Investment Associate

ADI Development Group is a vertically integrated Canadian real estate developer and investment manager based in the Greater Toronto Area. With an established track record across Canadian markets, ADI develops, builds, and manages institutional-quality multi-unit residential communities, with a current focus on affordable rental development at scale. The platform brings development, construction, and property management capabilities together under one roof. We are seeking an Associate to join the Investments team, with end-to-end responsibility for underwriting, structuring, and execution across the firm's acquisition and development activities. Reporting to the VP of Investments, the Associate will lead financial modeling and diligence on new opportunities, contribute to investment decisions through Investment Committee, and partner with senior leadership on capital formation and lender relationships.

Responsibilities

Lead financial modeling and underwriting for acquisitions, ground-up development, and value-add multifamily across the GTA; Lead underwriting on new opportunities, including 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; Lead third-party due diligence and project reporting workstreams through closing and into construction; Structure and model joint venture waterfalls, promote structures, and partner economics, working alongside legal counsel; Own monthly CTD and CTC model updates across the active development portfolio; Partner with senior leadership on capital raising and LP fundraising; Lead debt raising and financing workstreams, including construction loan sizing, refinancing analysis, lender models, covenant testing, and term sheet negotiation support; 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 active jurisdictions; Partner with development, construction, and property management teams to validate inputs; Contribute to the development of the firm's underwriting standards and templates

Requirements

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; Advanced Excel and financial modeling skills, with the ability to build a model from a blank sheet; MBA from a recognized program required; 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 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 and drives them to resolution; A track record of forming and defending a point of view, with recommendations backed by sound analysis; Demonstrated ownership mentality; Comfortable operating with limited oversight in a team environment and working cross-functionally; Strong written and verbal communication

Nice to have

Multifamily experience strongly preferred; Hands-on experience with CTD/CTC reforecasting and development cost tracking is a strong asset; CAIA and/or CFA designation preferred

Benefits

Learning & Development Reimbursement; Competitive Paid Time Off; Competitive Salaries; Employee Home Ownership Program; Comprehensive Benefits Plan covering dental, prescriptions, vision care, paramedical practitioners, and life insurance for full-time team members and dependents; Flexible Health, Lifestyle & Wellness Personal Spending Account; Defined development path