Los Angeles, CA 90001
Working for Equity Residential means being part of a community and striving to provide the best in apartment living, speaking boldly about new ideas for innovation, and inspiring creativity in the ways we work together. That’s what our Be.Think.Play.Live. culture is all about.
As the Vice President of Development, you will lead the development strategy for your assigned portfolio, including all direct developments, joint venture developments, and merchant build opportunities. On an ongoing basis, you will assess the current and projected performance of developments and monitor all new supply and investment opportunities in order to make strategic development decisions. Reporting to the Senior Vice President of Development, the VP of Development works closely with the regional VP of Investments, VP of Construction Management, and other regional team members in an effort to maximize the return on invested capital.
- Analytical and Creative. You like thinking outside the box to come up with smart solutions to new challenges, and you embrace the opportunity to live in the gray.
- Decisive Nature. You have a sense of urgency and the ability to manage a diverse group of people.
- A Strong Communicator. Your writing and speaking skills are clear and effective, helping you connect well with others.
- Organized and Confident. You are flexible, composed, and able to prioritize multiple tasks and deadlines simultaneously while confidently interacting with individuals across all levels of the organization.
- Motivated. You invest extra energy to reach your goals.
- A Solution-Oriented Team Player. You are united with teammates and follow through on commitments.
WHAT YOU’LL DO
- Evaluate and manage multiple developments on a regional basis with travel involved.
- Originate new development projects, including negotiation of contracts and development agreements.
- Obtain approval of contracts and agreements with Executive Vice President and Executive Committee.
- Oversee the development of new apartment communities from inception through final project completion and closeout.
- Manage due diligence review and reporting.
- Prepare underwriting presentation for Executive Committee review and verbal and written presentation to Underwriting Committee for approval; prepare written presentation to Board of Trustees.
- Prepare underwriting model for all assigned development projects.
- Receive and analyze all costs, rent levels, unit mix, expenses, income assumptions, and market information provided by developer; create pro-forma budget and make recommendations to developer and Equity regarding same.
- May work individually or supervise a team of one or more Development Analysts, Development Associates or Development Managers/Directors as needed.
- As applicable, direct other Development team members in preparation of final project underwriting budget and schedule; involve team members at inception of process to assure timely flow of information.
- Manage and support Development team members including hiring, training, coaching, ongoing career development, performance management, and succession planning.
- Complete critical path schedules with assistance of the developer and other internal team members/stakeholders.
- Hold regular team meetings with Development Manager, Developer’s key personnel and consultants on the development’s progress and recommend necessary changes.
- Report regularly, both verbally and in writing on progress of projects.
- Perform other functions as required.
- Bachelor’s Degree in a related field (Real Estate, Finance, or Design Disciplines such as Architecture or Urban Planning) required; advanced degree preferred.
- 7-10 years of new development project management experience required.
- Must have excellent analytical skills, be detail oriented, have good business sense, and be able to work on numerous projects concurrently and prioritize workload independently.
- Excellent communication and collaboration skills and knowledge of work processes, spreadsheets, and EQR systems required as well as strong presentation skills.
- Travel required.
We recognize everyone has different needs outside of work. That’s why, in addition to a competitive benefits package (medical, dental, vision and paid time off), we offer many unique options to employees, like adoption benefits and paid time off for community service projects. To learn more, view our Total Wellbeing page here.
401k Retirement Plan
Short Term Disability
Long Term Disability
Internal Training Programs
Stock Purchase Plan