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Director of Acquisitions
San Diego, CA
A leading multifamily developer is looking for a Land Acquisition Director to join their Western Region development team. This person will be responsible for sourcing and acquiring new multifamily development opportunities and ensuring the business plan production targets are met. This position will work closely with the development team and support to develop appropriate deal pipelines. They will be responsible for market research, new deal sourcing, gaining control of new sites, garnering investment committee approval, project capitalization and disposition, project entitlement and design, and leading the team.
Responsibilites
Source New Deals
Responsible for sourcing new deals to help fill the regions business plan goals
Research development opportunities
Cultivate relationships with Broker community; Build networking capabilities through attending industry conferences
Direct source development opportunities through strategic avenues
Direct, review, and confirm underwriting from Development Associates/Analysts
Gain Control of New Sites
Prepare and submit letters of intent
Negotiate and secure main economic terms with land sellers
Lead land purchase contract preparation, negotiation, and execution
Ensure that all aspects and obligations of land purchase contracts are met appropriately
Investment Committee Approval
Lead the development of investment packages and pitches for presentation to the Investment Committee
Manage and verify/confirm all aspects of underwriting analysis
Assist in the oversight for the creation and preparation of power point presentation for Investment Committee
Create the investment vision and ensure vision is accurately translated through the Investment Committee presentation
Market Research
Train, manage and verify analyst’s efforts in tracking market economics for new multi-family development sites and stabilized asset sales including return on cost and cap rate metrics
Land Closing, Project Capitalization and Disposition
Assist in other functions as needed during capital raise and disposition process (e.g. preparation of capital and disposition offering documents and conducting site tours)
Project Entitlement and Design
Work with other functions as needed to ensure the project vision is carried out through the design and entitlement process
Leadership
Mentor and help develop Acquisition Manager(s) and Associate/Analyst(s) for career growth and high performance
Assist in the selection and training of new team members.
Requirements
7-9 years of related experience
Bachelor’s degree in Business, Finance, Accounting, Real Estate, Engineering, Math or related field required; Graduate degree and/or relevant professional certifications a plus
While not a primary responsibility for this position, it is expected that candidates will have a significant track record of experience in and thorough understanding of managing and leading all aspects of the development process including due diligence, entitlements, (re)zoning, project design, capitalization, and asset/property management
Possess mastery of real estate investment financial analysis and understand how to calculate and interpret return metrics (Cap Rate, IRR, Return on Cost, Residual Value etc.)
Analytical thinking and attention to detail
Proven communication skills
Operates with humility and integrity
Proven negotiation skills and ability to take calculated risks
Ability to thrive in a fast-paced, collaborative work environment and to think strategically
Driven and results-focused
Demonstrates initiative and is versatile
