Director of Development

Job Description

Opportunity for a highly motivated individual with superstar potential to join one of the leading real estate development and investment firms in the United States. Greystar is a fully-integrated property management, investment management and development services company specializing in the multifamily real estate industry. Greystar operates over 410,000 rental apartments in 147 markets across the United States, United Kingdom, Mexico and the Netherlands. Through its institutional investment management platform, Greystar oversees a real estate portfolio of more than $15.5B and manages over $7.0B of equity for a diverse group of global institutional capital partners. Greystar has been the most active residential-focused, private equity real estate firm in the world since 2010. Greystar has sponsored $8.6B of development, including 29,000 units and over 120 projects, in the U.S. Greystar was ranked as the #1 multifamily developer by NMHC in 2017 (by starts) and currently has a development pipeline exceeding 9,500 units in 25 cities throughout the country.

Greystar Development Directors lead the execution of the Company’s development and new construction strategy by implementing and processing identified development projects for the assigned Region and/or markets, and by managing all facets and activities related to new development projects to achieve the established financial and growth targets for the Region. The Development Director will interface heavily with real estate owners, local market brokers and senior Greystar executives, so applicants must have dynamic verbal and written communication skills and strong interpersonal abilities. A minimum of 5 years of prior real estate development experience is required. Applicants should have strong analytical and quantitative skills, with an excellent financial acumen and high proficiency with real estate underwriting and real estate finance concepts.

This position sits in Boston, MA. Greystar offers a competitive salary and benefits. EOE

Essential Responsibilities:

• Develop and perform the financial analyses and entitlement risk underwriting, which forms the basis for site selection and the Company’s spending of pursuit capital and allocation of investment capital.
• Manage the pre-entitlement process by maintaining accurate pursuit cost forecasting and reporting, and implement and execute programs and processes to ensure pro-forma development budgets, underwriting, schedules, quality, and standards are met and completed in accordance with adopted Company policies.
• 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.
• Fully engage and work with the Region’s business lead and discipline team leaders in achieving the Region’s financial and growth goals by participating in team meetings and calls, keeping team members informed about status of new development work, and actively working with the team on new business development, meetings with clients and investors, and other RFPs.
• Participate in routine Investment Committee meetings that focus on proposed development projects by making presentations on said projects, working with and assisting the Managing Director of Finance in project financing, and reviewing and providing progress updates on projects under pursuit, under construction and under lease-up.
• Discuss strategy and provide input to the strategic decisions and direction of the Company’s Development & Construction business, and act as a conduit to Managing Director for team member, client, and key stakeholder questions, concerns, and issues related to business, education, or human resources operations.
• Source new development opportunities, through developing and maintaining relationships with key stakeholders including brokers, consultants, land sellers, equity partners, lenders, etc. in the Region to identify feasible, financeable, and profitable new initiatives
• Negotiate or assist in the negotiation of complex legal instruments including contracts, easements, term sheets, loan documents, joint venture agreements, municipal agreements, joint development agreements, etc.
• Manage complex development projects under construction to ensure developments remain on time and on budget; interact with construction team members and third party general contractors to achieve business plan goals on specific assets
• Manage consultant third party consultants to identify, entitle, design, finance, permit, construct, lease, manage and dispose of new development projects.
• Accountable for coordinating work activities, ensuring open communication between consultants and Company project team members, lender’s and equity investors as needed, by researching and communicating ongoing project status.

Knowledge, Skills, Abilities:

• Strong ability to problem solve and multi-task in fast paced environment.
• Demonstrated ability to read, write, negotiate, and communicate effectively to comprehend and/or complete legal contracts, partnership documents, loan documents, financial spreadsheets, and human resources documents and to create and make presentations to Board members, Executive members, partners, lenders, and staff. Demonstrated ability to read and comprehend architectural, structural engineering and civil engineering plans.
• Ability and preference for working in a team-oriented setting, and interacting with several departments (Development, Construction, Asset Management, Property Management, and Finance) that provide functional expertise and insights toward proper product positioning.
• Deep and broad experience in multi-family development and new construction, including market and sub-market familiarity with the demand drivers supporting the growth of this business, plus prior entitlement experience and a solid understanding of construction means and methods to lead initial and on-going project planning meetings.
• Strong research skills and ability to identify and compile information to support the investment thesis and clearly articulate those findings to the Company’s Investment Committee and prospective capital partners.
• Extensive experience in negotiating Architectural and Engineering Consulting Agreements, Easement Agreements and other related documents affecting title and survey.
• Demonstrated high proficiency in Microsoft Word and Microsoft Excel to complete required reports and employment documents.
• Demonstrated excellent mathematical skills necessary to add, subtract, multiply, and divide numbers, decimals, and fractions, and calculate yields and internal rates of return to develop project proformas, Regional financial forecasts, budgets, and other fiscal reporting information. Demonstrate high proficiency in real estate modeling and underwriting, as well strong understanding of real estate finance and structured finance concepts.
• Demonstrated management and supervisory skills sufficient to lead, direct, evaluate, and mentor subordinate and peer employee staff, as well as consultant teams
• Employment history that demonstrates the application and usage of a development (and construction) and/or facilities background sufficient to design, lead, and direct development and construction activities and projects from design to completion.
• MBA preferred

Education



Qualifications



About us
Greystar is a fully integrated real estate company, specializing in management, development and investment disciplines of the multifamily industry. Established over 30 years ago, Greystar is the largest property management operator in the world. Currently, the Company manages over 400,000 apartment homes, in 150 markets globally. Greystar was ranked 1st among the top 50 U.S. Apartment Managers, according to the 2015 National Multifamily Housing Council. The dedication of Greystar’s team members has contributed to the Company’s long-term success. Greystar’s commitment to hiring the very best multifamily professionals has resulted in record growth, making the Company one of the most respected and trusted multifamily real estate companies.

Join the leader in the multifamily real estate industry and begin your career with a company you can call home.

Greystar offers competitive compensation and benefits. EOE