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. Greystar is the largest operator of apartments in the United States, managing over one million units/beds globally. The company has nearly $79 billion of assets under management, including over $35 billion of development assets and over $36.5 billion of regulatory assets under management. Founded by Bob Faith in 1993, Greystar aims to provide world-class service in the rental residential real estate business.

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. This position will be based in Sacramento, CA.

Responsibilities

• 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 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.
• Establishes finish schedule for preconstruction and reviews and resolves Geotech, Environmental, and Land Use matters.
• Directs third-party relationships to complete project design concept and building plans in accordance with the approved scope of work.
• Coordinates modifications for the project accepted during final pricing prior to closing to ensure they are incorporated in Construction Documents.
• Reviews and approves all soft cost expenses to ensure consultant completion of work and cost align with the 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.
• Ensures any governmental and jurisdictional issues are addressed and resolved with the assistance of consultants and the construction team.
• Administers the Development and Construction Status Report (DCSR) process.
• Monitors and reports on the status and progress of the 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, attending mock-ups, box walks, and FF&E installs.
• Addresses any open issues with construction or consultants requiring owner feedback.
• Reviews monthly draw to ensure the project is on budget and identifies potential savings and overages to the budget, including Operating Deficits, Taxes, and Interest Reserve.
• Manages 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 partners and maintains ongoing communications with the executive team, equity partners, and other key business leaders affiliated with the project to provide periodic updates on progress against schedule and budgets, surfaces and resolves issues that may compromise project delivery, and responds quickly to questions, concerns, and requests for information.
• Provides recommendations to equity partners 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 the 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, providing 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 ongoing 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.

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.
• Monitors 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 the assigned region.
• Track record managing local community and political relations.

Pay

The salary range for this position is $170,000 - $200,000. Additional compensation may include participation in a quarterly or annual bonus program based on individual and company performance.

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. Plus your birthday off after 1 year of service! Additional vacation accrued with tenure.
• Onsite housing discount at Greystar-managed communities (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.

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