Job Description

Macdonald & Company is pleased to be exclusively retained by a nationally leading multifamily developer to identify and appoint a Vice President of Multifamily Development for their Houston office. This individual will play a key role in growing and scaling the current pipeline and will take on a market leadership position.

Opportunity:

The company is an established multifamily developer, consistently ranked among the top 15 multifamily developers in the U.S. This role offers the opportunity to collaborate with top-tier professionals internally and provides a clear path for growth into a senior leadership position within the business.

Reporting to the Managing Director for the Houston market, the Vice President will collaborate with the MD to source development opportunities. This role will be responsible for running pro forma analyses, conducting market research, preparing debt and equity packages, overseeing project design, and managing the development of projects under construction and in the pipeline. Additionally, the Vice President will engage with capital providers and other key stakeholders.

Responsibilities:

Site Selection

• The Vice President will be primarily responsible for identifying and tracking potential development sites in the market. They will collaborate with the larger team to pursue the most promising opportunities.

Site Feasibility

• The Vice President will quickly gather and analyze preliminary information related to potential sites, including site quality and location, development trends in the submarket, comparable apartment sites, impact fees, and real estate taxes. They will also develop an initial strategy for the type of product to be built, including unit mix, scope of amenities, and other key project features aimed at attracting the target demographic and achieving the required rent levels.

Due Diligence

• The Vice President will lead and manage the due diligence process for projects under contract. This includes collecting and overseeing the review of all potential risks and value drivers, such as title documents, project entitlements, environmental reports, soils analyses, and more. They will also coordinate with due diligence and design consultants to ensure thorough and efficient assessments.

Preparing Financial Packages

• The Vice President will oversee the preparation of finance packages for distribution to potential lenders and equity partners for projects in the due diligence phase.

Lender Due Diligence & Closing

• Once financing commitments are secured, the Vice President will support the collection of required information and manage the checklist items requested by lenders and equity partners. They will also be responsible for coordinating timely entity formations, obtaining corporate approvals, and working with the construction team to secure the necessary building permits.

Design

• Once the project design process begins, the Vice President will collaborate with the Managing Director, construction team, and design team to oversee and manage the process.

Construction

• After financing is closed and building permits are obtained, the Vice President will closely monitor the project budget and schedule, providing executive oversight of the construction team and the draw process. They will coordinate with the construction team to establish turnover schedules, oversee model and amenity area furniture installations, and approve the lease-up budget and strategy. The Vice President will also manage relationships with debt and equity stakeholders, including preparing monthly reports, coordinating meetings, and organizing site visits.

Leasing

• In collaboration with the Property Management and Asset Management teams, the Vice President will oversee the lease-up and stabilization of the project.

Relationship Management

• The Vice President will be responsible for fostering and maintaining strong relationships with key market players, including landowners, brokers, capital sources, and design and service providers. They will also collaborate closely with the Construction and Asset Management teams internally, as well as with external Property Management partners.

Experience Required:

• Bachelor's Degree in business, science or other related discipline or Associate's Degree and related experience.
• Preference toward Masters of Business Administration or Masters of Real Estate Development.
• Must have experience with all stages of the multifamily development process: from site selection, entitlement and land closing through construction, lease up, and stabilization and/or disposition.
• Must have experience with Excel based financial models including making well-reasoned assumptions based on market data and ROI calculations.
• Must have 4-10 years of industry experience.

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