Multifamily Development Executive
Our client is a 10 year old national commercial real estate development, investment and advisory firm. They have recently expanded into the multifamily sector by hiring a leader to create a multifamily platform. They already have several projects in development with one under construction and an ever-growing pipeline.
The VP of Development will be the first hire on the team and report to the Executive Vice President, Multifamily Development. They will be based in Charlotte and will be responsible for sourcing, managing and directing a variety of apartment development projects throughout the Mid-Atlantic and Southeast from Washington DC through to southern Florida. This position is responsible for land acquisition, site feasibility, project entitlement, project financing, development, construction, and asset management.
- Identify, pursue, and negotiate potential multifamily development opportunities in assigned territory.
- Cultivate relationships with landowners, brokers, and financial sources.
- Support the development and finance team in the creation of a business plan and financial pro forma for each development project including competitive analysis, demographic research, construction cost assumptions, and detailed underwriting.
- Conduct site investigations, financial feasibility, project budgeting, and meetings with all team members.
- Monitor development and construction processes to ensure projects are completed as scheduled.
- Help manage division cash requirements and expenditures, project budgets, and schedules.
- Work with property management company to facilitate the construction and fit-out of leasing offices, which may include coordinating with marketing firms, IT consultants, and other vendors/consultants as required.
- Perform asset management function by working with third party property management firms to maximize property value.
- During all phases of a project, work closely with the EVP and other internal team members, including accounting, to assist in the approval of invoices, development of projected financial summaries, and attend weekly team meetings to detail project progress and outline critical issues.
- Bachelor’s degree or equivalent is required, graduate degree a plus.
- Minimum of 10 years’ experience in multi-family real estate development.
- Minimum 2-3 years’ experience in managing development teams.
- Land acquisition experience is preferred.
This is an opportunity to join an extremely well capitalized company that is positioned to take advantage of niche opportunities in the current cycle. They have chosen a very disciplined boutique, value add approach to the apartment industry. They have no plans to build a machine that must be fed with deal flow. They like high barrier to entry, underserved market niches. As the second pure development executive, this person will have the opportunity to be creative and entrepreneurial in their approach to the market.