Real Estate Development Associate Jobs in Utah (NOW HIRING)

Job Title: Investment Associate, Real Estate Private Equity
Company: Reef Capital
Salary: $120,000-$140,000 + bonus
Location: Lehi, UT

About Reef:

Reef is a Utah-based vertically integrated investment and development firm founded in 2005. Reef's team is currently involved in some of the most prominent development transactions in Utah and other targeted geographies across the United States.

Built on two decades of success, our investment approach combines proven expertise with purposeful innovation. Reef's team has completed more than 500 transactions across all lines of business. In addition to our real estate investment strategy, Reef and/or affiliates own and operate various businesses that add significant long-term value to its projects. We have grown rapidly, growing from about 25 employees to well over 400, with managed assets on behalf of over 750 institutional and individual partners worldwide.

With the motto "Expect the Best," Reef's most prominent developments include Black Desert Resort, a $2 billion luxury resort in Ivins, Utah; Marcella, a luxury private golf community in Park City, Utah; Tributer Resort, Virginia's newest premier private lakeside golf destination; Cornerstone Club, a 5,000-acre residential community, private club, and resort in Telluride, Colorado; Sweetens Cove, a renowned and evolving golf destination nestled in the Tennessee Valley; and the restoration of the historic Coco Palms Resort in Wailua, on the island of Kauai, Hawaii.

At Reef, our mission is to recruit, develop, and retain entrepreneurial individuals who desire to build and create something long-lasting and meaningful. Our business enables bright, committed people to work in high-performing teams within an environment that allows each person to achieve their professional objectives. Reef values a strong culture dedicated to the health and well-being of our employees.

Position Summary:

Reef is seeking a highly motivated Investment Associate with a strong foundation in investment banking and real estate private equity to join our team. This role will focus on evaluating, executing, and managing real estate investment opportunities across multiple asset classes. The ideal candidate brings strong financial modeling skills, transaction experience, and a deep understanding of real estate markets.

Responsibilities:

Investment Analysis & Underwriting

• Build, maintain, and stress-test institutional-quality financial models across the full capital structure - including ground-up development proformas, leveraged acquisition models, DCF/IRR analyses, and multi-tier equity waterfall structures
• Conduct rigorous sensitivity and scenario analyses to frame risk-adjusted return profiles for the Investment Committee
• Perform market research and feasibility analysis: supply/demand dynamics, competitive positioning, absorption assumptions, and comparable transaction benchmarking
• Evaluate acquisition, development, and JV opportunities end-to-end, including highest-and-best-use analysis, entitlement risk, and capital markets execution strategy
• Develop and own investment committee memos and presentations - written to the standard of an institutional LP audience

Deal Execution & Transaction Management

• Assist in various due diligence workstreams across legal, financial, environmental, and operational tracks; coordinate third-party consultants, legal counsel, lenders, and brokers
• Build and maintain data rooms; track open items and produce weekly deal status reporting for senior leadership
• Support debt financing processes, including lender outreach, term sheet negotiation, and loan closing coordination
• Assist in structuring JV and co-investment arrangements, including promote mechanics, distribution waterfalls, and governance provisions
• Participate in deal sourcing and market coverage, including broker and principal relationship management
• Assist in business plan creation of development projects

Portfolio Management & Investor Relations

• Monitor financial performance of portfolio assets against underwriting assumptions; prepare variance analyses and recommend corrective actions
• Prepare institutional-quality investor reports, annual reviews, and ad hoc investor communications
• Contribute to fundraising efforts, including the preparation of offering memoranda, pitch decks, LP data requests, and subscription documentation
• Assist with fundraising materials, including pitch decks and data rooms

Qualifications:

• Bachelor's degree with a quantitative focus, such as Finance, Economics, or a similar field
• 2-4 years of experience in investment banking, real estate private equity, or institutional real estate development, with meaningful transaction responsibility
• Demonstrated experience in portfolio analysis and financial modeling.
• Strong analytical and quantitative skills with a proficiency in financial modeling and valuation techniques.
• Demonstrated experience producing investment committee or credit committee materials in a professional setting
• Excellent communication skills, both written and verbal, with the ability to present complex data clearly.
• Strong attention to detail and ability to work independently and as part of a team.
• Proficiency with Microsoft Excel, Microsoft PowerPoint, Co-Star, Argus, or similar software's and tools
• Expert understanding of relevant financial concepts

Company Benefits:

• 401(k) Plan with Company Match
• Generous Health Plan with HSA Match
• Flexible Paid Time-off
• Daily Company Lunches
• Cell Phone Service Allowance
• Discounts at Company-owned Resorts and Golf Courses