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AVP, Acquisitions

Salary
Competitive
Employment
Full Time
Work Place
Office
Real Estate Field
Location
San Francisco
 CA
Postal Code
94108
Country
United States

This job is no longer active.

Description


Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire aspires to improve lives through expert capital stewardship and exceptional living experiences. Berkshire invests in affordable, middle-income, market-rate, and luxury apartments as well as senior housing, active adult housing, student housing, and residential asset-backed debt, based on specified investment strategies, and creates unparalleled living experiences for our residents.

BASIC PURPOSE:

The AVP of Acquisitions will support the VP Acquisitions in sourcing, underwriting, due diligence, and closing core, core plus, and value add multifamily property acquisitions, debt investments, preferred equity/mezzanine debt investments, and equity joint venture investments for development within their territory. Ensure adequate pipeline within territory, including off-market transactions, and realistic underwriting to ensure outperformance against proforma.

Essential Functions: (These are the main duties/tasks of the position and they are important in order to be successful)

  • Begin to independently source multifamily core, core plus and value add property acquisitions, debt investments, and joint venture equity development investments
  • Begin to develop industry relationships with brokers and developer partners and operator partner relationships for debt and preferred equity investments, if required, and others to expand sourcing network
  • Train Acquisitions Associates/Analysts if applicable on market and property research and underwriting of potential investments
  • Assist Acquisitions SVP in coordinating due diligence using other Berkshire specialized team members to ensure comprehensive and timely completion within the transactional timeframe and Berkshire s investment process requirements
  • Assist in coordinating investment financing and closing with Capital Markets taking the lead
  • Assist in coordinating investment closing with transactions closing team
  • Assist in presenting new investments to Investment Committee for approval

The Company may revise this job description from time to time as business needs require. It is not intended to be an exhaustive listing of all the functions of the job, nor is to limit the Company right to assign other functions to an employee in this position. This job description does not constitute a written or implied contract of employment.

JOB QUALIFICATION REQUIREMENTS:

Knowledge/Experience:

  • 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
  • Able to identify, qualify and use data sources necessary to run models and/or validate assumptions
  • Ability to apply mathematical concepts and calculations to acquisitions oriented financial and operating models
  • Ability to construct financial and operating models as part of the underwriting process, with a clear understanding of the relationships of the inputs to the whole and to one another
  • A deep and broad understanding of the use of Microsoft Excel, internet database programs, mapping software and demographic information in creating financial models
  • Understands how to shop comparable properties to determine competitive amenities, rents and sales prices
  • Understand the relationship between supply and demand fundamentals in a market to measure the importance on specific opportunities
  • Has command of building activity, job creation, and demographic information in target markets and understands their impact on potential for value creation
  • Understands due diligence process required for properties targeted for acquisition
  • Follows deal post-close to ensure lessons are learned, problems are solved, relationships are maintained and future deal opportunities are preserved
  • Able to develop capital budgets reflecting the cost of renovations, rehabilitation, and upgrades to properties to drive economic value
  • Knowledge of all multifamily product types
  • Understands the relationship between the underwriting process and actual property management practices necessary to produce underwriting
  • Able to see deals in terms of the overall business plan
  • Understands portfolio strategy and influences it based on keen understanding of markets
  • Understands how to structure a deal with due consideration of long-term value creation potential, financing, tax considerations, terms, such that modeled returns are achieved or exceeded
  • The ability to structure and manage joint ventures with equity partners; skill in working with peers, partners, and third-party service providers to drive the investment process to conclusion; and an understanding and appreciation of investor profiles
  • Able to effectively negotiate deals by:
    • Knowing what s important
    • Creating win/win opportunities
    • Knowing when to be flexible, and under what grounds one needs to be firm
    • Knowing when to ask for investment committee guidance
    • Follow-up and detailed knowledge in developing arguments
    • Preparation
    • Maintaining Berkshire standards of integrity and credibility
  • Able to effectively communicate analysis and results both verbally and in writing to a variety of audiences
  • Able to see and tell the story of a property for which an analysis has been completed
  • Effective at communicating with brokers, agents and principals to complete research and validate underwriting assumptions
  • Able to compose written summaries and memorandums regarding potential acquisitions for review by both department and Board of Partners
  • Able to deliver analysis that satisfies the need, accurately and on time
  • Able to apply historical trends to current conditions to anticipate post-acquisition property performance
  • Understands the economic indicators as they relate to valuing multifamily real estate
  • Understands value-added transactions, with a demonstrated ability to see value in underperforming assets. Must understand repositioning, hard costs, re-tenanting strategies, and the risk/reward of such transactions
  • Able to underwrite the value of multifamily real estate with help of VP, SVP
  • Able to recognize value creation potential and to create analysis resulting in approval of deals by the investment committee
  • Able to effectively establish and maintain relationships with brokers, sellers, legal, title, co-workers, management, and other external suppliers and vendors, including the ability to:
    • Work a room
    • Understand the nuances of interpersonal relations
    • Understand their position within interaction and judge appropriately when and when not to speak up, when to stand firm and how, when to defer to others, etc.
  • Able to develop consensus among property management, asset management, and the investment committee on underwriting assumptions sufficient to obtain investment committee approval
  • Builds and maintains internal relationships in a manner that results in the ability to make appropriate deal choices given the portfolio and asset management strategy, to gain support for required due diligence activities, to secure required analytical support, and to gain credibility with the Investment Committee
  • Builds and maintains external relationships by considering the needs of external parties, creating a balance in meeting internal versus external needs, meeting commitments, and utilizing excellent interpersonal skills in all interactions with others
  • Practices effective time management skills
  • Basic construction knowledge
  • Leadership skills with sales and marketing
  • Entrepreneurial skills and experience
  • Able to travel frequently and at a moment s notice
  • Tenacity, patience, and perseverance to take deals from start to finish
  • Identifies new opportunities consistent with the strategy for the capital
  • Leads market analysis of existing opportunities and interprets issues and makes recommendations and strategic decisions
  • Able to manage time, prioritize tasks, work independently and make appropriate decisions without specific direction
  • Strong strategic capability for new ideas and business initiatives
  • Leads development of research which supports strategic acquisitions
  • Effectively deals with difficult people
  • Works well as a member of a team
  • Exhibits tremendous work ethic and dedication
  • Listens actively and in a manner that results in understanding and ability to respond appropriately
  • Provides constructive feedback in a non-confrontational but effective manner
  • Uses influence and persuasion to secure cooperation or resources necessary to accomplish assigned work
  • Demonstrates an upbeat and positive attitude regardless of circumstances
  • Thinks critically
  • Maintains confidentiality
  • Weighs alternative courses of action and make decisions that reflect factual information and takes organizational resources into consideration
  • Uses appropriate interpersonal styles and methods to guide individuals or groups toward achieving results
  • Motivates others to work together toward common objectives
  • Motivates trains and develops a diverse workforce and provides an environment conducive to achievement and growth
  • Effectively manages staff by having a well-communicated, clear acquisitions plan consistent with the portfolio strategy with well-defined roles for each staff member and an effective process to manage progress against goals
  • Develops people to provide capabilities essential to deliver results
  • Delegates effectively and acknowledges accomplishments
  • Responds positively to innovative ideas and suggestions from subordinates
  • Resolves personnel problems quickly and effectively
  • Meets budget responsibilities
  • Balances concerns for results, deadlines, tasks and people
  • Follows and supports the Berkshire values of: trust, honesty, integrity, respect of others, drives toward excellence and commitment
  • Personal Attributes
    • Exceptional interpersonal and relationship skills, with the ability to integrate seamlessly with a cohesive, collegial professional team, using persuasion and influence to ensure timely decisions, thereby earning credibility and respect among the professional team
    • A detail-oriented, quantitative approach to the business yet has the ability to step back and have a big picture/owner s view
    • Self-motivated, able to work independently
    • Willingness and ability to travel extensively
    • Strong administrative skills
    • Strong oral and written communicator

Technical/ Educational Requirements:

  • Bachelor s degree, (preferably in business with finance or accounting major) required.
  • An MBA, MS in Real Estate, or JD preferred.

Physical Requirements: (amount of standing, walking, sitting, typing, lifting etc.)

  • Stand and walk or sit alternatively depending on specific needs of the day

Vision Requirements: (visual needs for the position color, small details, inspections etc.)

  • Constant need to complete forms, read and review reports and a wide variety of correspondence, view computer screen
  • Frequent need to see small detail

Hearing Requirements: (Hearing needs for the position telephone, meetings, etc.)

  • Constant need to communicate over telephone and in person with various people and levels of management

Speaking Requirements: (Clarity, customer interaction, presentations, etc.)

  • Constant need to communicate over telephone and in-person
  • Must be comfortable speaking in front of small, medium, and large groups
  • Must be comfortable speaking to senior management

Driving Requirements: (Driving needs for the position from property to property, travel, etc.)

  • Must have a valid driver's license and automobile insurance

Reasoning Development: (Low, Medium, High for ability to apply logical thinking to defined problem solving)

  • HIGH
  • Must be able to apply principles of logical thinking to define problems, collect pertinent data, establish facts, draw valid conclusions and initiate appropriate course of action
  • Must effectively convey ideas, images, and goals to a diverse group of personalities

Working Environment: (Indoors, Outdoors, special things to know about job)

  • Office - Indoors mostly

 

 

Job Sector


 

Experience


N/A


This job is no longer active.

Acquisitions Residential San Francisco Full Time CA Acquisitions, Underwriting, Due Diligence Land Acquisition Manager other