Opportunity for a highly motivated individual to join one of the leading real estate development and investment firms in the United States. Greystar is a fully-integrated property management, investment management and development services company specializing in the multifamily real estate industry. Greystar operates over 410,000 rental apartments in 147 markets across the United States, United Kingdom, Mexico and the Netherlands. Through its institutional investment management platform, Greystar oversees a real estate portfolio of more than $15.5B and manages over $7.0B of equity for a diverse group of global institutional capital partners. Greystar has been the most active residential-focused, private equity real estate firm in the world since 2010. Greystar has sponsored $8.6B of development, including 29,000 units and over 120 projects, in the U.S. Greystar was ranked as the #1 multifamily developer by NMHC in 2017 (by starts) and currently has a development pipeline exceeding 9,500 units in 25 cities throughout the country.
Greystar Development Directors/Senior Directors lead the execution of development strategy by managing all facets and activities related to new development projects in order to achieve established financial and growth targets. The Development Director/Senior Director will interface heavily with real estate owners, local brokers, senior Greystar executives, joint-venture partners and capital investors. Applicants must have strong analytical and quantitative skills, with an excellent financial acumen and high proficiency with real estate underwriting and real estate finance concepts. Applicants must have dynamic verbal and written communication skills and strong interpersonal abilities. A minimum of 3 years of prior real estate development or investment experience is required.
This position is based in Chicago, IL covering the Midwest region. A 3-month rotation in the Greystar Houston Office, the HQ for Development & Construction, is required. Title and compensation dependent upon experience. Greystar offers a competitive salary and benefits. EOE
- Develop and perform the financial analyses and entitlement risk underwriting, which form the basis for site selection and the Company’s spending of pursuit capital and allocation of investment capital.
- Manage the pre-entitlement process by maintaining accurate pursuit cost forecasting and reporting, and implement and execute programs and processes to ensure pro-forma development budgets, underwriting, schedules, quality, and standards are met and completed in accordance with adopted Company policies.
- Participate in routine Investment Committee meetings that focus on proposed development projects by preparing investment proposals and providing Managing Directors of Development, Finance, Operations, and Asset Management with progress updates on projects in pursuit or under construction and/or lease-up.
- Source new development opportunities, through developing and maintaining relationships with key stakeholders including brokers, consultants, land sellers, equity partners, lenders, etc. to identify feasible, financeable, and profitable new initiatives.
- Assist in the negotiation of legal instruments including contracts, easements, term sheets, loan documents, joint venture agreements, municipal agreements, joint development agreements, etc.
- Manage development projects under construction to ensure developments remain on time and on budget; interact with construction team members and third-party general contractors to achieve business plan goals on specific assets
- Manage third-party consultants to identify, entitle, design, finance, permit, construct, lease, manage and dispose of new development projects.
- Fully engage and work with the Region’s business lead and team leaders in achieving the Region’s financial and growth goals by participating in team meetings and calls, keeping team members informed about status of new development work, and actively working with the team on new business development, meetings with clients and investors, and other RFPs.
- Accountable for coordinating work activities, ensuring open communication between consultants and Company project team members, lender’s and equity investors as needed, by researching and communicating ongoing project status.
Knowledge, Skills, Abilities:
- Strong ability to problem solve and multi-task in fast paced environment.
- Demonstrated ability to read, write, negotiate, and communicate effectively to comprehend and/or complete legal contracts, partnership documents, loan documents, financial spreadsheets, and human resources documents and to create and make presentations to Board members, Executive members, partners, lenders, and staff. Demonstrated ability to read and comprehend architectural, structural engineering and civil engineering plans.
- Ability and preference for working in a team-oriented setting, and interacting with several departments (Development, Construction, Asset Management, Property Management, and Finance) that provide functional expertise and insights toward proper product positioning.
- Deep and broad experience in multi-family development and new construction, including market and sub-market familiarity with the demand drivers supporting the growth of this business, plus prior entitlement experience and a solid understanding of construction means and methods to lead initial and on-going project planning meetings.
- Strong research skills and ability to identify and compile information to support the investment thesis and clearly articulate those findings to the Company’s Investment Committee and prospective capital partners.
- Extensive experience in negotiating Architectural and Engineering Consulting Agreements, Easement Agreements and other related documents affecting title and survey.
- Demonstrated high proficiency in Microsoft Word and Microsoft Excel to complete required reports and employment documents.
- Demonstrated excellent mathematical skills necessary to add, subtract, multiply, and divide numbers, decimals, and fractions, and calculate yields and internal rates of return to develop project proformas, Regional financial forecasts, budgets, and other fiscal reporting information. Demonstrate high proficiency in real estate modeling and underwriting, as well strong understanding of real estate finance and structured finance concepts.
- Demonstrated management and supervisory skills sufficient to lead, direct, evaluate, and mentor subordinate and peer employee staff, as well as consultant teams
- Employment history that demonstrates the application and usage of a development (and construction) and/or facilities background sufficient to design, lead, and direct development and construction activities and projects from design to completion.
- MBA or Masters in Real Estate preferred
- Bachelors required with concentrations in Economics or Finance, Real Estate
- Completes various human resources, financial, administrative, and other reports and analysis, and performs other duties as assigned or as necessary.
Communicates, enforces, and follows the Company’s established policies and procedures by monitoring and auditing compliance, reviewing reports and data related to operational processes, correcting violations or infractions, and implementing measures and tools that prevent deficiencies.
Practices proper safety techniques in accordance with Company, property, and departmental policies, procedures, and standards by immediately reporting any mechanical or electrical equipment malfunctions, employee/visitor/resident injuries or accidents, or other safety issues to appropriate individuals.
Stimulates and supports the team in developing and implementing ideas that improve process, productivity, and effectiveness, and champions business improvement efforts throughout the Region(s).
Keeps abreast of changes and emerging developments in technology, construction and development management, industry standards, and business best practices by attending internal and external training, business meetings, conferences, and other events, gathering research and subscribing to electronic and print publications, networking with professional associations, and using other methods to obtain business and professional information.
Incumbents must be able to physically access all exterior and interior parts of the construction sites, properties, and amenities in all locations in which the Company conducts business.
Regular and routine travel will be required to conduct site inspections and construction site visits, attend business meetings and events, and for other situations necessary for the accomplishment of some or all the daily responsibilities of this position.