The NCRC Housing Rehab Fund (the “Fund”) is a private equity fund focused on identifying and acquiring single-family houses in various parts of the country that are rehabbed into quality, affordable homes and sold to low- and moderate-income (LMI) families. The Fund has been operating for three years and is aggressively expanding its investment program geographically to reach more home buyers.
The Fund is an affiliate of NCRC’s Development Corporation and is tasked to carry out NCRC’s signature community development initiative: GROWTH (Generating Real Opportunities for Work Through Housing).
As Regional Acquisition Manager for the Southeast New Jersey, Delaware and Philadelphia, Pennsylvania markets, lead efforts to identify and acquire single-family properties and develop realtor and real estate pipeline relationships. Primary objective is to expand the purchasing of single-family homes that generates a profitable return to GROWTH. Provide acquisition expertise on-the-ground in the assigned region. Participate in document review related to purchase agreements, sales and listing contracts, construction budgets, and the single-family purchase and closing process etc. Manage overall relationships with key internal and external stakeholders and play an active role with the acquisition and construction team. Consider stakeholder needs, proactively communicate internally and externally to result in the highest level of prompt and professional service to all stakeholders.
As Regional Acquisitions Manager, the primary goal is to acquire single-family homes for the acquisition-rehabilitation strategy and to meet acquisition benchmarks established for his/her region as set by the Director of Acquisitions. Independently manage the acquisition of single-family properties by any sources necessary, including, but not limited to realtors, property wholesalers, auctions, land banks, government agencies, etc.
- Identify and make recommendations of appropriate localities for acquisition based on affordability, neighborhood quality/desirability for LMI households, availability of appropriate housing stock, supportive local governments for access to properties, among other things.
- Establish sustainable or continuous channels of acquisition at the best price possible in the best areas possible for acquisition.
- Source properties for acquisition: Gather due diligence documents (which includes an initial scope of work for the renovations), perform initial underwriting utilizing the company template, and present acquisition packages to the Underwriting team for further review and approval by the Director of Acquisitions.
- Identify and make recommendations of all necessary local program partners, vendors and assistance, including local government staff to assist with inventory, down payment assistance, etc., local General Contractors, Housing Counselors, real estate agents and others. GROWTH will approve of and enter directly into contracts with any partners.
COMPETENCIES: The knowledge, skills and behavioral attributes necessary for acceptable job performance.
- Strong organizational skills, including time management and workload management. Able to work independently on multiple projects and manage multiple, sometimes conflicting, deadlines.
- Ability to identify single-family acquisition opportunities.
- Excellent analytical skills, strong detail orientation. Able to develop and use databases and spreadsheets to analyze financial issues.
- Proactive and solution oriented.
- Strong and effective communicator, both written and verbally. Proactive in coordinating the flow of information among internal and external parties where appropriate.
- Demonstrated commitment to customer service.
- Bachelor’s Degree required in construction, finance, real estate, accounting, or related field.
- Minimum 10 years’ experience in real estate finance, acquisitions, sales and construction, construction lending, and asset management.
- 3-5 years of experience with the local Southeast New Jersey, Delaware and/or Philadelphia, PA real estate market.
- Geographically located in Southeast New Jersey, Delaware, Philadelphia, PA or surrounding areas.
- Business Development
- Research/Market Analysis
2+ to 5 years
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