Associate, Investments

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!