#550: How To Underwrite A 65-Unit Ground-Up Development | Denver Real Estate Analysis

Ever wonder how professional developers evaluate multifamily opportunities? Join us for an in-depth analysis with Adam Fenton of Narrate Holdings as we dissect the numbers behind a 65-unit luxury development in Denver’s Wash Park neighborhood. From site acquisition to construction costs and rental projections, discover how experienced developers approach complex projects in today’s market. Learn how this $4.1M land acquisition will transform into a $32M+ asset targeting completion in 2027. Key insights from this episode: How market knowledge led to acquiring prime land at $4.1M versus original $6.8M asking price Strategic decision-making behind unit mix: why larger one-bedrooms outperform studios The impact of construction loan terms and development fees on project feasibility Conservative underwriting approach: using current rents for 2027 delivery Exit strategy considerations: why a 5% cap rate leaves room for investor upside This step-by-step analysis showcases real-world development math while highlighting the importance of patient deal-making and conservative assumptions. Real estate professionals and investors will gain valuable insights into institutional-grade deal evaluation. https://youtu.be/lDCrllhYJHk Timestamps (03:55) Land Acquisition(13:31) How to Do a Rent Study(18:56) Underwriting the Deal(27:07) Financing Strategy(34:34) Exit Strategy and Cap Rates(38:38) Market Dynamics(39:54) Q+A Links to Podcast Interested in learning more about Narrate? Schedule a call with our team here Visit Narrate Holdings Website Check out our other Narrate podcasts: Episode 499: How this Developer’s Creative Debt Financing Strategy Helps Them Stand Out w/ Adam Fenton Episode 501: Real Estate Development from Concept to Reality | Deal Analysis Episode 541: The $31M Solution for the Forgotten Middle: Affordable Workforce Housing Who is Narrate Holdings? Narrate is a Denver-based firm specializing in the investment and development of urban-infill multifamily and mixed-use real estate in major metropolitan markets throughout the Western U.S. They ensure that each project, created to collaborate community, culture, and commerce, delivers enduring value to its local environment. Narrate’s portfolio includes a diversified mix of ground-up development, existing value-add, and adaptive reuse properties. Our investment thesis relies on patience and discipline, focusing exclusively on well-located but underperforming assets that offer immediate value creation and long-term stability. Disclaimer: This podcast provides educational and informational content only. It does not constitute personalized financial, legal, or tax advice.