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The employee in this position will be initially expected to provide support to the acquisitions/development team, allowing the team to pursue as many deals as possible and present needed information to investment partners. Expanding the team’s acquisition bandwidth will be dependent on this individual’s ability to manage and oversee initial deal feasibility studies. Expect to manage 3rd party consultants, oversee/assist with assessments, evaluations and execution of acquisitions for potential developments from conception of the project through disposition.
Essential Job Duties and Responsibilities
- A general knowledge of the Southern California residential markets and CRE acquisitions.
- Preparation of LOIs, PSA contracts, correspondence and other communications.
- Assessment of acquisition and development opportunities through a valuation analysis using complex financial modeling
- Creation and management of development budgets for project feasibility purposes; working closely with acquisition, due diligence, finance and project management teams.
- Management of underwriting from the initial underwriting to letter of intent, contract stage, due diligence, construction and disposition
- Prioritize and manage the acquisitions and financial modeling for multiple projects simultaneously and follow through on issues in a timely manner
- High-level management, review and evaluation of third party reports associated with the acquisition of properties during due diligence process (title, appraisal, environmental, property condition, survey, as required)
Research and Reporting
- Prospective acquisitions tracking and preliminary research (market data, ownership information, cold and warm calling)
- Weekly updates for the development team on prospective deals
- Research and collection of commercial real estate market transactions data (sales, rentals and lending rates) to ensure financial assumptions in financial analyses are accurate
- Prepare project specific market analysis reports focusing on comparable rents, vacancy rates, absorption rates, and sales data by using industry databases such as CoStar and Yardi
- Prepare executive financial analyses summaries for internal and external review.
- Aid in the development of marketing package presentations for submission to capital sources
- The ideal candidate will transition to running deals themselves with only strategy-level oversight from other members of the team.
- Continuously evaluate and improve acquisitions policies and procedures to ensure efficiency, effectiveness, and ensure sound investment decisions
- Source acquisition targets and bring prospective accretive transactions to the development team for initial approval
- Preparation of thorough Investment Committee packages
- Cultivate strong relationships with external commercial brokers and prospective property sellers to gain access to off-market transactions
- Identify national conferences and other opportunities for increasing industry exposure through attendance, networking and/or participation
- Developing business relationships through membership and participation in professional, industry/trade and civic organizations.
- Extensive CRE financial modeling experience; including advanced functions in Excel, Preferred knowledge in ARGUS
- Strong organizational and planning skills
- Ability to work in team environment, assisting others to achieve greater success
- Strong understanding of financial statements and financial analysis used in underwriting
- Strong understanding of fundamentals associated with CRE investment decision making
- High proficiency in Microsoft Office applications; Word, Outlook, PowerPoint
- Experienced information gathering and information reporting
- Excellent verbal and written communication skills and strong presentation skills
- Effective decision-making skills and an ability to perform under deadline pressure
- Able to identify and resolve problems in a timely manner by gathering and analyzing information skillfully and developing alternative solutions
- Able to successfully prioritize and manage multiple projects and handle frequent changes effectively and professionally
- Bachelor's degree in real estate, business or finance from a four-year accredited university required; MBA or related advanced degree preferred
- 5-7+ years of multifamily residential real estate acquisitions/underwriting experience
Email HR@UniversalStandardHousing.com for more information.
See the Development Director job description here.
Los Angeles City Club at ClubCorp is looking for a Membership Director. See info here.
Ability to take a job from bid estimation to final punch walk: Estimating, cost management, value engineering, cost tracking, outline spec development, hiring and managing architects, engineers, and construction teams, contract evaluation and negotiation, scheduling and overall project quality control. It is essential that the candidate has the ability to adapt their knowledge of construction management to new means and methods. Specific concentration on Pre-Fabricated Modular construction methods.
Responsibilities and Duties
Development Team Management
- Use and source historical pricing and market pricing to develop preliminary Master Budgets for new development of Multifamily housing; hard and soft cost estimations based on incomplete plans and specifications. Develop the appropriate back-up (assumptions and clarifications).
- Hire and manage architectural, engineering, modular manufacturing and general contracting teams.
- Manage Conceptual Design Process to produce project scope
- Develop outline specifications for projects -materials and specs
- Research of materials and methods, sourcing and negotiating qualified bids from prefabricated manufacturers and General Contractors.
- Work with Architects, Engineers, General Contractors and Modular Manufacturers to analyze Project to determine any Labor and/or Material saving methods
- Manage competitive bidding processes. Ensure that bids are accurate and complete. Ability to determine missing scopes of work in conceptual plans to ensure reliability of bid pricing.
- Present final bid analysis to Senior Management
- Work with the project team on value analysis and constructability reviews.
- Manage Schematic Design Process
- Manage development team to track adjustments to budgets reflecting changes to the project during the Design Build process. Make sure the final cost plan and the scope of work are fully aligned. Evaluate against the GMP cost plan.
- Manage Construction Documents Process
- Oversee building permitting process
- Ensure that potential risk factors related to cost overruns have been evaluated and reviewed with senior management within the office. Has profit and loss responsibility.
- Onsite and remote oversight of general contractors; quality control of performance and compliance with plans and specifications
- Coordinate engineering personnel, inspectors, and contractors to resolve construction problems and improve construction methods through close out/certificate of occupancy
- Ability to train and build out associate level team over the long run to help assist in project
management and expansion of company bandwidth
- Ability to prepare and manage preconstruction schedules and preliminary construction schedules.
- Project Budget; preconstruction through completion
- Monthly Progress Reports
- Tracking of construction plans and permits
- Previous large scale commercial construction experience REQUIRED (10 years minimum)
- Highly organized and analytical REQUIRED
- Ability to communicate succinctly and accurately REQUIRED
- Desire and Confidence to work independently REQUIRED
- Ability to work under pressure and on deadline REQUIRED
- Construction accounting experience a plus
- Proficiency in Excel, MS Word, Outlook and Project REQUIRED
- A good knowledge of OCS/TPS/SIGNAL/COMM construction is REQUIRED
- Certified Construction Manager preferred
- AutoCAD (or similar) proficiency preferred
Desired certifications: PMP, CGFM, MCR, SLCR.
Email HR@UniversalStandardHousing.com for more information.