Director, Development

ABOUT GREYSTAR

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 with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing over one million units/beds globally. Across its platforms, Greystar 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. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.

JOB DESCRIPTION SUMMARY

Sources and manages the pipeline of development pursuits for the assigned Region from cradle-to-grave. Manage all activities related to new development projects to achieve the established financial and growth targets, including completing initial land acquisition due diligence, facilitating the underwriting, and closing of real estate transactions and managing third party consultants through the project design and construction process. The Director, Development will be based in Sacramento, CA.

JOB DESCRIPTION

• 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 the proposed projects to the Company’s Investment Committee including detailed pro-forma and financial models and pursuit cost budgets.
• Support 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.
• Establish finish schedule for preconstruction and review and resolve Geotech, Environmental and Land Use matters.
• Directs third party relationships to complete project design concept and building plans in accordance to approved scope of work. Coordinate modifications for the project accepted during final pricing prior to closing to ensure they are incorporated in Construction Documents.
• Review and approve all soft cost expenses to ensure consultant completion of work and cost are in line with 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.
• Coordinate with consultants, permit expeditor, and construction team to ensure all municipality requirements permitting and jurisdictions are met. Ensure any governmental and jurisdictional issues are addressed and resolved with the assistance of consultants and construction team.
• Administers the Development and Construction Status Report (DCSR) process. Monitors and reports on the status and progress of 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.
• Represent ownership on day-to-day project management activities including OAC meetings and jobsite visits, including attending mock ups, box walks and FF&E installs. Address any open issues with construction or consultants requiring owner feedback.
• Review monthly draw to ensure project is on budget and identify 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 partner and maintains on-going communications with the executive team, equity partners, and other key business leaders affiliated with the project to provide periodic updates on the progress against schedule and budgets, surfaces and resolves issues that may compromise the project delivery schedule or costs, and responds quickly and with urgency to questions, concerns, and requests for information. Provide recommendation to equity partner 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 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 relevantmilestones. Provide 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 on-going communications related to proposed development projects.
• 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. Provides regular feedback to team members and conducts annual goal setting and performance evaluations.

Qualifications

• 5+ years of experience in real estate development.
• A bachelor’s degree is required in Finance, Business, Real Estate, Economics, Construction, Architecture or related field. 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 assigned region.
• Track record managing local community and political relations.

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The salary range for this position is $170,000 - $200,000.

Additional Compensation:

Many factors go into determining employee pay within the posted range including business requirements, prior experience, current skills and geographical location.

• Corporate Positions: In addition to the base salary, this role may be eligible to participate in a quarterly or annual bonus program based on individual and company performance.
• Onsite Property Positions: In addition to the base salary, this role may be eligible to participate in weekly, monthly, and/or quarterly bonus programs.

Robust Benefits Offered*:

• 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. All new hires start with 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.
• For onsite team members, onsite housing discount at Greystar-managed communities are available 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 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.

Greystar will consider for employment qualified applicants with arrest and conviction records.

Greystar is an equal opportunity employer and does not discriminate in employment on the basis of race, color, religion, sex (including pregnancy, sexual orientation, and gender identity), national origin, age, disability, genetic information, military or veteran status, or any other characteristic protected by applicable law.

Important Notice: Greystar will never request your banking details or other sensitive personal information during the interview process. Greystar does not conduct any interviews via text or messaging, and all communication will come from official Greystar email addresses (@greystar.com). If you receive suspicious requests, please report them immediately to [email protected].