Working for Equity Residential (EQR), a leading multi-family real estate investment trust (REIT), means being part of a community and striving to provide the best in apartment living, speaking boldly about new ideas for innovation, and inspiring creativity in the ways we work together. Our portfolio of high-quality properties in urban growth markets – New York City, Boston, Washington DC, Seattle, San Francisco and Los Angeles – provides homes where people most want to live, work and play. We've got the best people in the business, and our experience shows in our dedication to our residents and in how much we value each other as colleagues. That’s why our employees say they are proud to work at Equity, a company that gives our residents a place where they can Live Remarkably, and offers a culture where our employees have the opportunity to make their mark.
As a Development Director, you will be responsible for the oversight of all aspects of the development life cycle, including the review and underwriting of Equity’s existing and pursued development projects. Under the direction of the Vice President, Development, you will be based in Washington DC with responsibility over multiple developments, primarily in the DC Metro but also on a regional basis with travel involved as needed. On each assigned project, you will direct the development project team — consisting of all internal and external stakeholders and consultants including architects, general contractors, and various engineers — to coordinate and oversee project budget, schedule, and compliance with Equity standards. Additionally, you will assume ownership of obtaining and coordinating construction documents, permitting, project delivery and lease-up to ensure compliance with approved schedule, specifications and budget. Your market expertise and networking abilities will be essential as you work to establish and maintain relationships with the brokerage and development community in Equity’s core markets, familiarizing yourself with and reporting on market conditions and development opportunities in those markets. Utilizing your robust knowledge and strong communication skills, you will be involved with presentations to our Executive Committee and Board of Trustees for the review and approval of proposed projects. You will work hand in hand with Equity’s investment officers, capital projects managers, and property management teams to ensure compliance with underwriting and development goals.
WHO YOU ARE
- Knowledgeable. Multifamily development is not new to you. Through your previous work experience, you’ve managed development projects and have project management experience in complex urban mid- and high-rise buildings.
- A Strong Communicator. Your writing and speaking skills are clear, articulate, and effective, demonstrating your ability to interact with all levels and helping you connect well with others.
- Organized, Efficient, and Accountable. You have a keen eye for detail and pride yourself on delivering quality work. You multitask well, re-prioritize accordingly, and meet deadlines consistently. Above all, you are flexible and able to juggle the needs of changing priorities of the business.
- Analytical and Creative. You are comfortable building models, analyzing and deciphering data, and evaluating trends. You’ve got strong quantitative skills and you know how to apply them accordingly. You also like thinking outside the box to come up with smart solutions to new challenges, and embrace the day-to-day construction management activities that challenge you to live in the gray.
- A Solution-Oriented Team Player. You enjoy partnering with others —whether internal or external— in order to get work done and deliver great results. You are united with teammates and follow through on commitments.
- Technologically Savvy. Google, Excel, and Quickbase are tools you know like the back of your hand and you use them accordingly to successfully organize and manipulate information and/or data into a user-friendly format. And through your previous work experience, you’ve gained a comfortable familiarity with project management software, such as Microsoft Project, OPS, Bluebeam, and Plangrid.
- Decisive. You have a sense of urgency to drive great results, are precise with executing your work, and have successfully demonstrated your ability to effectively influence others.
- Passionate. Motivated. Eager to Learn. You ask smart questions, challenge the status quo, and regularly seek to understand. You invest extra energy to reach your goals. And when a special project arises, you volunteer.
WHAT YOU’LL DO
- Own the evaluation and management of multiple developments, primarily in Washington DC but also on a regional basis with travel involved as needed.
- Prepare underwriting presentations for Executive Committee review as well as verbal and written presentations to underwriting committee for approval. Prepare written presentations to Board of Trustees.
- Manage the origination of new development projects, including negotiation of contracts and development agreements. Obtain approval of contracts and agreements with Executive Vice President and Executive Committee.
- Prepare underwriting model for all assigned development projects.
- Conduct due diligence review and reporting.
- Assist Development Officer in preparation of final project budget, schedule, and processing and obtaining all project approvals from appropriate jurisdictions.
- Oversee the development of new apartment communities from inception through final project completion and closeout.
- Receive and analyze all costs, rent levels, unit mix, expenses, income assumptions, and market information, create pro-forma budget and make recommendations to developer and Equity as applicable.
- Conduct detailed review of all project assumptions including a competitive pricing analysis, soft costs, unit mix, operating expenses, income assumptions, and jurisdictional market information
- Complete critical path schedules with assistance of the developer and Development Manager.
- Hold regular team meetings with development team, developer’s key personnel, and consultants on the development’s progress and recommend necessary changes.
- Report regularly, both verbally and in writing, on progress of projects.
- Bachelor’s Degree in a related field (Real Estate, Finance, or Design Disciplines such as Architecture or Urban Planning) required; advanced degree preferred.
- 5-10 years of new development project management experience required.
- Must have excellent analytical skills, be detail-oriented, have good business sense, and be able to work on numerous projects concurrently and prioritize workload independently.
- Excellent communication and collaboration skills and knowledge of work processes, spreadsheets, and EQR systems required as well as strong presentation skills.
- Proficiency in Excel with technical expertise with complex modeling, as well as familiarity and experience with various scheduling software, including Microsoft Project, OPS, Quickbase, Bluebeam, and Plangrid.
- Travel required.
We recognize everyone has different needs outside of work. That’s why, in addition to a competitive benefits package (medical, dental, vision, 401K matching paid time off, and more), we offer many unique options to employees, like adoption benefits and paid time off for community service projects.