Real Estate Development Associate

Enterprise is a national nonprofit on a mission to make home and community places of pride, power and belonging for all. To make that possible, we operate the only organization designed to address America’s affordable housing crisis from every angle: we develop and deploy programs and support community organizations on the ground; we advocate for policy on a nonpartisan basis at every level of government; we invest capital to build and preserve rental homes people can afford; and we own, operate and provide resident services for affordable communities. All so that people not only make rent, they build futures. With this end-to-end approach, 40 years of experience and thousands of local partners, Enterprise has built and preserved 793,000 affordable homes, invested $61 billion in communities and changed millions of lives. 

 

Job Description Summary

The ECD Development Department specializes in acquiring, rehabilitating, and developing multi-family housing with the goal of developing and preserving sustainable affordable housing. The properties owned and operated by ECD have robust resident services to assist residents in achieving their life goals.

The Real Estate Development Associate (“Associate”) works with two or more Development Managers or Senior Development Managers (each a “Development Manager”). Each Development Manager is responsible for three to six developments in various stages. The Associate will support these team members, taking direction from them and assisting them throughout all phases of development including planning, resident engagement, design, entitlements, financing and closing to achieve successful completion, lease-up and close-out. Other responsibilities will include preparing responses to requests for proposals (RFPs), bids and other solicitations; and reporting. The Associate is expected to work effectively with internal and third-party members of a development team including architects and engineers, attorneys, construction managers, property managers and leasing agents.

Reports to: Senior Real Estate Development Manager

 

 

Essential Functions:

• Conduct research and market analysis related to new business opportunities, acquisitions and development.
• Prepare pro forma financial analysis of properties for development or acquisition/redevelopment as applicable.
• Prepare pro forma development budgets and property operating budgets under the direction of a Development Manager.
• Refine and update financial models throughout the development process.
• Prepare proposal materials for responses to RFPs and solicitations for bids;.
• Solicit consulting proposals for due diligence services and summarize/ evaluate the responses.
• Attend site visits to properties being considered for acquisition.  Assist the Development Manager with due diligence including preparing comparable property reports, rent roll and resident file analysis and review of third-party due diligence reports.
• Assist with the preparation of debt and equity financing applications.
• Support the team in closing on debt and equity financing.  Assist with the collection and distribution of construction and financing documents, and due diligence documents required by lenders and investors in connection with refinancing and/or financial closing. Manage the closing checklist(s).

• Analyze progress against development schedules and update schedules as needed.
• Prepare internal and external development reports.
• Support community development planning efforts working closely with the team, community residents and partners.
• Prepare presentations for meetings with residents, other critical stakeholders and government officials.
• Assist in obtaining building permits and other public approvals.
• Maintain a working knowledge of financing sources commonly used for affordable and workforce housing development.
• Assist development and senior staff with special projects.
• Perform other duties as assigned.

 

Minimum Qualifications:

• Bachelor’s degree in Real Estate, Business, Finance or related field required; master’s degree in related field (real estate, urban planning, architecture, business or finance) preferred.
• Proficient computer skills in MS Word and Excel including experience with financial analysis using Excel or similar spreadsheet program is required.  Experience with GIS software and PowerPoint are each a plus.
• Strong communication skills with ability to clearly express ideas, thoughts and concepts verbally and in writing. Excellent grammar, editing and proofreading skills.
• Experience conducting research and analysis.
• High degree of initiative with ability to seek out relevant information.  Ability to work proactively, solve problems, and take responsibility for moving tasks forward. 
• Strong organizational skills and ability to coordinate and prioritize tasks and meet deadlines.
• Ability to work some evening and weekend hours during peak periods.