Description
About Us
Riaz Capital is a real estate developer-operator driven by a motivated and talented team focused on addressing the changing housing needs of the Bay Area. We develop and operate missing middle-market multifamily real estate in the Bay Area, and are on a mission to provide convenient, premium-quality and financially accessible workforce housing to our residents. We work as a team that challenges, collaborates, and supports each other to positively impact residents and the broader community, and to deliver on our goals for our business and investors. Our buildings are planet-friendly with a low carbon footprint and high bike, walk, and transit scores, and we invest in the communities where our buildings are located.
Operating in the Bay Area since 1977, the Company’s roots go back two generations. We possess core competencies in design, development, construction management, asset management, finance and capital markets. Today, the company has ~$500 million in real estate assets under management (over 1,500 units) and has roughly 1,700 residences in the development or construction process. We have achieved an IRR of 36% over 12 exited deals between 2010 and 2019, and our latest fund, the Ozone Fund III, closed at $122M, well over our projected $100M target.
Our aim is to create a real estate asset base of over $1 billion by 2024 and provide premium quality, affordable, housing to ~5,000 residents by 2027.
At the core of our solution to the Bay Area housing crisis is the micro-living model - a synthesis of our years-long experience in micro-units, student housing, traditional multi-family, and co-living. The design incorporates all the necessary functions of a housing unit and works in a variety of building types: townhouses, mid-rise apartments, substantial rehab, and adaptive reuse. The units provide our residents with a sense of independence and individuality, all within the fabric of a larger community. Each of our projects places an emphasis on architectural creativity, thoughtful design, walkability, utilisation of open space, and personal privacy. In addition to new construction development, we have extensive experience in repositioning both urban and suburban workforce housing properties and have executed several adaptive reuse projects. Our current activities are ~70% new construction and ~30% adaptive reuse and repositioning.
Our firm’s culture is focused on being customer centric by understanding their needs and best providing for them. For us, it is just as it is important to do good for our residents, team members, the community, and the planet, as it is to do well by our investors and business. We support and challenge each other a team and believe people from diverse backgrounds, identities, and experiences, make our company better.
Project Accountant
The Project Accountant supports the Development team and Constructions team to ensure all accurate and timely accounting for projects through to completion.
Primary Job Responsibilities:
AP and General Ledger
- Processing of all aspects of construction payables, including coding, and maintenance of job cost reports
- Coordination of the billing process with the project team
- Collocation and tracking of compliance items for vendors and subcontractors, including insurance requirements, lien releases, W9 Information, and all properly signed documents
- Maintaining accurate accounting file system
- Prepare journal entries for corrections and reclassifications
- Process contractor’s payment applications for monthly billing, including percent of completion, retainage percent or amount and verify that it contains a valid conditional waiver and release document
Loan Compliance
- Prepare loan draws and consolidate all draw related support
- Coordinate and assist with Loan Compliance
- Ensure that all loan reporting items are submitted on time
Reporting and Close Process
- Support Sr. Project Accountant in communicating to management regarding the remaining funding available for projects
- Support Sr. Project Accountant with tasks associated with month end account closing reconciliations including work in process (WIP) reconciliations
- Prepare all monthly financial reports including but not limited to:
- Job Cost Budget vs Actuals
- Balance Sheet and Income Statement
- Project Cash Flow Forecast
General
- Assist Sr Project Accountant in developing written accounting procedures for construction projects and communicating to the project team
- Communicate and coordinate with Project team and AM team on a variety of job-related topics including bonding, insurance and contract agreements.
- Support on any accounting related activities during the Month -End close as necessary
- Support Sr Project Accountant in communicating with and managing an outsourced accounting team
Contract/Budget/Change Order Management in Yardi
- Ensure budgets are kept up to date and reflective of current commitments.
- Analyze change orders and communicate to Sr Project Accountant and Project team any variances or discrepancies.
- Update project budgets monthly, per the development and construction team.
- Assist with organization and saving of vendor contracts, ensuring that Yardi commitments are tied out and up to date.
- Assist with creating and issuing change orders, per the development and construction team ensuring that Yardi is tied out and up to date.
Assist Sr Project Accountant with Construction Management books:
- CC reconsolidation and reimbursement
- Payroll
- Payroll reimbursement
- WC insurance payments
- GL insurance payments
- Management books reconsolidation
- State compliance
Qualifications
Required:
Bachelors degree in Accounting and desire to pursue a career in accounting
Real Estate or Accounting experience 3+years
GL experience
Intermediate to advanced knowledge of excel
Preferred:
3+ Years of construction accounting experience
Job Cost experience
Proficiency in Yardi, Sage, Procore or Quickbooks
Riaz Capital is an equal opportunity employer and believes diversity in the workplace results in more innovative solutions and drives value for our firm.
This job is no longer active.