Senior Development Analyst

Chicago Residential Investment Fund; Chicago (IL); On-site; USD 90,000 - 130,000; Full time

Job summary

Chicago Residential Investment Fund is seeking a Senior Development Analyst or Development Associate to join its investment team in Chicago. This role focuses on financial modeling, underwriting, and analyzing multifamily development and investment opportunities, working closely with the Director of Investments to evaluate potential investments.

The successful candidate will monitor ongoing projects, conduct market research, prepare decision-ready analyses, and support due diligence, closings,

Qualifications

• At least three years of experience in market-rate real estate investment analysis, acquisitions, or development finance with multifamily exposure.
• Expert Excel skills capable of auditing and creating complex financial models from scratch, including JV waterfalls and Co-GP structures.
• Strong understanding of market-rate multifamily underwriting, development economics, and investment returns.
• Experience with development budgets, schedules, construction processes, lease-up, and project stabilization.
• Excellent analytical and communication skills, able to manage multiple projects and deadlines independently.
• Bachelor’s degree in related fields; MBA or master’s in real estate a plus.

Responsibilities

• Develop, maintain, and audit detailed financial models for multifamily investments, including ground-up development, adaptive reuse, acquisitions, recapitalizations, and refinancings; cover capital structures and waterfalls.
• Evaluate opportunities by analyzing budgets, schedules, market conditions, lease-up assumptions, financing terms, exit strategies, and key return factors.
• Support due diligence and closings by reviewing project, financing, and third-party information and summarizing key terms.
• Monitor active development projects, assess performance against plans, identify variances and risks.
• Collaborate with co-development partners, consultants, lenders, and others to gather and assess project information.
• Prepare investment committee materials, portfolio reporting, and other analysis supporting investment decisions.
• Track market comparables, submarket trends, and portfolio performance to inform underwriting and strategy.
• Other analysis and projects as needed.

Skills

Advanced Excel

Financial modeling

Underwriting

Market-rate real estate investment分析

Development economics

Communication skills

Education

Bachelor's degree in real estate, finance, economics, accounting, engineering, architecture

MBA or master’s degree in real estate

Tools

Excel

Job description

The Chicago Residential Investment Fund is deploying a nine-figure equity allocation to co-investalongside 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 analyzingmultifamily development and investment opportunities. This individual will work closely with theDirector 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 contributionthrough 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 asdevelopment 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 onperformance and the organization’s needs.

Core Responsibilities

• 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-partyinformation 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 supportinginvestment decisions and fund planning.
• Track market comparables, submarket trends, and portfolio performance to informunderwriting and strategy.
• Other analysis and projects, as assigned on an as needed basis.

Required Qualifications

• At least three years of experience in market-rate real estate investment analysis,acquisitions, or development finance, with significant exposure to multifamily developmentprojects.
• 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, andpreferred 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.

Preferred Qualifications

• 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.

Attributes for Success

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