Development Associate

Department: Development

Principal Objective of the Position: The Development Associate will report directly to the Executive Vice President and support the Development Team with managing multiple phases of the real estate development process (e.g., site selection, due diligence, financial analysis, budgeting, contract negotiation, site acquisition, investment package creation, and permit processing) for affordable and market rate apartments, self-storage facilities, and other real estate opportunities. The Development Associate should be prepared to actively support the Development Team on current and pipeline development deals in a substantial way that positively impact projects.

QUALIFICATIONS/REQUIREMENTS:

Training/Education

• Bachelor’s degree in Business Administration, Finance, or Real Estate preferred
• Graduate degree in Business Administration, Law, Finance or Real Estate preferred
• Knowledge of Low-income Housing Tax Credits preferred

Experience/Skills

• 2 years’ experience in multifamily development strongly preferred
• Experience in tax credit multifamily housing is preferred
• Excellent interpersonal, written, and verbal communication skills
• Accurate, detail oriented, dependable, and punctual
• Ability to deal with difficult, sensitive, and confidential issues
• Ability and willingness to travel

Essential Duties and Responsibilities: Include the following but are not limited to the job specifications contained herein. Additional duties or job functions that can be performed safely may be required as deemed necessary by supervisory personnel.

• Perform market research, demographic studies, apartment database reviews, and competitive analysis
• Perform site selection for apartments, self-storage, and other development opportunities.
• Compare and contrast the Qualified Allocation Plans of various states
• Coordinate and participate in multifunctional teams to analyze existing market conditions, unit mix, property and unit amenities and features, rental rates, and operational expenses at given properties
• Develop a matrix of key competitors including property locations, specific amenities, and pricing in strategic markets and submarkets
• Participate in the preparation of pre-development budgets and schedules for proposed projects from the initial phases including land contract negotiation, entitlements, and building permit approvals to the commencement of construction
• Research all relevant financial assumptions for underwriting including items such as all permitting fees, impact fees, taxes, etc.
• Creation of financial models
• Perform due diligence for partners and lenders
• Participate in the preparation of LIHTC and other funding applications
• Assist the Development Team in preparing and presenting investment packages
• Participate in consultant meetings through pre-development and development stages
• Participate in meetings with municipalities, neighborhood groups, design teams, and public hearings throughout the entitlement process
• Assist in managing projects under construction to ensure adherence to development policies and procedures
• Assist in the transition of the projects from development to construction and construction to management
• Other duties as assigned

Dress Code: Business casual

Contacts and Liaisons: The Development Associate will regularly communicate with all necessary RealAmerica Company employees, outside vendors, tenants, and other individuals as deemed necessary to fulfill the responsibilities of the position.