Job description
City
Irvine
State
California
Job Location
Irvine Regional Office (Derian)
The Redevelopment & Reinvestment team is responsible for the evaluation, planning and execution of all value-add capital projects to drive rent growth and internally increase the NOI of Essex’s existing portfolio. The Associate will serve a key role on the Redevelopment & Reinvestment team, which executes both revenue generating and non-revenue generating investments for purposes of both value preservation and value creation within the existing portfolio. The department opportunistically seeks investments and remains flexible in its ability to scale projects in response to changing and dynamic market conditions.
PRINCIPAL RESPONSIBILITIES
- Support the business plan preparation and underwriting for large capital-intensive projects within the existing portfolio by conducting financial analysis of redevelopment opportunities, including creating detailed pro-forma and financial models
- Track monthly planning & construction progress, including maintaining updated schedules, and ensuring that all project milestones are met with accurate status reports provided to team members
- Develop renovation plans with value-add focus including market analysis, preparing financial analysis and understanding of the improvement itself in terms of its useful life and estimated costs to maintain and replace
- Lead the investment process in discovery, due diligence, analysis, underwriting, preparation and submission of investment materials for both internal and external constituents for various revenue generating projects
- Create value in the real estate portfolio in other ways including entitlement/densification opportunities, change of use, repositioning/rebranding, and unit expansion/conversion projects
- Identify and underwrite opportunities to increase income and/or reduce expenses
QUALIFICATIONS
- Bachelor’s in Real Estate or Business, MBA or MRED
- 3-5 years of experience in financial analysis or real estate development; real estate industry and multifamily sector experience required
- Excel modeling/proficiency required.
- Possesses thorough understanding of MS Project or other scheduling programs
- Strong analytical, organizational, time-management, attention to detail and accuracy, written and verbal communication skills
- Self-motivated with strong interpersonal skills and effective collaborative working style
- Ability to travel.
Essex provides great communities in which to live, work and invest. We are a purpose-driven company, and we pride ourselves on promoting an internal culture of growth and opportunity by engaging, enabling, and empowering our teams. Working at Essex is not a destination. It is a journey where you can confidently build your career.
The salary range for this position is $85,000.00 - $128,000.00 per year. New hires generally start between $85,000.00 - $107,000.00 per year. The final salary offer will be determined after reviewing relevant factors, including but not limited to skill sets; relevant experience; internal equity; and other business and organizational needs.
This role is also eligible to participate in Essex’s discretionary Annual Bonus program that is commensurate with the level of the position.
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