Development Manager

Company Overview

The hiring company is a national leader in the development and construction of multifamily apartment communities across the United States. The New England office is located in Massachusetts and is focused on the development of projects throughout the New England region. 

Position Overview

The Development Manager will have primary responsibility for the day to day oversight of the office's multifamily development projects. The role will also include, to the extent of the candidates experience and skill set, participation in the underwriting of new projects, the entitlements process, project design and financing. 

Work Performed (responsibilities include but are not limited to the following)

CONSTRUCTION PERIOD AND POST CLOSING: The Development Manager will be responsible for primary oversight of the project as the representative of the Owner. In this capacity, the Development Manager will coordinate third party service provider contracts and marketing agreements, manage the monthly draw process and communication and reporting with the lender and equity partner, track job cost against budget and report to management on projected savings or overruns. Additionally, the Development Manager will attend bi-weekly construction meetings and coordinate with construction and Wood Partners to establish realistic turnover schedules for the residential buildings, model units and clubhouse furniture installation dates, approval of a lease-up budget and lease-up strategy.   

FINANCING AND CLOSING: Once financing commitments have been obtained, the Development Manager shall help collect the information requested by or set forth in the checklist of the lender or equity partner. The Development Manager shall have primary responsibility for coordinating with the Development Directors to ensure that the necessary entities are formed on a timely basis and obtaining such things as corporate approvals and coordinate with Wood Partners’ construction team to obtain the necessary building permits.

PRE-CONSTRUCTION PROJECT MANAGEMENT: The Development Manager will interface with and assist with the negotiations with governmental jurisdictions on entitlement and zoning issues. The Development Manager will also assist in the review and negotiation of contracts (purchase and sale, loan documents, partnership agreements, leases, easements, etc.). Additional responsibilities will include interfacing daily with designers, general contractors, architects and Wood Partners pre-construction staff on development and construction projects. Working with Development Directors, the Development Manager will be responsible for tracking pre-development budgets and forecasting future spending consistently.

DUE DILIGENCE: Assist the Pre-construction team with the due diligence effort when pursuing projects under contract. This includes collecting and managing the review of all potential risks and value drivers including title documents, project entitlements, environmental documents, soils analysis, etc.

PREPARING INVESTMENT COMMITTEE AND FINANCE PACKAGES: The Development Manager will be responsible for preparing investment committee packages for internal review and finance packages to be sent to potential lenders and equity partners for projects under due diligence.

SITE FEASIBILITY/UNDERWRITTING: The Development Manager is responsible for quickly developing preliminary information relative to the site such as the quality and location, rent potential, development trends in the submarket, the location of comparable apartment sites, impact fees and real estate taxes. The Development Manager will also be responsible for a preliminary strategy concerning the type of product we should develop including unit mix, type and scope of amenities and any other key project features to target the preferred demographic and achieve the level of rents required. The Development Manager will be responsible for maintaining complex real estate models to analyze returns and economic feasibility. 

SITE SELECTION: The Development Manager will support the Development Directors in building the knowledge of all potential development sites in the market and develop a plan for pursuing them.

Required Qualifications
 
Education/Training: Bachelor’s degree in business, construction management, architecture or other related discipline and related experience. Preference for Master of Business Administration, but not required.  
 
Experience: A minimum of 2 years professional work experience is required. Candidate will ideally have a background in real estate development, investment and finance, planning or mathematics. Must have experience with financial valuations and evaluations of property. Must show prior experience and success derived from taking initiative, s. Knowledge of the Greater Boston/New England area strongly preferred. 

Skills: Strong financial and analytical skills with a passion for real estate. Ability to manage multiple projects in various stages through the consistent completion of tasks with established deadlines. Knowledge of key financial concepts and metrics as they relate to the multifamily real estate industry, including capitalization rates, internal rates of return, cash-on-cash returns, and others. Thorough understanding of using Excel and understanding pro forma analysis. Ability to assemble high-quality presentations. Strong verbal and written communication skills. Ability to absorb and act on legal documents such as land contracts, Joint venture agreements, title, zoning, and financing agreements.