Director, Development

About the Company

Greystar is a leading, fully integrated global real estate platform offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in more than 265 markets globally. The company is the largest operator of apartments in the United States, managing over one million units/beds globally, with nearly $79 billion of assets under management.

About the Role

Sources and manages the pipeline of development pursuits for the assigned Region from cradle-to-grave. Manages all activities related to new development projects to achieve established financial and growth targets, including completing initial land acquisition due diligence, facilitating underwriting, closing real estate transactions, and managing third-party consultants through the project design and construction process.

Responsibilities

• Manage the due diligence process on land opportunities and develop documentation and recommendations on key findings that may affect the return and financial performance of the proposed deal.
• Prepare detailed investment memorandums and authorize their submission.
• Provide insight on proposed projects to the Company’s Investment Committee, including detailed pro-forma and financial models and pursuit cost budgets.
• Coordinate with consultants, permit expeditor, and construction team to ensure all municipality requirements, permitting, and jurisdictions are met.
• Ensure any governmental and jurisdictional issues are addressed and resolved with the assistance of consultants and the construction team.
• Administer the Development and Construction Status Report (DCSR) process.
• Monitor and report on the status and progress of the proposed development pipeline, recommending critical timelines and deadlines for tasks and activities related to the proposed transaction, and identify and communicate issues or problems that could adversely affect closing.
• Represent ownership in day-to-day project management activities, including OAC meetings and jobsite visits, mock-ups, box walks, and FF&E installs.
• Address open issues with construction or consultants requiring owner feedback.
• Review monthly draw to ensure the project is on budget and identify potential savings and overages, including Operating Deficits, Taxes, and Interest Reserve.
• Manage relationships with the construction team to ensure projects are completed in a timely manner, designed according to plan, and within budgetary guidelines.
• Work with the team to ensure the development and coordination of quality control procedures.
• Ensure all required Certificates of Occupancy and permits are obtained.
• Manage relationships with equity partners and maintain ongoing communications with the executive team, equity partners, and other key business leaders to provide periodic updates on progress against schedule and budgets, surface and resolve issues, and respond to questions or requests for information.
• Provide recommendations to equity partners for approval of any improvements or upgrades that would benefit the project based on current market comps and design.
• Develop and maintain relationships with local market brokers, institutional and equity partners, lenders, real estate owners, and other key stakeholders, and manage ongoing communications related to proposed development projects.
• Supervise development production team members and managers by interviewing, orienting, training, and mentoring employees, and managing their performance in accordance with Company policies, values, and business practices.
• Provide regular feedback to team members and conduct annual goal setting and performance evaluations.

Requirements

• 5+ years of experience in real estate development.
• A bachelor’s degree is required in Finance, Business, Real Estate, Economics, Construction, Architecture, or a related field. A master’s degree is preferred.
• Experience overseeing the entire lifecycle of development projects from conception through completion.
• Dynamic verbal and written communication skills and strong interpersonal abilities.
• Strong analytical and quantitative skills, with excellent financial acumen and high proficiency with real estate underwriting and real estate finance concepts.
• Demonstrated knowledge of market dynamics within the assigned region.
• Track record managing local community and political relations.

Pay

The salary range for this role is between $185,000 - $215,000. Many factors go into determining employee pay within the posted range, including business requirements, prior experience, current skills, and geographical location.

Benefits

• Competitive Medical, Dental, Vision, and Disability & Life insurance benefits.
• Low (free basic) employee Medical costs for employee-only coverage; costs discounted after 3 and 5 years of service.
• Generous Paid Time Off: 15 days of vacation, 4 personal days, 10 sick days, and 11 paid holidays. Additional vacation accrued with tenure. Birthday off after 1 year of service.
• 6-Week Paid Sabbatical after 10 years of service (and every 5 years thereafter).
• 401(k) with Company Match up to 6% of pay after 6 months of service.
• Paid Parental Leave and lifetime Fertility Benefit reimbursement up to $10,000 (includes adoption or surrogacy).
• Employee Assistance Program.
• Critical Illness, Accident, Hospital Indemnity, Pet Insurance, and Legal Plans.
• Charitable giving program and benefits.
• Onsite housing discount at Greystar-managed communities (subject to discount and unit availability).

Benefits offered for full-time employees. For Union and Prevailing Wage roles, compensation and benefits may vary due to Collective Bargaining Agreements and/or local governing authority.