Position: Associate, Affordable Housing Acquisition & Development, Fairstead
Location: Washington DC/Bethesda, MD/NYC
Start Date: ASAP
Fairstead is a vertically integrated real estate investor, developer, owner, and operator specializing in affordable and mixed-income housing. Since 2014, Fairstead has acquired and/or developed more than $4 Billion of multifamily property across the country, and today owns a portfolio of 12,000 apartments in 14 states. The company’s comprehensive platform provides hands-on expertise across all multifamily disciplines, including acquisitions, development, design and construction, energy and sustainability, property management and social services.
- Assist the group in all aspects of affordable and mixed-income housing acquisition, rehabilitation, and development (Section 8, LIHTC, etc.) in core markets across the US.
- Enhance and support the company’s strategic plan for growth through acquisition and development opportunities in affordable and mixed-income housing.
- Make impactful contributions to analysis that will inform the firm’s investment decisions.
- Contribute on all phases of a deal and understanding of a project from sourcing through stabilization.
- Compile due diligence information including financial, market, site, and regulatory data.
- Order and review third-party reports, including plan and cost reviews and environmental reports, highlighting key issues with relevant internal and external stakeholders for clarity and refinement.
- Analyze and compare complex partnership agreements and cash flow waterfalls.
- Coordinate and assist on presentations for community meetings and governmental approvals.
- Manage and control project pro forma analysis including budgets, schedule, timing, and underwriting assumptions.
- Complete applications and documentation necessary for debt and equity financing, project requisitions, property purchase and sale, and government subsidy renewal.
- Support detailed analyses of project schedule delays, cost overruns, productivity, contracts, change orders and other issues related to design and construction.
- Actively participate in contract negotiation and review of legal documentation for each project.
- Validate and defend budgets, assumptions, and pro-forma analysis.
- Build, coordinate, and lead internal team members and external consultants through conceptual design and entitlements leading to construction documents.
- Coordinate with appropriate personnel including team analysts, clerical support, and others.
- Perform, coordinate, and lead pre-development work such as preliminary architectural and engineering issues, zoning issues, local government, and community support.
- Prepare investment packages for senior-level review.
- Bachelor’s Degree in related field, advanced degree preferred.
- 3-5 years of experience in real estate development and/or construction, preferably multifamily.
- LIHTC and Section 8 development experience highly preferred.
- Strong quantitative, financial analysis and modeling (excel) skills.
- Exceptional research and writing abilities.
- Exceptional written and verbal communication skills.
- Strong project management skills and follow-through.
- Ability to multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency and accountability.
- Highly driven and values entrepreneurialism; works well within ambiguity.
- Exceptional attention to detail.
- Sound judgment.
- Some travel required.
2+ to 5 years