Who: The Habitat Company
What: The Habitat Company LLC (“Habitat”) is a leader in residential multi-family real estate management and development. We are looking for motivated, talented individuals to join our team as we pursue additional opportunities for the growth and development of our company. We are an organization of more than 800 team members operating in six states – Illinois, Indiana, Michigan, Missouri, Florida and Minnesota. We specialize in the asset management, property management and project management of market rate and affordable rentals, condominiums, student housing, public housing and commercial real estate.
At Habitat, we believe it is the quality and experience of our team members that make the difference. Our professional team provides us with depth of talent and ability that is central to our success. Habitat enjoys internal Centers of Excellence in the areas of Design & Construction, Leasing & Compliance, Transaction Legal, Insurance, Marketing, Property Management, Asset Management, Accounting, Finance and Information Technology, all of which combine to underpin Habitat’s platform form for unmatched Community Development.
The Development Associate will work in the Community Development Group, a division of Habitat Affordable. With a Chicago-based deal pipeline of more than 1,000 residential units and over 100,000 sf of commercial development, Habitat Affordable provides a platform for professional growth and success.
The Development Associate reports to the Director of Community Development, working under the Vice President of Community Development and Senior Vice President for Habitat Affordable Group, along with other heads of business lines and managers to assist in managing multiple phases of the real estate development process (e.g., due diligence, financial analysis, budgeting, and acquisitions analysis) for affordable, mixed-income and mixed-use real estate opportunities. The Development Associate will actively support the entire Habitat Affordable Group, Development Team on future and pipeline development deals in a substantial way that further the fruition of projects.
RESPONSIBILITIES:
- Perform market research, demographic studies, apartment database reviews, and competitive analysis
Perform site selection analysis
- Analyze Qualified Allocation Plans of various municipalities and or states
- Coordinate and participate in multifunctional teams to analyze existing market conditions, unit mix, property and unit amenities and features, rental rates, and operational expenses at given properties
- Develop a matrix of key competitors including property locations, specific amenities, and pricing in strategic markets and submarkets
- Prepare and monitor pre-development budgets and schedules for proposed projects from the initial phases including land contract negotiation, entitlements, and building permit approvals to the commencement of construction
- Research all relevant financial assumptions for underwriting including items such as all permitting fees, impact fees, taxes, etc.
- Create financial models in conjunction with senior development team members.
- Work with architects and contractors to develop project scope and parameters
- Perform due diligence for partners and lenders
- Assist in preparing LIHTC and other funding applications
Prepare responses for solicitations requesting development proposals (RFP)
- Assist the Development Team in preparing and presenting investment packages
- Participate in consultant meetings through pre-development and development stages
- Assist in preparing for meetings with municipalities, neighborhood groups, design teams, and public hearings throughout the entitlement and pre-development process
- Assist in managing projects under construction to ensure compliance with federal, state and municipal development policies and procedures.
- Assist in the transition of the projects from development to construction and construction to management
- Other duties as assigned
QUALIFICATIONS:
- Bachelor’s degree (Business Administration, Finance, or Real Estate preferred)
- Excellent interpersonal, written and verbal communication skills
- Knowledge of federal, state and municipal affordable housing development programs, including experience with Low-Income Housing Tax Credits is preferred
- Experience working on the design and project planning for real estate development projects
Strong financial and analytical skills required.
- Accurate and detail orientated
- Ability to manage sensitive and confidential development information
EXPERIENCE:
- 2+ years’ experience in multifamily acquisitions and development required
- Experience in LIHTC and other affordable multifamily housing is preferred
