The VP of Acquisitions will oversee the acquisitions of existing multifamily properties located within Core’s target markets, predominantly in a 200-mile radius of Columbus, Ohio. This executive will be expected to be a broadly based, proactive business leader who brings value to the firm by taking the lead in the entire acquisitions process, from sourcing properties / business plan production, all the way through to lender selection / closing. A more-detailed description of the responsibilities are as follow:
DUTIES & RESPONSIBILITIES:
• Evaluate individual markets on Core’s “target list” and submarkets within those larger metro areas. Will utilize quantitative analysis to recognize trends that lead to market over-and-under valuation. Understand market drivers, supply/demand, employment and other factors to support the overall investment strategy and targeting of specific multifamily opportunities.
• Assist Senior Vice President of Acquisitions with establishing strategic plan for direct deal platform. This will entail continually monitoring trends in the various markets and asset classes to keep Core on the front end of investment paradigm shifts.
• Directly call on, and develop relationships with, owners of apartment properties, brokers specializing in the apartment sector, competitors, management companies, relevant government officials, data providers, title company representatives and other major players in the target markets.
• Participate in national and regional trade associations that further the company’s activities, including ULI, National Multi-family Housing Council and other appropriate organizations.
• Source multifamily acquisition opportunities and develop target-list of properties within the firm’s target markets.
• Maintain a database of sales comps and actual capitalization rates to support in-house portfolio valuations.
• Coordinate all aspects of the acquisition process, including:
– Work with 3rd-party management company to produce property business plan that aligns with an investment thesis that is both achievable and in-line with market dynamics.
– Work with Senior Financial Analyst and 3rd-party management in development of a financial assessment and acquisition pro forma. This will entail coordinating with third-party management firms and their respective teams within Property Management, Redevelopment Operations, Construction, Development and Marketing/Branding departments, while also working with Core’s Asset Management team to create the pro forma rents, operating budgets and capital improvement budgets.
– Produce presentation materials and “pitch” deals in Investment Committee.
– Lead the interaction with seller’s broker and oversee LOI and PSA negotiation.
– Continually present/communicate updates in weekly pipeline meetings, to ensure all other Core departments are up-to-speed on latest deal developments.
– Oversee Senior Financial Analyst in preparation of all pieces of market analysis. This includes:
– Analyze competitive set both on rental and sales comp basis.
– Study construction/cap ex costs for reasonableness.
– Review market demographic trends.
– Review economic fundamentals and job-growth trends in market.
– Review entry and exit cap rates against current market conditions.
– Take the lead in the creation of Investment Memorandum, which serves as the sole marketing piece to external investors and main “pitch book” internally to Investment Committee.
– Review and provide input on legal documents such as Articles of Org, Property Management Agreement, Construction Management Agreements (as applicable), Private Placement Memorandum, Core-specific operating agreements, etc.
– Work with the Senior Financial Analyst to source debt options, which involves engaging lenders and mortgage brokers in attaining debt quotes. Follow through with selection of lender and assisting lender-related activities through to closing.
– Coordinate due diligence, including ordering and review of 3rd party reports, survey, title, etc.
– Oversee closing/settlement-statement review process.
– Coordinate and communicate business plans with 3rd-party management and Core’s Asset Management team to ensure a smooth hand-off to redevelopment/construction, leasing, and asset management to execute the property’s business plan.
– Work with COO and Senior Vice President of Acquisitions in drafting policies, procedures, and checklists for these activities and in developing and/or recommending tools and resources needed to develop and maintain best practices for Core Real Estate Capital in the area of direct-deal acquisitions.
EDUCATION:
The successful candidate will have a Bachelor’s Degree. An MBA or other relevant graduate degree is preferred but not required.
REQUIRED EXPERIENCE & QUALIFICATIONS:
A successful Vice President of Acquisitions will have at least seven years of experience in commercial real estate with an existing knowledge of some or all of Core’s target markets (primarily major metro areas in 200-mile radius surrounding Columbus). The executive should have a minimum of four years in multifamily, or a similar asset class, with an emphasis in overseeing acquisition transactions. He or she should have played key roles in the entire real estate transaction process from finding opportunities to closing. A more detailed list of the ideal candidate’s experience are as follow:
• Will be presenting directly to Investment Committee and external investors, and accordingly will need highly advanced communication skills, both written and verbal. Will need the experience/ability to handle sophisticated questions presented by both internal and external stakeholders.
• This person will likely have been on the principal side of the business, although candidates who are currently in brokerage and property management will also be considered.
• Experience with value-add transactions. Must demonstrate ability to see value in underperforming assets. Understands repositioning, hard costs, management improvement strategies, and risk/reward of such transactions.
• Depth of knowledge of Core’s target markets and a significant track record of transactions in one or more of those markets. Ideal candidate will bring a strong existing network and presence among target market multifamily property owners, brokers, and consultants in one or more of these markets.
• A strong background in finance and a deep understanding of financial metrics, economics, operations, and marketing/positioning of multifamily properties.
• Experience with sourcing acquisitions as well as executing transactions. Should show specific approach to building a business plan to acquire properties. Should have a track record of finding “off-market” transactions (not just finding brokered deals).
• A strong analytical orientation. Will know how to value properties, run numbers, and evaluate markets and opportunities.
• Strong Microsoft Office skills, particularly in Excel, are required. Must have strong attention to detail and be able to produce detailed/thorough investment models, presentations, analysis, etc.
• Strong negotiation skills with the ability to balance between achieving the best transaction terms for investors while also building long-term relationships in the marketplace.
• Aptitude for creating strong internal relationships with own department as well as with other groups and individuals within the company who will be key players in creating long-term success. Must be a strong collaborator among his/her peer group within the company.
• Must be proactive self starter with an energy and passion to work in a small/rapidly growing firm while building a new business platform from the ground level. Although travel is not extensive, ideal candidate will possess the desire, energy, and willingness to spend some time out of the office reviewing markets and properties and meeting face-to-face with property owners, brokers and stakeholders.
ABOUT CORE:
Core Real Estate Capital is a private equity firm, headquartered in Columbus, Ohio, that provides institutional investors, family offic-es, money managers and high net worth individuals with access to institutional-quality commercial real estate investments located throughout the United States. Core’s senior management team consists of highly experienced real estate / investment profession-als who personally invest in each Core transaction and whose interests are well aligned with Core’s broader investor group.
Since our 2001 founding, we have acquired or developed 45 properties located in 15 states within the multifamily, hotel, retail, stu-dent housing, senior housing and medical office sectors. We have invested approximately $282 million of equity capital since 2001, of which approximately $250 million has been returned to investors either through a quarterly distribution, refinance or asset sale. We currently have over $1 billion in real estate owned, and we currently manage over 7,000 multifamily units.
INTERESTED CANDIDATES:
Applicants should email resume along with cover letter and/or introductory message to: jbergman@corerecap.com
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