Job Description
Job Description
Job Purpose
The Director of Acquisitions and Development will be responsible for evaluating and assessing potential real estate acquisitions, divestitures and development of multi-family affordable / workforce housing. The incumbent should be able to evaluate and assess potential acquisitions including market research, underwriting, structuring, closing and transaction management. The preferred candidate is someone who has a strong local network within BRIDGE’s markets, the major metros across the West Coast.
The position is ideally suited for a highly motivated, detail-oriented individual with an experienced background in both market-rate and affordable multifamily housing. This individual should have the desire to be a part of a rapidly growing non-profit organization with upward mobility, and work within a team of other highly motivated individuals.
Duties and Responsibilities
Sourcing of Real Estate Acquisitions
- Source, evaluate, and assess potential real estate acquisitions throughout BRIDGE’s footprint in CA, OR and WA with a focus on the Los Angeles region.
- Lead the underwriting and due diligence for each transaction including financial modeling, market surveys, broker interviews, interaction with property management personnel, and local government officials.
- Effectively and efficiently manage real estate and finance transactions including site and property acquisitions, rehabilitation and financial closings
- Source and identify new joint venture partners to create relationships that will provide a consistent pipeline of suitable investment opportunities
- Compilation of due diligence information including financial, market, site, and regulatory data
Quality
Ensure the highest quality product in every respect in conformance with BRIDGE’s commitment to the physical, financial, operational health and quality of homes for its residents.Financial / Legal / Administrative
Provide recommendations and analysis that will inform the organization’s investment decisionsUnderwrite acquisition opportunities including financial modeling, analysis of market data / comparable sales, preparation of market summaries and negotiations of LOIs and purchase and sale agreementsEvaluate existing complex partnership agreements and cash flow waterfalls; identify and coordinate with capital markets group for all debt, equity and soft sources of finance to ensure feasibilityValidation and defense of budgets, assumptions, and pro-forma analysisManage project costs throughout the budgeting process for rehabilitation and / or development projects.Document loan and partnership terms and obligationsCompletion of applications and documentation necessary for debt and equity financing, property purchase and sale, and government subsidy renewal.Work with legal counsel in the preparation and negotiation of purchase and sale agreements, partnership agreements and related legal documentation necessary to complete transactionsManage the preparation and presentation of Internal Committee presentations for all acquisitionsCollaboration
Collaborate with other members of the Business Development Team, and internal functions including; Property Management, Asset Management, Capital Markets Group, Legal and Corporate Finance.Collaborate with outside consultants, brokers, contractors and other allied professionals.Requirements
Strong academic background with Bachelor’ Degree or equivalent degree in multi-family home real estate acquisitions, business, real estate, architecture, planning, or finance; advanced degree preferred7-10 years of experience and a demonstrated track record of success in real estate acquisitions, divestitures, and developmentReal estate development experience with emphasis on affordable and mixed-income housing. Experience in Los Angeles area is desirable.Extensive hands-on experience in the underwriting and financing of affordable housing projects, including the use of typical financing sources such as low-income housing tax credits, tax exempt bonds, HOME, CDBG, HUD Section 202, etc.Experience with acquisition of HUD at-risk properties, HOPE VI and / or homeownership developments.High level of technical knowledge and hands-on experience with the development of affordable housing, affordable housing finance and real estate transactions.Past personal involvement in reading and negotiating legal documents.Excellent problem solving and creative skills with the ability to exercise sound judgment to make decisions based on accurate and timely information.Experience reviewing and negotiating legal documents.Strong quantitative, financial analysis and modeling (excel) skills.Strong sense of urgency and detail with results-driven orientation.Strong project management skills and follow-through. Exceptional research, writing abilities written and verbal communications skills.Ability to multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency, accountability exceptional attention to detail and sound judgment.Experience in GP buy-outs in LIHTC structures is desirable.Working Conditions
This will be in office and at property sites with some travel required.
Physical Requirements
Sitting, standing, walking, talking, hearing, and repetitive motionsMove, lift, carry, push, pull, and place objects weighing less than or equal to 25 pounds without assistance