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Multifamily Development Advisory
market strategy
For Developers, Lenders, and Family Offices
About Us
Stonewater Group is a commercial real estate advisory firm focused exclusively on the multifamily development sector.
We deliver actionable insights to developers, investors, and lenders seeking to enter new markets or increase their current allocations. Our approach combines deep market intelligence with hands-on project navigation, helping clients maximize returns while mitigating risk at every stage of the development cycle.
Our mission is to be a trusted, long-term partner for multifamily stakeholders, blending institutional-grade analysis with personalized, boutique-level service.
Independent Analysis Across
the Capital Stack
We deliver unbiased insights that empower developers, investors, and lenders to make clear, confident investment decisions.
Developers
Emerging Developers | Established Developers
Emerging Developers
Establishing credibility as an early-stage sponsor can be challenging. We support your efforts with robust underwriting, market-backed assumptions, and institutional-grade deliverables that help build trust and accelerate your capital raise.
Established Developers
While internal teams often handle day-to-day underwriting, entering a new market introduces unfamiliar assumptions, data gaps, and local dynamics. We provide market-specific analysis, comps, and underwriting support to help you confidently evaluate new geographies and ensure alignment with local fundamentals.
Investors
Family Offices | HNW Individuals | PE Firms | Investment Advisors
Family Offices
Reviewing a high volume of sponsor deals with varying levels of detail can make risk assessment difficult. We offer independent underwriting and market validation to help you efficiently evaluate opportunities and protect capital across diverse geographies and operators.
HNW Individuals
Direct investments in real estate often rely heavily on sponsor materials. We provide a layer of objective diligence—assessing the realism of assumptions, highlighting key risks, and helping you make informed, confident investment decisions.
PE Firms
Efficiently comparing multiple opportunities across markets and sponsors requires consistency and speed. We deliver standardized, data-driven underwriting and market analysis that supports your internal review process and streamlines investment committee preparation.
Investment Advisors
Advisors must ensure clients are entering high-quality, well-underwritten investments. We offer third-party deal reviews and market insights that help validate sponsor materials and support your role as a trusted fiduciary.
Lenders
Regional Banks | Credit Unions | Debt Funds | Public Programs
Regional Banks
Limited internal capacity and unfamiliarity with sponsor projections can increase underwriting risk. We provide neutral, third-party analysis that supports your credit team with clear insights, realistic assumptions, and a structured review of key deal metrics.
Credit Unions
Evaluating multifamily opportunities often requires specialized expertise. We offer independent underwriting support to help you assess deal viability and make prudent, well-informed lending decisions.
Debt Funds
Time-sensitive underwriting and higher-risk profiles require rapid, accurate diligence. We deliver responsive third-party analysis, scenario testing, and assumption reviews to help you move quickly while maintaining underwriting discipline.
Public Programs
SBA, HUD, and similar programs demand detailed, compliant reports. We prepare professional feasibility studies and underwriting documentation that meet program standards and support transparent, well-supported loan decisions.
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Markets Nationwide
Combined Value of Underwritten Projects
Clients Served
What We Offer
Our services are designed to support projects across the lifecycle of a development opportunity — from early market screening to comprehensive underwriting and investor‑ready presentations.
Market Strategy & Site Selection
For early stage screening and deal sourcing — helping all parties focus time and capital on the right opportunities
Market Opportunity Analysis
Identify high-growth markets and emerging neighborhoods.
Competitive Supply and Demand Studies
Benchmark supply pipelines and absorption results.
Pipeline & Rent Forecasting
Anticipate future supply, demand and rent trajectories.
Site & Submarket Selection
Match your investment criteria and buy box to the right location.
Underwriting & Financial Feasibility
For evaluating risk, returns, and deal viability — delivering actionable, data-driven insights for confident decision-making.
Development Pro Forma modeling
Build accurate financial modes for ground-up multifamily projects.
Financial Feasibility
Validate assumptions with data‑driven demand, supply and rent analyses.
Transaction Due Diligence
Evaluate risks and returns quickly so you can bid competitively and confidently.
Sensitivity & Scenario Analysis
Understand how changes in rents, costs and financing affect your outcomes.
Project Strategy & Capital alignment
For crafting data-driven narratives that communicate project potential, align capital strategy, and position developments for successful investment and execution.
Investment Memos & Pitch Materials
Develop compelling narratives backed by thorough analysis.
Product Positioning & Optimization
Fine‑tune unit mixes, amenities and pricing to maximize returns.
Capital-Markets Storytelling
Align your deal with lender and investor expectations.
Phasing & Land-Use Programming
Develop strategies for complex, multi‑phase projects or mixed‑use sites.
How It Works
Discovery Call
A focused discussion to understand project goals and define where support is most valuable.
Scope & Proposal
A tailored proposal outlining services, timeline, and deliverables.
Execution & Delivery
Completion of market strategy, underwriting, or communications support, with final materials delivered in a clean, decision-ready format.
Review & Support
Optional review sessions and continued support available for future opportunities.
Real-World Results
Explore how we’ve helped real estate sponsors and investors move forward with confidence. Each case highlights a different deal stage, challenge, and outcome.
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Family Office Investment Strategy | Austin, TX
Family Office Investment Strategy | Austin, TX
Advised a family office exploring ground-up multifamily development by helping identify target markets, then screening multiple opportunities presented by operating partners.
Client needed to build conviction around where to invest and how to assess sponsor-led deals without an internal real estate team.
We conducted a multi-market analysis to identify high-growth regions, then reviewed underwriting, assumptions, and deal terms across several GP-led multifamily opportunities.
The family office selected a preferred market, passed on several high-risk deals, and ultimately committed equity to a project with stronger fundamentals and aligned sponsorship.
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Underwriting & Capital Raise Support for Developer | Nashville, TN
Underwriting & Capital Raise Support for Developer | Nashville, TN
Partnered with a local sponsor actively pursuing multifamily development sites in Nashville, delivering institutional-grade underwriting and materials that helped drive both equity and debt conversations.
Client needed support underwriting a growing pipeline of opportunities while also preparing professional materials to engage capital partners.
We underwrote multiple sites with custom models and market-backed assumptions, then packaged each opportunity into polished deliverables to support lender conversations and investor outreach.
Client submitted offers on several sites and used our deliverables to successfully secure interest from both equity and lending partners, accelerating their deal pipeline.
Credit Committee Support for Construction Loan | Miami, FL
Credit Committee Support for Construction Loan | Miami, FL
Worked with a regional bank to assess the market strength and risk profile of a multifamily construction project, delivering an objective feasibility review to support their internal credit process.
Client needed a third-party view on demand, rents, and overall market positioning to inform the credit committee.
We prepared a custom market study and underwriting review benchmarking against recent comps and new supply.
Loan was approved with confidence, citing our report in the internal memo and keeping us on for future pipeline deals.
"Stonewater has become an integral part of our multifamily pipeline. They consistently deliver fast, accurate insights that have helped us evaluate deals quickly and accurately."
"The level of detail was exceptional, and their quick turnaround when adding more complexity to the project has provided incredible value for our business. I enthusiastically recommend Stonewater to anyone in need of proficient financial analysis."
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