Associate Director, Real Estate Development (Hybrid) Bethesda, MD or Richmond, VA.
Location: Richmond, VA
Time Type: Full time
Requisition ID: REQ3787

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $92.0 billion and created 1.1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands – all to make home and community places of pride, power and belonging.

Join us at enterprisecommunity.org

Working at Enterprise

At Enterprise, you’ll be part of a diverse, committed team making a difference every day. You will collaborate with some of the smartest minds and biggest hearts in our field. You’ll be empowered to drive systems change and take bold steps to advance racial equity. And you will find a career home where you’re valued and supported in your growth journey.

Enterprise offers career opportunities in our offices across the country with an exceptional benefits package.

Job Description Summary

Enterprise Community Development (ECD) is a leading affordable housing developer in the Mid-Atlantic Region and among the largest non-profit owners of affordable housing in the country. The company’s business units include its property management team of more than 400 professionals, and a real estate development team that reaches from southern Pennsylvania to southern Virginia. In order to support our residents in their efforts to build resilience and upward mobility, many properties owned and operated by ECD include robust resident services.

Enterprise is committed to the success and development of all of its employees and the residents who choose to make their home at an Enterprise Community Development asset managed by Enterprise Residential.

What makes Enterprise unique is our extraordinary commitment to our employees, who come to work each day energized by the prospect of learning, developing as professionals, and making a meaningful contribution to the success of our residents. Teamwork, mutual support/respect, and career-long learning are at the heart of our mission.

We are committed to welcoming employees with diverse backgrounds and engaging with businesses that share our core values of integrity, respect, and professionalism in what is an exciting and highly rewarding housing sector.

Job Description

The Associate Director, Real Estate Development will be a key part of ECD’s strategic expansion into Virginia and other markets in the Southeast United States. ECD has developed over 1,200 units in the Virginia and has a pipeline of over 600 new construction and rehab units. The Associate Director will be responsible for the entire development process including feasibility analysis, deal structuring, design development, financing, public approvals, construction, marketing, leasing and close-out.

This position can be based in either Bethesda, MD or Richmond, VA. The successful candidate should have working knowledge of Virginia Housing programs and processes. Success in the position entails collaboration with colleagues including other real estate development staff and ECD Land Acquisition, Design & Construction Management, Accounting and Asset Management staff, and with third-party consultants such as legal and design professionals. Each Associate Director, Real Estate Development is responsible for two to three developments in various stages from preliminary feasibility analysis to close-out.

Primary responsibilities are focused on achieving the objectives for each active development and managing tasks related to property acquisition, pro-forma financial analysis, design, construction debt and equity financing, closings, lease-up and stabilization. The Associate Director, Real Estate Development, is expected to work independently and effectively manage the development team (including architects and engineers, attorneys, internal and external construction managers, property managers and leasing agents) and the financing process. Additional responsibilities include supporting senior staff in managing lender and investor relations; producing progress reports and analysis; maintaining development budgets and schedules; and processing development draws.

This position will also be involved in ECD’s expansion into several new markets in the Southeast and will assist with deal sourcing and strategic partnership development. This is a hybrid role which requires attendance in the office 2 days per week.

Duties and Responsibilities

• Analyze potential properties to purchase, including producing proformas and creating written project documents, coordinate due diligence activities, analyze the rental sub-market, and generally support the VP of Real Estate Development
• Provide support for geographic expansion into new regions of Virginia and strategic markets in the Southeast outside of Virginia.
• Work with team members to prepare responses to requests for proposals and solicitations for bids by collaborating on the creative concept, analyzing the economics, and financing structure and preparing proposal materials
• Manage preparation of debt and equity financing applications for each assigned development
• Prepare development budgets and pro forma operating budgets and manage the development budget throughout the development process to ensure balanced sources and uses, and achievement of ECD revenue goals
• Coordinate and present at resident and community meetings
• Manage the entitlement/zoning and permitting processes, and related community input and approval processes
• Review and negotiate draft loan and partnership documents and manage the financial closing on each assigned development; coordinate with federal, state and local government agencies, ensuring that all financing and government regulations are met and required approvals obtained
• Manage and maintain development schedules to ensure timely completion of development milestones including closing
• Coordinate the work of professional consultants comprising the development team, schedule development team meetings and review consultant reports
• Work closely with ECD or third-party design and construction management staff (as applicable), third-party design professionals and general contractors to generate and refine development plans to produce high quality communities that are both responsive to the needs of our residents and communities and are financially feasible
• Coordinate construction matters with the internal an/or third-party construction manager (as applicable) to complete construction on budget and schedule
• Monitor marketing lease-up process to meet or exceed lease-up goals
• Oversee timely completion of close-out process
• Prepare quarterly updates and Board approval materials
• Participate in industry associations and forums as a brand ambassador for ECD
• Perform all other duties as assigned

Supervisory Responsibilities:

This role may supervise direct report(s).

Work Location and Work Time

The home office for Enterprise Community Development and Enterprise Residential is in Bethesda, MD or Richmond VA. Enterprise also has offices in Baltimore, Columbia MD, Washington, DC within the Mid-Atlantic region as well as satellite offices elsewhere.

This is a hybrid role which requires attendance in the office 2 days per week.

Every effort will be made to have a work week consisting of 37.5 hours but given the nature of the property management business and its administrative requirements, additional work time may be required.

Experience, Education, Training and Qualifications

• Bachelor’s degree and 5 - 7 years of multifamily development experience required; MBA/MS, MURP/MCP or similar preferred
• Experience with all aspects of the real estate development process, from acquisition and financing through design and construction to stabilization required; at least 3+ years of affordable rental housing development experience preferred
• Experience with complex, multi-layered real estate financing, preferably with the Federal Low Income Housing Tax Credit Program and affordable housing loan products
• Knowledge of land use, public financing and real estate development regulations
• Comfortable with public speaking and community presentations
• Experience managing developments under deadlines that required the organizing of multiple tasks and objectives.
• Applicant must have skills and experience in negotiating acquisitions and financing commitments.
• Proficiency with Word and Excel is required; proficiency with MS Project and PowerPoint is preferred
• Good decision-making skills, sound judgment, and problem-solving approach
• Ability to take initiative and with confidence

Salary Transparency

• You will be joining a team of talented professionals motivated by serving the community and addressing the need for affordable housing.

• Enterprise offers a comprehensive total rewards package for you and your family. The pay range for this position is $115,000/year to $140,000/year. The salary range represents the low and high end of what may be paid for this position. It is not typical for an individual to be hired at or near the top of the pay range, and compensation decisions may be influenced by a variety of factors, including skills, qualifications, experience, and location.

Total Rewards at Enterprise

• This range is just one component of our total rewards package, which also includes annual performance bonuses and generous paid leave programs.

• Our benefits form a major part of the total rewards package. These include dental, health, and vision care plans, as well as family-building benefits such as adoption and surrogacy support. Enterprise supports flexible work arrangements to promote work-life balance and offers health advocacy, an Employee Assistance Program (EAP), and mental health benefits. We round out our package with financial education, wellness programs, and auto-enrollment in the company’s 401(k) plan with employer matching contributions.

• Finally, you will have access to learning and development opportunities, including tuition reimbursement for job-related courses and certifications. Thank you for your interest in joining the Enterprise team and contributing to our mission to serve others.

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