Acquisitions / Development Modeling Test

The style of model they request will really depend on the type of firm you are interviewing for. If you're interviewing in NYC for Blackstone or Hines for an entry level analyst position you should probably expect a case study with some basic metrics provided. Almost all firms either use either Multifamily/Retail/Office models with Multifamily being the most common, however, if you're interviewing specifically for student housing you should be ready for a student housing model. 

Depending on the length of time they give you, you can generally tell what type of model you will be expect to do. 1 Hour models will probably be basic and just a general pro forma with an IRR and EMX return. 2 hour models could be a combination of a basic pro forma with a waterfall or a more complex waterfall. 3 Hour models could be a modeling up a ground up development with a pro forma once stabilized with a basic waterfall to show your comprehension of the concept. These are just examples of what could be expected and should not be taken as gospel but are very likely scenarios. The main question you should be asking yourself is "what type of assets do they focus on and what type of firm is this", this should answer about 60% of what you should prep for and the rest is left to luck.

Expect them to provide a situation with a series of assumptions provided and the rest will be up to you to make up and notate explicitly. I understand this isn't the most helpful answer but it's impossible to know what to prep for without knowing what type of firm you are interviewing for.