Director, Development

Greystar · Arlington, VA · Yesterday

On-siteOTHR$300/hrFull-time

Job Responsibilities

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

Manages the due diligence process on land opportunities and develops documentation and recommendations on key findings that may affect the return and financial performance of the proposed deal.

Prepares detailed investment memorandums and authorizes their submission. Provides insight on the proposed projects to the Company’s Investment Committee including detailed pro-forma and financial models and pursuit cost budgets.

Supports the negotiation of sale and purchase agreements for approved projects. Issues letter of intent (LOI), negotiates PSA and ensures compliance with venture and loan documents. Establish finish schedule for preconstruction and review and resolve Geotech, Environmental and Land Use matters.

Coordinates modifications for the project accepted during final pricing prior to closing to ensure they are incorporated in Construction Documents. Review and approve all soft cost expenses to ensure consultant completion or work and cost are in line with project budget and finalizes cost classification memos.

Manages the detailed development budget, makes FF&E selections and approves fitness center, pool, and FF&E budgets. Coordinates 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 construction team.

Administers the Development and Construction Status Report (DCSR) process. Monitors and reports on the status and progress of proposed development pipeline project, recommending critical timelines and deadlines for tasks and activities related to the proposed transaction, and identifies and communicates issues or problems that could adversely affect closing.

Represents ownership on day-to-day project management activities including OAC meetings and jobsite visits, including attending mock ups, box walks and FF&E installs. Addresses any open issues with construction or consultants requiring owner feedback.

Maintains relationships with the construction team to ensure construction projects are completed in a timely manner, designed according to plan and within budgetary guidelines. Works with the team to ensure the development and coordination of quality control procedures. Ensures all required Certificate of Occupancy and permits are obtained.

Manages a strong relationship with equity partner and maintains on-going communications with the executive team, equity partners, and other key business leaders affiliated with the project to provide periodic updates on the progress against schedule and budgets, surfaces and resolves issues that may compromise the project delivery schedule or costs, and responds quickly and with urgency to questions, concerns, and requests for information.

Provides recommendation to equity partner for approval of any improvements or upgrades that would benefit the project based on current market comps and design.

Works closely with the property management team to finalize budgets and project design plans, accepts units from construction on behalf of Owner and ensures all aspects of the project adhere to Company development standards.

Works with the asset management and operations team on preleasing activity and relevant milestones. Provides updates on construction progress prior to first delivery.

Develops and maintains relationships with local market brokers, institutional and equity partners, lenders, real estate owners, and other key stakeholders, and appropriately manages on-going communications related to proposed development projects.

Supervises 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. Provides regular feedback to team members and conducts annual goal setting and performance evaluations.

Qualifications

5+ years of experience in real estate finance.
A bachelor’s degree is required in Finance, Business, Real Estate, Economics, or related field.
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.
Maintains departmental progress and improves and adapts systems and services to drive results.
Promotes a strong customer centric culture within the department to support seamless service and trust in Greystar as a reliable partner.
Leads with passion, defines the vision, and facilitates the development of their team.
Demonstrated knowledge of the market dynamics within assigned region.

Additional Compensation

Many factors go into determining employee pay within the posted range including business requirements, prior experience, current skills and geographical location. Corporate Positions: In addition to the base salary, this role may be eligible to participate in a quarterly or annual bonus program based on individual and company performance.

Onsite Property Positions: In addition to the base salary, this role may be eligible to participate in weekly, monthly, and/or quarterly bonus programs.

Robust Benefits Offered:

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. All new hires start with 15 days of vacation, 4 personal days, 10 sick days, and 11 paid holidays. Plus your birthday off after 1 year of service!
For onsite team members, onsite housing discount at Greystar-managed communities are available subject to discount and unit availability.
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.

Note: Outlined benefits may vary by international region.

Benefits

Healthcare Health insurance (including company-paid opportunities) is offered, along with competitive dental (US Only) and vision insurance* plan options in select countries.
Retirement Planning We know planning for retirement is a top priority for our team members. We offer competitive retirement savings plans including employer-matched 401(k) plans (US Only) and country-specific Pension Schemes to ensure the security of your financial future.
Paid Time Off Full-time team members receive generous paid time off – including your birthday! – as well as paid sick leave, personal days, and company holidays* varies by country.
Paid Parental Leave Maternal and paternal paid leave is available for the birth or adoption of a child.
Professional Development Ongoing support is available for career advancement opportunities in addition to corporate training programs.
Employee Assistance Program Experienced counselors are available 24/7 for confidential assistance to listen and help you find solutions at no cost to you