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Build Your Pipeline Around Conviction
Multifamily Development Advisory
for Developers, Investors, and Lenders
About Us
Stonewater Group is a real estate advisory firm focused on the multifamily development sector.
We partner with developers and investors to build a documented investment thesis and execute it across the lifecycle of a deal - from market selection and sourcing through underwriting, capital raising, and asset management.
Our mission is to be a trusted, long-term partner for multifamily stakeholders, blending institutional-grade analysis with personalized, boutique-level service.
Thesis-Driven Advisory Across
the Capital Stack
We deliver actionable insights that empower our clients 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
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 organized around the full development lifecycle — from market selection and deal sourcing through underwriting, capital raising, and asset management. Engagements can be scoped to a single deliverable or structured as a connected, multi-phase relationship that builds over time.
THESIS FORMATION
Establish where to deploy capital, why, and under what conditions — before a deal is ever evaluated.
National Market Strategy & Selection
A data-driven framework for prioritizing U.S. markets based on demographic trends, supply dynamics, rent growth, and cycle positioning — including market scoring, supply and pipeline risk assessment, and ranked market outputs with supporting rationale.
Submarket Strategy & Selection
A focused analysis identifying the most compelling submarkets within a target metro, accounting for supply concentration, renter demand, and competitive positioning.
SOURCING
Systematic sourcing and qualification of development opportunities within your defined markets and investment criteria.
Opportunity Sourcing
A structured process for identifying and qualifying development sites within target submarkets based on predefined investment criteria.
Preliminary Deal Screen
A rapid assessment of each opportunity against minimum return thresholds, basis assumptions, and key risk flags before committing to full underwriting.
Underwriting & Feasibility
Rigorous site-level analysis covering market fundamentals, financial performance, and deal viability — structured around a clear investment recommendation.
Site Market Analysis
A deep, site-level analysis covering local demographic and renter profiles, competitive inventory and pipeline, achievable rent positioning, absorption and lease-up assumptions, and demand depth and sustainability.
Financial Model
A comprehensive financial model covering detailed sources and uses, market-supported rent and expense assumptions, financing structures, sensitivity analysis across rents, costs, timing, and exit caps, and summary outputs including IRR, equity multiple, and yield-on-cost.
Investment Committee Memo
A structured internal narrative covering executive summary and recommendation, market and project overview, key risks and mitigants, return profile and sensitivities, and approval conditions.
Capital Packaging & Investment Materials
For translating the investment thesis into data-driven narratives that communicate project potential, align capital strategy, and position developments for successful investment and execution.
Capital Partner & Lender Presentation
A concise, visually structured presentation covering project positioning, market highlights, financial returns, capital structure, and a risk summary — designed to support lender and equity conversations.
Offering Memorandum
A comprehensive investment document covering the full project narrative: market and site context, financial projections, capital structure, risk disclosures, and sponsorship background — structured for third-party equity raises and institutional capital.
Asset Management & Performance Monitoring
Ongoing oversight of operating performance, capital obligations, and exit positioning, benchmarked against original underwriting.
Asset Performance Reporting
Track rent roll, turnover, and operating results against underwriting assumptions.
Capital & Debt Covenant Monitoring
Active oversight of financing structures, maturity schedules, and refinancing triggers.
Exit & Recapitalization Strategy
Hold/sell analysis, exit timing scenarios, and market-driven valuation logic.
Investment Operating System (IOS)
The Investment Operating System connects each phase into a single, compounding framework — one where market intelligence builds over time, underwriting assumptions remain consistent across every deal, and capital conversations are backed by analysis that predates the opportunity.
The result is not only better individual decisions, but a platform that improves with every deal.
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 the engagement with final materials delivered in a clean, decision-ready format.
Review & Support
Optional review sessions and continued support available as deals evolve in real-time.
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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