at the fund level.

• Highly analytical, technically proficient, and attentive to detail.
• Intellectually curious in understanding both the financial and operational dimensions of development.
• Able to question assumptions constructively and identify risks that may not be immediately apparent.
• Able to synthesize complex information, identify decision-relevant issues and data points,and succinctly communicate conclusions.
• Comfortable working in a lean, entrepreneurial environment with evolving processes and priorities.
• Proactive, collaborative, and motivated to expand beyond a core analytical role as the organization grows.