Tristan Capital Partners - Excel Modelling Test

It's kind of difficult give you the specific answer your are looking for. However, as a more general note, what they undoubtedly are trying to gauge is your understanding of real estate finance and to see that you are not complete novice in excel. That being said, in the past what I've seen is generally a simple value-add acquisition of a office/residential building where you have a simple rent roll and some key assumptions relating to expenses, financing, leases, return requirement etc. From there, you generally are expected to model out these cash flows and generate some key metrics such as IRR/EMx/CoC and various sensitivity analyses. 

If this is a more senior analyst/associate role, I think the test generally are more complex, perhaps with multiple layers of debt, specific return requirements, draw schedules etc. From what I know about Tristan, the technical test is not their most important step and functions more like a check-the-box. I would focus more on the firm itself and making sure it is a personality fit. 

Good luck!