Investment Associate

What You'll Do

Lead financial modeling and underwriting for acquisitions, ground-up development, and value-add multifamily across the GTA
Lead underwriting on new opportunities — sources & uses, development budgets, lease-up assumptions, debt sizing, waterfall structures, and LP/GP returns — and present recommendations to the Investment Committee
Manage the deal pipeline and lead preliminary investment screens to filter opportunities before full underwriting
Lead third-party due diligence and project reporting workstreams — including appraisals, cost consultant reports, first draw reports, and market studies — through closing and into construction
Structure and model joint venture waterfalls, promote structures, and partner economics, working alongside legal counsel on key deal documents
Own monthly cost-to-date (CTD) and cost-to-complete (CTC) model updates across the active development portfolio, partnering with construction and project management teams to validate actuals, reforecast remaining spend, and flag variances to budget
Partner with senior leadership on capital raising and LP fundraising, producing model outputs, return scenarios, track records, and analytical content for PPMs, teasers, IC decks, and DDQ responses; participate in LP meetings as required
Lead debt raising and financing workstreams, including construction loan sizing, refinancing analysis, lender models, covenant testing, and term sheet negotiation support across senior, mezzanine, and CMHC-insured structures
Run sensitivity and scenario analyses to stress-test investment theses
Author Investment Committee memos and present transactions to IC; contribute to LP reporting, fundraising materials, and ODD responses
Conduct market research and comparable analysis across our active jurisdictions
Partner with development, construction, and property management teams to validate inputs and ground-truth assumptions
Contribute to the development of the firm's underwriting standards and templates

What We're Looking For

3–6 years of experience in real estate private equity, real estate development, or real estate investment banking, with direct exposure to ground-up development underwriting
Development underwriting and modeling experience is required; multifamily experience strongly preferred
Hands-on experience with CTD/CTC reforecasting and development cost tracking is a strong asset
Advanced Excel and financial modeling skills — you can build a model from a blank sheet, not just plug into a template
MBA from a recognized program required
CAIA and/or CFA designation preferred
Bachelor's degree in finance, real estate, economics, or related field
Demonstrated ability to leverage AI tools and embed AI into modeling and analytical workflows to drive productivity is required
Demonstrated ability to lead transactions independently and present to senior leadership and external stakeholders, including LPs, lenders, and JV partners
A genuine self-starter who identifies issues independently, drives them to resolution, and does not require direction to move work forward
A track record of forming and defending a point of view — we expect the Associate to bring recommendations to the table, not just outputs, and to back them with sound analysis
Demonstrated ownership mentality — treats the underwriting function as their own and consistently goes beyond the brief to pressure-test assumptions and improve the work product
Comfortable operating with limited oversight in a team environment, working cross-functionally across departments, and proactive in flagging risks, gaps, and opportunities to senior leadership
Strong written and verbal communication — IC memos, LP communications, and lender presentations are central to the role

Why Adi?

You'll work directly with senior leadership on a platform pursuing one of the most important investment theses in North America: affordable rental housing at scale. The role offers genuine deal ownership, direct exposure to institutional capital partners and lenders, and a defined development path for a candidate who performs.


Learning & Development Reimbursement: Adi encourages team members to never stop learning and continuously improve.

Competitive Paid Time Off: Team members are provided with substantial paid vacation, wellness, and sick days annually.

Competitive Salaries: Adi regularly conducts compensation market reviews to ensure our total compensation package remains competitive.

Employee Home Ownership Program: Adians have the opportunity to live in the beautiful communities we create through our Employee Home Ownership Program. Eligible team members will receive a % discount off the total purchase price.

Comprehensive Benefits Plan: Adi provides all full-time team members and dependents with benefits coverage for dental, prescriptions, vision care, paramedical practitioners, life insurance and more

Flexible Health, Lifestyle & Wellness Personal Spending Account: Annual health, lifestyle & wellness spending accounts that can be used for fitness classes, gym memberships, family & pet needs, additional health benefits and more!