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Vice President of Development, Townhomes

July 05, 2024

Vice President of Development, Townhomes | Dallas, Texas

Leon Multifamily handles every aspect of real estate development in-house, encompassing Design, Acquisitions, Development, Construction Management, and Asset Management. To date, we have crafted over 15,000 units across multiple markets. Our success stems from our comprehensive approach. Our understanding of the multi-family market and prospective residents, along with our ability to identify unique areas of potential at each property, ensures strategic allocation of resources that will generate above-market returns. For a deeper insight into our journey and achievements, we invite you to explore our website.

Position Description:

The selected candidate will be responsible for all for sale townhome development functions from initial opportunity identification to ultimate sale of the asset. For consideration, the candidate must have a minimum 5 years of experience in townhome development. Track record and verified references proving the ability to identify and close on development sites, obtain all necessary entitlements, coordinate all third parties and design teams, manage the predevelopment process, conduct, and analyze due diligence and market research, manage construction progress, timelines, will be minimum requirements of the position. This position reports directly to the Executive Managing Director.

Detail Job Description:

Site Identification – Establish and maintain relationships with all primary and secondary housing, land and retail brokers to ensure maximum exposure to land sites as well as first looks and off-market opportunities. Work with architects to conduct quick site and unit mix studies to determine project scope based on site conditions and zoning. Negotiate offer prices, terms and conditions commensurate with the site characteristics and potential densities.

Underwriting – Learn and operate the company underwriting model and work directly with an assigned analyst to run investment scenarios and relevant sensitivities. Coordinate with asset management, local property management, mortgage brokers/capital markets specialist, local architects, and local GCs to ensure the validity of all operation, construction and capitalization assumptions included in the underwriting model.

Entitlements – Determine current zoning conditions and identify any additional zoning needs to execute the development plan. Understand the zoning change process, timelines, and specific requirements for a successful zoning change. Identify any other entitlement needs and processes, applicable CCRs, deed restrictions, and PD conditions. Understand the building permit review process, timelines, and requirements.

Legal – Responsible for negotiation of all agreements related to the project and ensure company protocols, forms and reviews have been utilized prior to execution.

Due Diligence – Coordinate and conduct all necessary Due Diligence, including, Phase I and Phase II analysis, geotech survey, market survey, market research and comp analysis, supply and demand analysis, site plans, impacts from setbacks and easements, hard cost verification, utility service availability.

Investment Committee – Prepare investment committee memos and present the project to committee based on the committee guidelines and requirements. Provide all necessary follow up materials and required updates to committee.

Design Coordination – Establish design team including Architect, MEP, Structural Engineer, Civil Engineer, Interior designer, and any other required consultants. Establish schedules, progress milestones and coordination expectations.

Preconstruction – Select a local GC and negotiate a Pre-Con agreement to include their involvement in the design process of the project to ensure costs are considered in design elements throughout the design process. Identify VE options and impacts as well as make recommendations regarding efficiency and alternative approaches to design, assemblies, processes and site conditions.

Capital – Work with President and Managing Director to select lenders and negotiate terms and conditions for construction and Mezz Debt/Preferred Equity. Prepare lender packages for review and approval, work directly with mortgage brokers or capital markets specialists to identify lender options, negotiate terms and execute term sheets. Work with counsel to negotiate all loan documents and partnership agreements for each project.

Construction – Monitor construction progress and work directly with the Development Manager to ensure timely responses to RFIs, ASIs, and Change Order requests. Determine validity of all change orders and manage the contingency budget. Enter and approve all monthly draws and track budget to actual variances monthly.

Exit – Work with President and Director of Asset Management to determine optimal time and conditions for marketing properties for sales. Select brokers through a thorough BOV process and negotiate terms for fees and performance. Select buyers and negotiate P&S agreements, disseminate all requite DD items and review and approve closing statements at sale. Coordinate with accounting for the transfer/receipt of funds and ensure accurate accounting of the transaction. Finalize and report all waterfall distributions.

Other Requirements for this position include:
Organizational skills to handle multiple projects simultaneously; Detailed analytical and problem-solving abilities.

Send resumes for consideration to the hiring manager at cmartin@leoncapitalgroup.com.