Who We Are
BH Management, LLC is a people-first multifamily owner and operator that grew from a small startup into one of the nation's largest commercial real estate companies. Founded in 1993, BH is celebrated for its simple commitment to doing business the right way and investing in its team. Today, BH manages over 100,000 units, employs over 2,800 people, owns its processes in-house, and is praised by Fortune Magazine as the “Best Workplace for Women,” “Best Workplace for Millennials,” and “Best Workplaces for Diversity.” Powered by innovation and a can-do attitude, BH improves daily, striving to construct a smarter way to live, invest, manage, and grow.
BH is passionate about setting the standard in the multifamily industry. We are a welcoming band of go-getters who think big, sweat the details, and take our work (but never ourselves) too seriously. We set our sights high, own our mistakes, and turn lemons into lemonade. We are incredibly proud of where we’ve come and are ready to tackle what’s next. Come join us!
Job Summary:
Underwriter – Multifamily Housing will evaluate investment opportunities through financial modeling, market research, due diligence, and risk analysis. The role uses approved AI, automation, and data tools to improve the speed and quality of underwriting while independently validating all assumptions, calculations, and conclusions. Success requires strong real estate judgment, analytical rigor, data integrity, and clear, decision-ready recommendations.
Key Responsibilities
Underwriting and valuation - Build, maintain, and audit acquisition models for multifamily investments, including value add, core/core-plus, and other strategies as applicable. Analyze unlevered and levered returns, IRR, equity multiple, cash-on-cash return, cap rates, yield on cost, debt-service coverage, breakeven occupancy, and exit scenarios.
Operating analysis - Normalize trailing operating statements; reconcile rent rolls to property level revenue; evaluate occupancy, loss-to-lease, concessions, bad debt, delinquency, other income, payroll, repairs and maintenance, utilities, taxes, insurance, management fees, and replacement reserves.
Business plan assessment - Evaluate renovation scope, rent premiums, unit turn timing, lease up assumptions, operating efficiencies, capital requirements, and execution constraints. Translate the business plan into phased cash flows and measurable underwriting assumptions.
Scenario and downside analysis - Build base, upside, and downside cases; stress test rent growth, occupancy, collections, expense inflation, renovation pace, interest rates, financing proceeds, cap rates, and exit timing. Identify the variables most likely to impair returns or liquidity.
Market and competitive intelligence - Assess submarket supply and demand, deliveries, absorption, rent and occupancy trends, concessions, comparable properties, employment drivers, demographics, taxes, insurance conditions, and regulatory or physical risks relevant to the investment thesis.
Debt and capital structure - Evaluate agency, bank, bridge, and other financing alternatives as applicable, including proceeds, pricing, amortization, interest-only periods, reserves, covenants, prepayment provisions, extension terms, and refinance risk.
Due diligence - Support financial, operational, physical, environmental, legal, tax, insurance, and third-party diligence. Maintain an assumption and issue log, resolve data discrepancies, quantify identified risks, and update the underwriting as findings emerge.
Investment communication - Prepare concise investment memoranda, approval materials, model outputs, and presentations that explain the thesis, key assumptions, sensitivities, risks, mitigants, and recommended decisions. Respond clearly to investment committee and leadership questions.
Cross-functional partnership - Partner with Acquisitions, Capital Markets, Asset Management, Property Operations, Construction, Accounting, Legal, Risk, and other…