Washington, DC
Salary Estimate: $75,000.00 - $99,999.00
Employment Type: Full Time
Work Place: Office
Experience Required: 2+ to 5 years
Education Required: 4 Year College
Benefits
Job Description
Position
PRP seeks a hire a multifamily Associate or Sr. Associate (based upon qualifications) to join the existing team and continue growing the portfolio of owned assets and national presence. The Associate will focus will be on acquiring properties in major and secondary US markets, with an emphasis on value-add, core-plus, and development investments. Candidates must be eager to continue their professional growth trajectory and possess self-motivation, high integrity, and a positive attitude.
Core Responsibilities:
· Develop and improve financial models for underwriting multifamily property acquisitions;
· Conduct cash flow analysis and utilize historical financial data to determine cap rates, IRR, cash-on-cash yields, equity multiples, and asset values;
· Research and analyze data from CoStar, comparable properties, and other relevant sources to support underwriting assumptions;
· Create detailed investment summaries and presentations for internal and external stakeholders, including clients, lenders, and partners;
· Coordinate and perform due diligence, involving site visits, reviews of third-party reports, and analyses of historical operating statements and rent rolls, in collaboration with consultants.
Qualifications
· Minimum of 2 to 4 years of direct comparable experience in multifamily investments, finance, banking, or similar;
· Bachelor’s degree, ideally with a concentration in business, real estate, finance, accounting, economics or related field;
· Strong analytical skills and proficiency in Microsoft Excel, capable of creating and analyzing complex financial spreadsheets, cash flows and data sets;
· Excellent communication and organizational skills, with the ability to thrive in a fast-paced collaborative environment;
· Candidates must be prepared to work in the office five days per week and must be located in or prepared to immediately relocate to the Washington, D.C. market.
Compensation
· The annual salary range for this position is $90,000 to $100,000 with the opportunity to for annual performance-based discretionary bonus.
· Comprehensive benefits package including health insurance, 401k, and PTO.
About PRP
PRP, established in 2005 and headquartered in Washington, DC, is a real estate investment manager with $5 billion in assets under management. Over its history, PRP has developed or acquired more than 17 million square feet in 54 properties across 19 markets, totaling over $6 billion in asset value. The company's diverse portfolio includes multifamily units, net-leased offices, logistics facilities, data centers, and office spaces, along with projects converting offices to multifamily units.
PRP oversees a national asset portfolio for a range of clients, including institutional investors, family offices, and financial institutions. Thanks to its extensive network of institutional capital partners and a robust track record, PRP continues to be proactive in the real estate market, despite current economic conditions.
The above is intended to describe the general content of and requirements for the performance of this job. It is not to be construed as an exhaustive statement of duties, responsibilities, and requirements.
PRP does not discriminate in employment on the basis of race, color, religion, sex (including pregnancy and gender identity), national origin, political affiliation, sexual orientation, marital status, disability, genetic information, age, membership in an employee organization, retaliation, parental status, military service, or other non-merit factor.
As process-oriented investors, we focus on the fundamentals of real estate investing. On the asset level, our investment strategies are specifically tailored and structured to deliver success irrespective of market conditions and economic cycles. Through a detailed risk assessment and rigorous due diligence of every opportunity, we implement a twin focus: physically modernizing properties while improving operations through new management and leasing initiatives. We utilize the most appropriate capital structures at acquisition, tailoring terms and durations to suit the specific need of each project — with a leverage target of 65% of total project costs. Our unfettered access to the capital markets and deep relationships with lenders and institutional investors, ensures that we achieve the lowest cost of capital available in the industry.
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