Director of Acquisitions and Development
- Posted: over a month ago
BRIDGE Housing strengthens communities and improves the lives of its residents, beginning—but not ending—with affordable housing. We are looking for an accomplished Director of Acquisitions and Development to join our team!
The Director of Acquisitions and Development will be responsible for evaluating and assessing potential real estate acquisitions, divestitures and development of multi-family affordable/workforce housing. The incumbent should be able to evaluate and assess potential acquisitions including market research, underwriting, structuring, closing, and transaction management. The preferred candidate is someone who has a strong local network in the greater Los Angeles area and West Coast.
The position is ideally suited for a highly motivated, detail-oriented individual with an experienced background in both market-rate and affordable multifamily housing. This individual should have the desire to be a part of a rapidly growing non-profit organization with upward mobility, and work within a team of other highly motivated individuals.
Duties and Responsibilities
Sourcing of Real Estate Acquisitions
- Source, evaluate, and assess potential real estate acquisitions throughout BRIDGE's footprint in CA, OR, and WA with a focus on the Los Angeles region
- Lead the underwriting and due diligence for each transaction including financial modeling, market surveys, tenant credit analysis, broker interviews, interaction with property management personnel, and local government officials
- Effectively and efficiently manage real estate and finance transactions including site and property acquisitions, rehabilitation and financial closings
- Source and identify new joint venture partners to create relationships that will provide a consistent pipeline of suitable investment opportunities
- Compilation of due diligence information including financial, market, site, and regulatory data
- Ensure the highest quality product in every respect in conformance with BRIDGE's commitment to the physical, financial, operational health and quality of homes for its residents
- Provide recommendations and analysis that will inform the organization's investment decisions
- Underwrite acquisition opportunities including financial modeling, analysis of market data/comparable sales, preparation of market summaries and negotiations of LOIs and purchase and sale agreements
- Evaluate existing complex partnership agreements and cash flow waterfalls; identify and coordinate with capital markets group for all debt, equity and soft sources of finance to ensure feasibility
- Validation and defense of budgets, assumptions, and pro-forma analysis
- Manage project costs throughout the budgeting process for rehabilitation and/or development projects
- Document loan and partnership terms and obligations
- Completion of applications and documentation necessary for debt and equity financing, property purchase and sale, and government subsidy renewal
- Work with legal counsel in the preparation and negotiation of purchase and sale agreements, partnership agreements and related legal documentation necessary to complete transactions
- Manage the preparation and presentation of Internal Committee presentations for all acquisitions
- Collaborate with other members of the Business Development team, and internal functions including Property Management, Asset Management, Capital Markets Group, Legal and Corporate Finance
- Collaborate with outside consultants, brokers, contractors and other allied professionals
- Strong academic background with Bachelor's Degree or equivalent degree in multi-family home real estate acquisitions, business, real estate, architecture, planning, or finance; advanced degree preferred
- 7-10 years of experience and demonstrated track record of success in real estate acquisitions, divestitures, and development
- Real estate development experience with emphasis on affordable and mixed-income housing. Experience in Los Angeles are desirable
- Excellent problem solving and creative skills with the ability to exercise sound judgment to make decisions based on accurate and timely information
- Experience reviewing and negotiating legal documents
- Strong quantitative, financial analysis and modeling (Excel) skills
- Strong sense of urgency and detail with results-driven orientation
- Strong project management skills and follow-through. Exceptional research, writing abilities as well as written and verbal communication skills
- Ability to multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency, accountability, and have exceptional attention to detail and sound judgment
- Experience in GP buy-outs in LIHTC structures desirable
BRIDGE Housing is an Equal Opportunity Employer committed to fostering an inclusive environment for our diverse workforce. We do not discriminate on the basis of race, religion, color, national origin, gender identity, sexual orientation, age, disability, marital status, or veteran status. Pursuant to the California Fair Chance Act, we will consider qualified applicants with arrest records. Should you need any assistance or accommodation in our application process, please contact us at the phone number listed on our website.
Health and Safety
Consistent with BRIDGE’s duty to provide and maintain a workplace that is free of known hazards, we have adopted a Mandatory COVID-19 Vaccination Policy to safeguard the health of our employees and their families, our customers and visitors, and the community at large. Under this policy, all BRIDGE employees are required to be fully vaccinated against COVID-19 unless a reasonable accommodation is requested by the employee and approved by Human Resources.
Bridge Housing Corporation
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