Job Description
TITLE: Associate, Development
CLASSIFICATION: Full Time
DEPARTMENT: Construction/Development
REPORTS TO: Senior Vice President, Development
Position Summary:
The Associate position is responsible for supporting developers for new Multifamily development projects. This includes support of underwriting, performing due diligence, funding, and closing development opportunities for the company and transitioning those opportunities to the construction management and property management teams.
Essential Duties and Responsibilities:
- Preparing pro forma financial models and analysis in Excel and potentially TechnoSun for real estate acquisition and development opportunities and potentially existing portfolio assets.
- Gathering and analyzing market information including sales and rent comparables, replacement costs, supply/demand fundamentals, capitalization rates, and other underwriting assumptions.
- Preparing real estate transaction presentations, packages, and analyses for the development team, the internal investment committee, investors, partners, and lenders.
- Managing and evaluating all aspects of due diligence for new development opportunities, including obtaining third-party reports, performing rent and expense analyses and market comparable studies, and reviewing any due diligence materials received from the seller.
- Coordinating entitlement processes; including putting presentation materials together, meeting with municipality officials and conducting community outreach.
- Supporting pre-development activities for new development opportunities, including obtaining third-party reports and studies, researching development constraints (regulatory, constructability, etc.), and assisting with the coordination of design and pre-construction.
- Supporting the finance team with the placement of debt financing for new development opportunities.
- Managing the transition of new development opportunities to in-house property management, construction, and finance teams to successfully integrate the assets with the existing portfolio, including providing those teams with appropriate information and documentation and preparing asset business plans and strategies.
- Overseeing reporting for specific projects to include, creating monthly pre-development reports, updating development trackers and schedules, reviewing leasing and marketing reports for accuracy.
- Remaining up to date with current market data and industry news.
Knowledge/Critical Skills:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Bachelor’s degree in Real Estate, Architecture, Interior Design, or Business; 2-4 years relevant work experience required. MBA – Real Estate/MSRED/MSRE along with 1-2 years’ relevant work experience preferred
- Prior work experience in Multifamily Development, Acquisitions/Investment, Asset Management, or Project Management/Construction strongly preferred
- Strong skills in Excel and financial modeling.
- Exceptional quantitative and analytical skills with an ability to understand how the parts fit into the larger picture.
- Exceptional oral and written communications and interpersonal skills.
- Detail-orientation, excellent organizational skills and a strong sense of urgency and curiosity.
- Positive attitude, integrity, and reliability.
- Proactive, solution-oriented mindset with a focus on task management and completion.
- Ability to work in a fast-paced environment, handle multiple concurrent large-scale projects with moderate supervision, and work both independently and collaboratively.
Physical Demands/Environmental Factors:
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Works in office setting under moderate supervision.
- Will use repetitive motion of hands and wrists in using computer.
- Occasionally moves about to coordinate work.
- Occasionally travels to off-site meetings and/or development/acquisition sites.
Critical features of this job are described under the previous headings. They may be subject to change at any time due to reasonable accommodation or other reasons. This job description does not list all the duties of the job. You may be asked by supervisors to perform other non-essential assignments and duties. You will be evaluated in part based upon your performance of the tasks listed in this job description.
MANAGEMENT HAS THE RIGHT TO REVISE THIS JOB DESCRIPTION AT ANY TIME. THE JOB DESCRIPTION IS NOT A CONTRACT FOR EMPLOYMENT, AND EITHER YOU OR THE EMPLOYER MAY TERMINATE EMPLOYMENT AT ANY TIME, FOR ANY REASON, WITH OR WITHOUT NOTICE.
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