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Research

Notes from the Teez team on underwriting, cap rates, and CRE market fundamentals — backed by dated, published data.

What It Actually Costs to Run a Multifamily Syndication: A Back-Office Breakdown

Nik Shakeri

Nobody publishes a benchmark for GP back-office spend. This note assembles one from vendor price lists, fund-formation guides and compensation surveys — legal, K-1s, fund admin, software, compliance and analyst labor — and adds it up for three sponsor profiles: roughly $86K, $260K and $506K a year, with the smallest sponsors paying the highest share of fee income.

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How Fast Do Multifamily Underwriting Assumptions Go Stale? Evidence from 2025–2026

Nik Shakeri

A multifamily acquisition model rests on a handful of market inputs set once at the start of underwriting. This note measures how much three of them — debt cost, rent-growth forecasts, and transaction activity — actually moved during 2025–2026, then runs a representative deal through the observed changes: enough to cut the 5-year levered IRR by up to 470 bps.

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