Vice President - Multifamily Real Estate

Job Summary

The Vice President of Multifamily Real Estate is responsible for overseeing all aspects of new multifamily development for the Company. The position directs the construction team through construction, closeout and turnover of multifamily projects and oversees the third-party property management team in leasing to stabilization and the ongoing management of the assets. The VP of Multifamily Real Estate will also oversee project underwriting, planning, design and permitting of future multifamily projects and support the capital markets team to pursue development partners in support of future development. The VP of Multifamily Real Estate must have demonstrated skills in negotiating, coordinating and directing the work of engineers, consultants, and general contractors as well as the property management, marketing and leasing teams. This position will be responsible for delivering the projects on vision, on time and on budget and will be responsible for all aspects of property management and the overall financial performance of the properties.

Essential Functions:

Construction Oversight:

·         Direct the construction management team daily and analyze construction contractor schedule updates, cost updates and spending forecasts.

·         Review and approval of submittals, RFIs and related change orders.

·         Approve progress payments, monitor schedule updates and spending forecasts and

·         Drive recovery schedules and value engineering as necessary.

·         Oversee the timely processing, tracking and approval of work orders, contracts, change orders, submittals, and RFIs.

·         Monitor and manage the capital budget including timely updates to Job Cost Reports and address variances and potential change orders in budget meetings.

·         Implement and execute systems and processes to ensure pro forma development budgets, underwriting, schedules, and quality standards are met.

·         Other duties as required.

Operations:

·         Direct third-party property management to maximize returns and achieve operational efficiency during lease-up and ongoing operations.

·         Oversee operating performance of third-party property manager including:

o    Achievement of target leasing velocity

o    Timely collection of rents and execution of legal delinquent rent procedures

o    Assure resident insurance compliance procedures are in place.

o    Assure tenant screening criteria and policies are adhered to.

o    Assure resident retention procedures are implemented effectively.

o    Assure operating reports are completed timely and accurately.

o    Approve invoices and ensure timely and accurate data input.

o    Actively identify opportunities to maximize income.

o    Asset management maintenance schedules and warranty tracking.

o    Identify potential major repairs or capital projects.

o    Assure that quality of curb appeal and amenities meets standards.

o    Identify actual or potential risk management issues.

o    Bid recurring contract work routinely to assure quality and best price.

o    Other duties as necessary

·         Review and analyze monthly performance to proactively address operational variances.

·         Generate annual operating and cap-ex budgets and forecasts.

·         Identify potential market challenges and opportunities, utilizing market intelligence to create effective marketing plans.

Planning, Underwriting Design, and Permitting:

·         Oversee design and permitting efforts for expansion of multifamily development within TRCC – Terra Vista Phases 2 & 3.

·         Oversee market analysis for product development and competitive rent analyses.

·         Direct the development of pro forma underwriting for projects including financial modeling, market analysis, detailed construction and operating costs, development schedule and financing assumptions.

·         Vetting and hiring of consultants, including architects, engineers, utility consultants, landscape architects, environmental consultants, etc., and leading these consultants and internal team members in the planning and design and permitting of new multi-family developments.

·         Ensure that all feasible value engineering opportunities have been explored.

·         Oversight of processing and approval of plans and required reports with Kern County to obtain construction permits, ensuring that all development conditions of approval are met.

·         Support capital markets team in creation of compelling investment packages.

·         Develop and make presentations to internal and external groups to include potential investors and public meetings.

·         Other duties as required.

Knowledge, Skills and Ability Required:

•  Motivate project teams to accomplish overall goals in an efficient and successful manner.
•  Ability to read, interpret and understand construction plans, schedules and tract maps.
•  Create opportunities and solutions through vision, planning and strategic thinking.
•  Strong character and principles.
•  Effective communication, motivation and cooperation and conflict resolution skills.
•  Work well under pressure and prioritize multiple tasks.
•  Excel & MS Office and MS Project skills, with bonus points for Procore.

Behavioral Expectations

•  Demonstrate positive behaviors that include but are not limited to respect for individuals, a pro-active spirit, partnerships, business ethics, and corporate citizenship.
•   Demonstrate behaviors that prove positive with all in house departments, consultants, contractors, vendors and the community.
•   Maintain confidentiality regarding sensitive issues.
•   Be open and flexible to the variety of activities and demands involved.
•   Excellent interpersonal skills with the ability to nurture and maintain positive relationships with fellow employees, public agencies and community groups.
•  Impeccable integrity and ethics.