Managing Director of Development – Multifamily
Job Summary
Macdonald & Company are proudly partnered with a Commercial and Multifamily investor and developer in Salt Lake City, UT to appoint a Managing Director of Multifamily Development.
The Company
The firm are a well-capitalized family office who have been growing out a Multifamily ground-up development platform in recent years, diversifying from their historic roots in value-add investments across Office, Retail, Multifamily and other assets.
The Role
With the growth of a new platform, the company now require a leader to come onboard to help instill best-practice in Multifamily ground-up deal sourcing, execution, and delivery.
There are 4 broad elements to this role, as follows :
Leadership
- Lead team of internal development professionals and external consultants in the refinement and execution of firm’s long-term multifamily strategy by harnessing a player / coach’ mentality of leading from the front
- Serve as a voting member of the Multifamily Development Investment Committee and manage multifamily platform with full P&L responsibility
Deal Sourcing / Project Inception
- Build the knowledge of potential development sites in the market while cultivating and leveraging relationships with property owners and the brokerage community
- Develop extensive market expertise to understand trends, spot opportunities, and position the firm as a thought leader in multifamily development
- Identify and pursue development opportunities and select acquisition opportunities that meet the firm's investment criteria
- Conduct analysis of site quality and location, demographics, market demand, competition, and economic feasibility
- Propose the appropriate unit mix, type, scope of amenities, target market, and achievable rents for the development
- Negotiate purchase and sale agreements and oversee transaction closing process
- Manage the entitlement process
Finance
- Lead the underwriting and presentation of opportunities to the Investment Committee for pursuit in accordance with approved budgets and business plans
- Prepare equity and debt packages and serve as a key member of the team in pursuit of project capitalization
Design, Construction, and Turnover
- Identify and lead a best-in-class consultant and support team to achieve cost-effective design and construction execution optimized for site and project dynamics that stays on budget and schedule
- Coordinate with construction and property management teams to establish realistic turnover schedules and lease-up budget and strategy
- Work closely with company eadership to build out market-leading asset management and property management teams over time
On Offer
Competitive salary, annual bonus, promote / carried interest, profit share.
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