Carmel Partners is a well-capitalized private real estate firm with expertise in Investment and Development of multi-family real estate. We offer an entrepreneurial and fast-paced work environment with passionate and motivated people who have a drive to learn, innovate, and succeed.
Reporting directly to the Head of Investments and with a dotted line/mentoring relationship with Vice Presidents of Investments, The Director of Investments is responsible for the overall analysis – underwriting – market expertise for new and existing investments in the Washington, DC MSA.
Location: Washington, DC
What You’ll Do:
- Source existing property acquisition opportunities and develop/maintain a target list of properties throughout the market for apartment acquisition opportunities.
- Directly call on and develop relationships with owners of apartment properties, brokers specializing in the apartment sector, competitors, management companies, relevant government officials, data providers, title company representatives, and others in the target markets. Maintain a current pipeline of properties.
- In conjunction with Land Acquisitions counterpart, act as the face of Carmel for the market, delivering the Carmel message and pursuit criteria.
- This position functions as the local investments market expert and works closely with the Development team, Carmel Research and, as applicable, Asset Management to craft and execute the Investment Strategy including, but not limited to:
- Support and Develop the current Washington DC Market Strategy.
- Research target submarkets and identify areas within each that meet the company’s acquisition criteria
- Understand market drivers, supply/demand fundamentals, employment growth and other factors to support overall strategy and specific opportunities to the company and its investment partners.
- As needed, complete analysis for investments and development pursuits including sales comparables, asset competitor sets and rental comparables and market reports.
- Working with the Development team and Carmel’s Research resources, semiannually update and maintain the Market Strategy document for Washington, DC pursuits.
- Responsible for coordinating all aspects of the acquisition pursuit and transactions within the market which includes:
- Development of a financial assessment and acquisition pro forma.
- Assist in negotiation of the letters of intent and purchase and sale agreements.
- Initiate and manage the due diligence effort (including coordination of all internal and external consultants).
- Develop a business plan for the property.
- Author investment memos and present to Investment Committee.
- Coordinate the preparation of closing/settlement process.
- This role will oversee and manage all aspects of disposition preparation and transactions including, but not limited to:
- Semiannual asset evaluation and underwriting as well as investment committee disposition recommendation.
- Coordinate with asset management and third parties/partners, as applicable, on operations and capital projects for assets in the disposition queue.
- Manage the brokerage/marketing team relationship and process including BOV solicitation, review and team selection, marketing strategy, OM preparation coordination and marketing launch.
- Oversee the marketing and transaction processes including tours and bidding, assistance in contract negotiation, and coordination of due diligence and closing.
- Work in a coordinated fashion with the full investment team to approach the market for opportunities.
Skills We're Seeking:
- Undergraduate degree in Business or Finance is required. An MBA or other related graduate degree is preferred, but not required.
- Minimum 5 years’ professional experience in commercial real estate with at least the last 3 years as an acquisition professional in multifamily sector in multiple geographies.
- Known track record of sourcing or working on “off-market” transactions
- Strong understanding of the Washington DC multi-family market
- Strong existing network among target market apartment property owners, brokers, and consultants.
- Strong working knowledge of real estate investment and real estate principles.
- Good understanding of the economics, markets, operations and marketing/positioning of apartment properties.
- Ability to source Investments as well as execute transactions.
- Ability to develop business plan to acquire properties.
- Strong desire, energy and willingness to spend a significant amount of time out of the office reviewing markets and properties and meeting face-to-face with property owners, brokers, and others.
- Strong written and verbal communication skills.
- Strong attention to detail.
- Strong organizational, analytical, and interpersonal skills.
- Can prioritize work and has excellent time management skills.
- Strong interpersonal skills; builds effective relationships.
- Effective and timely decision-making skills.
- Investment Management
- Due Diligence
7+ to 10 years
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