The development of space and water heating combination heat pumps capable of generating water temperatures high enough for convective heat emitters will enable more cost-effective and equitable decarbonization solutions for electrifying multifamily buildings. In this paper, multifamily building models and a charge-sensitive mechanistic cycle model of a combination heat pump are developed, and the system performance is predicted based on the models. Unlike other state-of-the-art residential heat pumping equipment, the modeled combination heat pump using an economized, fluid-injected variable-speed compressor can achieve higher temperature lifts of 40° – 85°C, with lower installation costs and complexity. The model predicted heating coefficient of performance (COPh) is 2.1 at an ambient temperature of −15°C with a high-temperature lift of nearly 85°C, and a seasonal coefficient of performance in heating mode (SCOPh) ranges from 2 – 4 for different locations. The system shows 30% – 90% lower CO2eq emissions over a condensing gas boiler and 9% – 13% lower projected installation costs than two separate space and water heat pumping appliances.