Director, Development Job at Greystar Real Estate Partners LLC (Arlington)

Job Description

Greystar is looking for dedicated and hard-working individuals who want to help us continue to be the best at what we do. Today, we are the largest rental housing operator and developer in the US and one of the largest global investment management companies, delivering industry-leading services to investors, clients, and residents. We offer unrivaled professional development and career growth opportunities to our team members and look forward to welcoming you to Greystar, where our people are what make us the Global Leader in Rental Housing.

Job Responsibility

Sources and manages the pipeline of development pursuits for the assigned Region from cradle-to-grave
Manage all activities related to new development projects to achieve the established financial and growth targets, including completing initial land acquisition due diligence, facilitating the underwriting, and closing of real estate transactions and managing third party consultants through the project design and construction process
Manages the due diligence process on land opportunities and develops documentation and recommendations on key findings that may affect the return and financial performance of the proposed deal
Prepares detailed investment memorandums and authorizes their submission
Provides insight on the proposed projects to the Company’s Investment Committee including detailed pro-forma and financial models and pursuit cost budgets
Support the negotiation of sale and purchase agreements for approved projects
Issues letter of intent (LOI), negotiates PSA and ensures compliance with venture and loan documents
Establish finish schedule for preconstruction and review and resolve Geotech, Environmental and Land Use matters
Directs third party relationships to complete project design concept and building plans in accordance to approved scope of work
Coordinate modifications for the project accepted during final pricing prior to closing to ensure they are incorporated in Construction Documents
Review and approve all soft cost expenses to ensure consultant completion or work and cost are in line with project budget and finalizes cost classification memos
Manages the detailed development budget, makes FF&E selections and approves fitness center, pool, and FF&E budgets
Coordinate with consultants, permit expeditor, and construction team to ensure all municipality requirements permitting and jurisdictions are met
Ensure any governmental and jurisdictional issues are addressed and resolved with the assistance of consultants and construction team
Administers the Development and Construction Status Report (DCSR) process
Monitors and reports on the status and progress of proposed development pipeline project, recommending critical timelines and deadlines for tasks and activities related to the proposed transaction, and identifies and communicates issues or problems that could adversely affect closing
Represent ownership on day-to-day project management activities including OAC meetings and jobsite visits, including attending mock ups, box walks and FF&E installs
Address any open issues with construction or consultants requiring owner feedback
Review monthly draw to ensure project is on budget and identify potential savings and overages to the budget including Operating Deficits, Taxes and Interest Reserve
Manages relationships with the construction team to ensure construction projects are completed in a timely manner, designed according to plan and within budgetary guidelines
Works with the team to ensure the development and coordination of quality control procedures
Ensures all required Certificate of Occupancy and permits are obtained
Manages a strong relationship with equity partner and maintains on-going communications with the executive team, equity partners, and other key business leaders affiliated with the project to provide periodic updates on the progress against schedule and budgets, surfaces and resolves issues that may compromise the project delivery schedule or costs, and responds quickly and with urgency to questions, concerns, and requests for information
Provide recommendation to equity partner for approval of any improvements or upgrades that would benefit the project based on current market comps and design
Works closely with the property management team to finalize budgets and project design plans, accepts units from construction on behalf of Owner and ensures all aspects of the project adhere to Company development standards
Works with the asset management and operations team on preleasing activity and relevant milestones
Provide updates on construction progress prior to first delivery
Develops and maintains relationships with local market brokers, institutional and equity partners, lenders, real estate owners, and other key stakeholders, and appropriately manages on-going communications related to proposed development projects
Supervise development production team members and managers by interviewing, orienting, training and mentoring employees, and managing their performance in accordance with Company policies, values, and business practices
Provides regular feedback to team members and conducts annual goal setting and performance evaluations

Requirements

5+ years of experience in real estate finance
A bachelor’s degree is required in Finance, Business, Real Estate, Economics, or related field
Experience supporting development projects throughout the entire lifecycle from conception through completion
Dynamic verbal and written communication skills and strong interpersonal abilities
Strong analytical and quantitative skills, with excellent financial acumen and high proficiency with real estate underwriting and real estate finance concepts
Monitors departmental progress and improves and adapts systems and services to drive results
Promotes a strong customer centric culture within the department to support seamless service and trust in Greystar as a reliable partner
Leads with passion, defines the vision, and facilities the development of their team
Demonstrated knowledge of the market dynamics within assigned region

What we offer

Competitive Medical, Dental, Vision, and Disability & Life insurance benefits
Low (free basic) employee Medical costs for employee-only coverage
costs discounted after 3 and 5 years of service
Generous Paid Time off
All new hires start with 15 days of vacation, 4 personal days, 10 sick days, and 11 paid holidays
Plus your birthday off after 1 year of service
Additional vacation accrued with tenure
For onsite team members, onsite housing discount at Greystar-managed communities are available subject to discount and unit availability
6-Week Paid Sabbatical after 10 years of service (and every 5 years thereafter)
401(k) with Company Match up to 6% of pay after 6 months of service
Paid Parental Leave and lifetime Fertility Benefit reimbursement up to $10,000 (includes adoption or surrogacy)
Employee Assistance Program
Critical Illness, Accident, Hospital Indemnity, Pet Insurance and Legal Plans
Charitable giving program and benefits

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