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 Analyst to join the Investments team in a foundational role supporting underwriting, diligence, and asset management across the firm's acquisition and development activities. Reporting to the VP of Investments, the Analyst will be responsible for building and maintaining financial models, supporting diligence on new opportunities, and contributing to Investment Committee materials. This is a high-impact role for an early-career candidate who brings strong analytical fundamentals, intellectual curiosity, and a willingness to take initiative. WHAT YOU'LL DO * Build and maintain financial models for acquisitions, ground-up development, and value-add multifamily across Canadian and US markets * Support underwriting on new opportunities — sources & uses, development budgets, lease-up assumptions, debt sizing, waterfall mechanics, and LP/GP returns * Maintain the deal pipeline tracker and prepare preliminary screens for review by senior team members * Coordinate and synthesize third-party due diligence and project reporting — including appraisals, cost consultant reports, first draw reports, and market studies * Build and update joint venture waterfall and partner economic models under the direction of senior team members * Maintain monthly cost-to-date (CTD) and cost-to-complete (CTC) model updates across the active development portfolio, working with construction and project management teams to capture actuals and flag variances * Prepare model outputs, return scenarios, and analytical content to support capital raising and LP fundraising materials * Prepare lender models, covenant testing schedules, and term sheet comparison analyses to support debt raising and financing workstreams * Run sensitivity and scenario analyses to support investment theses * Draft sections of Investment Committee memos and prepare supporting exhibits and analyses * Conduct market research and comparable analysis across our active jurisdictions * Partner with development, construction, and property management teams to gather inputs and validate assumptions WHAT WE'RE LOOKING FOR * 2–4 years of experience in real estate private equity, real estate development, real estate investment banking, or a related analytical role * Exposure to development or multifamily underwriting strongly preferred * Bachelor's degree in finance, real estate, economics, or related field * CAIA and/or CFA candidate viewed favorably * Strong Excel and financial modeling fundamentals — comfortable building from a template and progressing toward building from scratch * Demonstrated ability to leverage AI tools and embed AI into modeling and analytical workflows to drive productivity is required * A genuine self-starter who takes initiative, asks the second and third questions, and drives tasks to completion without prompting * Demonstrated ownership mentality — takes pride in the quality of their work product and consistently goes beyond the brief * Comfortable working cross-functionally in a team environment and proactive in flagging issues to senior team members * Strong written communication — precision and attention to detail are essential WHY ADI You'll work alongside senior leadership and the Investments team on a platform pursuing one of the most important investment theses in North America: affordable rental housing at scale. The role offers exceptional learning, exposure to live transactions across the deal lifecycle, and a clear path to Associate 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! Adi Development Group is committed to fostering an inclusive, accessible environment where all employees and customers feel valued, respected and supported. We build teams that reflect the diversity of the communities we serve, and we hire based on merit and the principle of equity in employment. We welcome applications from all qualified individuals. Upon request, accommodation will be provided during the recruitment process to ensure equal access for applicants with disabilities. If you are selected for an interview and require accommodation, please inform Human Resources.