Senior VP of Multi-Family Real Estate Development

Senior Vice President of Multifamily Development (Utah)

Our client is a highly successful real estate development company founded 50+ years ago. The company offices in Denver, Phoenix and Salt Lake City, and is seeking a Senior Vice President to lead and grow its existing multifamily development platform (both projects and people) in the Utah market. This platform focuses on developing ground-up, institutionally sized market-rate multifamily projects capitalizing on the company’s financial strength, development expertise and proven track record of multifamily development in Arizona, Colorado and Utah.

We are seeking a seasoned veteran in the multifamily development industry with at least 10 years of proven experience in all aspects of multifamily development with deep relationships with brokers, consultants, contractors and property managers in the Utah multifamily development community.

This individual will hold the executive title of Senior Vice President of Multifamily Development and lead the Utah Multifamily Business Line with direct reporting to a Managing Principal, collaborate with the Utah retail development team and perform these aspects of multifamily development including but not limited to the following:

• Site selection, acquisition, design, entitlement, underwriting, finance, construction management, marketing, lease-up, operations and deposition
• Lead the Multifamily Business Line. Help refine assumptions, execution strategies, deal parameters, underwriting requirements, deal sourcing, resources and capital strategies.
• Independently, and in collaboration with the company’s leadership, develop and execute an acquisition and development strategy.
• Prepare business plans for projects under contract, including detailed budget, schedule, program, market, and risk analysis.
• Manage a small team of individuals to complete the work, including hiring, if needed, a Development Manager and/or Development Associate
• Work with the acquisition manager to source development opportunities including drafting and negotiating LOI’s and purchase agreements, by working with local commercial real estate brokers and tapping into the candidate’s own business and personal network. Evaluate and vet deals, including underwriting and performing financial modeling on prospective development deals.
• Coordinate acquisition efforts with the existing retail development team in Utah for potential horizontal and vertical mixed-use developments.
• Direct the entitlement process. Work effectively with city staff and elected officials. Follow development codes. Prepare and deliver presentations to City Staff, Planning and Zoning committees, City Councils and other agencies as needed.
• Coordinate closely with the Construction Manager and Design Consultants to approve all design, program, and construction issues as they relate to the business plan. Monitor all approved activities going forward.
• Support financing efforts with the existing Capital Team by providing underwriting and debt and equity packages for new opportunities, meeting with preferred equity partners to tour sites and answer project and market level questions.
• Manage marketing plan development, lease-up and operations.
• Coordinate disposition efforts with the Managing Principal and Capital Team.
• Responsible for the financial reporting of the Business Line profit/losses at the quarterly Business Line Reviews with the Managing Partners, CFO and COO.
• Administrative support and commitment to expanding human resource capital to support our Utah multifamily platform.
• Ability to acquire larger tracks of land for horizontal mixed use (retail/multifamily) projects, developed entirely by Company.
• Collaborative support from the Arizona and Colorado development teams.
• Significant experience in structuring public/private partnerships.

Required education and experience:

• Bachelor’s degree, preferably with a concentration in real estate economics, business, engineering, construction management or architecture. Preference for a Master of Business Administration degree, with a concentration in real estate, business or finance.
• 10+ years of relevant work experience in multifamily real estate development.
• 5+ years in the SLC market in Multifamily Real Estate Development
• Financial Modeling experience at a senior level is required.
• Experience in project and construction management.
• The Senior Vice President of Multifamily Development will need to travel occasionally to either Denver or Phoenix offices for building rapport with team members and for quarterly business line meetings. This individual to be based in Utah with experience in developing multifamily within the Utah submarkets.
• Experience with product type, unit mix, amenities and general property management of multifamily projects a must.

The Company’s strategic advantages in multifamily development:

• Completed 20+ projects (5,000 units) in Arizona and Colorado combined.
• Currently we have 7 projects (1,652 units) in development or under construction in Arizona, Colorado & Utah.
• Understanding of the Utah market and its demand for this product.
• Track record of delivering significant returns for our investors.
• Ability to raise debt and equity through additional sources to finance all available projects.
• Ability to fund significant predevelopment expenses prior to securing debt and equity sources.