Director, Development Operations

About the role

Fairstead is a real estate firm focused on affordable housing, owning and managing more than 30,000 apartments across 28 states. The Director, Development Operations manages, oversees and optimizes a subset of the affordable multifamily portfolio, focusing on increasing asset value, maximizing returns and mitigating risk through asset-specific business plans. The role reports to the Senior Director, Development Operations.

Key responsibilities

• Direct, hands-on management of a portfolio of affordable multifamily assets
• Financial analysis including cash flow projections, budgeting and financial modeling
• Develop and execute business plan strategies for each property and the portfolio
• Analyze variances, market trends, property operations and capital improvements to boost value, rental income, occupancy and cash flow
• Work with affiliated and third-party management companies on property strategies
• Assist with enterprise reporting metrics, real estate tax appeal information and transactional due diligence materials
• Assess and manage risks such as market conditions, leasing and occupancy risks, and capital expenditure needs, and prepare contingency plans
• Prepare performance reports for senior management and present investment strategies and portfolio performance
• Collaborate with acquisitions, development, construction and property management teams
• Build relationships with investors, lenders, vendors, property managers and brokers
• Work with construction managers on project schedules, scope and capital needs, and oversee budgets and monthly variance reports
• Identify value-add projects, visit properties as needed, and find capital transaction opportunities such as refinancing and dispositions
• Forecast cash flows over the hold period and perform special projects as required

Required profile

• Minimum 8+ years of applicable real estate experience
• Bachelor's degree
• Prior team management and leadership experience
• Experience in multifamily affordable portfolio and asset management
• Knowledge of Project-Based Section 8 and Low-Income Housing Tax Credit programs
• Experience with partnership agreements, loan documents and regulatory agreements
• Ability to communicate with lenders, investment partners and other external stakeholders
• Up to 20% travel; preferably based in the New York City office, with relocation assistance possible

Required skills

• Financial modeling, financial statement analysis, business valuation, accounting and finance
• Budgeting and financial analysis
• Microsoft Office Suite, especially Excel
• RealPage and Yardi

What we offer

• Salary range of $170,000-$200,000 USD
• Bonus eligibility
• Relocation assistance may be discussed for candidates outside New York City