Multifamily Accountant

Description

Position Summary

The Multifamily Accountant is responsible for the daily maintenance of assigned entities to ensure accurate and timely internal and external (investor) reporting throughout the entire lifecycle of multifamily real estate projects, including land acquisition, entitlement, development, construction, lease-up, stabilization, and ongoing operations. This role works closely with development, construction, property management, and asset management teams.  

Key Responsibilities

• Execute monthly close process, including identifying reconciling items, providing explanations, and taking action to resolve open items.
• Record journal entries, accruals, and account reconciliations.
• Prepare quarterly and annual financial statements.
• Prepare investor reporting packages.

Financial and Investor Reporting

• Prepare workpapers supporting financial reporting and audits/reviews.
• Ensure compliance with GAAP and company accounting policies.
• Assist with investor capital calls, distributions, and related accounting entries.
• Track equity contributions and partnership allocations.

Development & Entitlement Accounting

• Track and capitalize entitlement costs, due diligence expenses, permits, impact fees, and soft costs in accordance with U.S. GAAP.
• Reconcile development budgets to actual expenditures and investigate variances.
• Coordinate with Project Managers to ensure accurate project cost allocation.

Construction Accounting

• Prepare and review construction draws, pay applications, subcontractor invoices, retainage, and change orders.
• Record and reconcile construction loan activity.
• Maintain project cost ledgers.
• Monitor construction budgets and prepare monthly budget-to-actual analyses.

Lease-Up & Property Operations Accounting

• Coordinate capitalization and fixed asset placement into service.
• Analyze operating expenses and explain budget variances.

Cash Management & Compliance

• Manage project cash accounts and monitor liquidity needs.
• Ensure compliance with debt, investor and partnership agreement requirements.
• Assist with annual audits and tax return preparation.
• Maintain supporting schedules for tax basis and book basis reporting.
• Support 1099 preparation and other regulatory filings.

Cross-Functional Collaboration

• Participate in project meetings and provide analysis supporting decision-making.
• Assist with process improvements and implementation of best practices.
• Support special projects and ad hoc financial analyses as assigned.

Benefits Information

We offer a competitive benefits package for full-time associates including medical, dental, vision, life insurance, short-term disability, long-term disability, 401(k), and employee assistance plan. Additionally, we offer a generous paid time off plan that includes a week off between Christmas and New Year’s Day.

Requirements

• Bachelor’s degree in Accounting, Finance, or related field
• 3+ years in multifamily real estate development and/or construction
• U.S. GAAP and real estate accounting principles
• Investor reporting and partnership accounting
• Construction draws, retainage, and job cost accounting
• Advanced Microsoft Excel
• Strong analytical, organizational, and communication skills