Carmel Partners is a well-capitalized private real estate firm with expertise in the investment and development of multi-family real estate. Our mission is to build and enhance high-quality communities using innovative ideas and solutions that create value for our investors, residents, and associates.
We are committed to creating an inclusive and diverse team rooted in a culture of mutual respect. We know that our differences make us stronger as an organization and we embrace equal opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity, or Veteran status.
Your role as a Director of Investments:
As a Director of Investments, you will be responsible for the overall analysis, underwriting, and market expertise for new and existing investments in the New York & Boston MSA.
Who you are
You have an excellent understanding of the markets, economics, operations, and marketing/position of apartment properties. You have a knack for sourcing investments and executing transactions to close the deal. You’re able to develop business plans to acquire properties. It’s important to you to spend time in the field reviewing markets and properties, and meeting face to face with property owners and brokers (because you also understand the importance of building effective relationships). You’re a pro at communicating on the page and in person, with keen attention to detail that helps you prioritize and manage your time effectively. Your strong analytical and timely decision-making skills are a key part of your success.
What you’ll do
Source existing property acquisition opportunities and develop/maintain a target list of properties throughout the market for apartment acquisition opportunities
Directly call on and develop relationships with apartment property owners, brokers specializing in the apartment sector, competitors, management companies, relevant government officials, data providers, title company representatives, and others in the target markets; maintain a current pipeline of properties
In partnership with the Development team, act as the face of Carmel for the market, delivering the Carmel message and pursuit criteria
This position functions as the local investments market expert and works closely with the Development team, Carmel Research, and as applicable, Asset Management to craft and execute the Investment Strategy including, but not limited to:
Support and develop the current NY & Boston Market Strategy
Research target submarkets and identify areas within each that meet the company’s acquisition criteria
Understand market drivers, supply/demand fundamentals, employment growth, and other factors to support the overall strategy and specific opportunities to the company and its investment partners
As needed, complete analysis for investments and development pursuits including sales comparables, asset competitor sets, rental comparables, and market reports
Working with the Development team and Carmel’s Research resources, semiannually update and maintain the Market Strategy document for NY & Boston pursuits
Responsible for coordinating all aspects of the acquisition pursuits and transactions within the market, which includes:
Develop a financial assessment and acquisition pro forma
Assist in negotiation of the letters of intent and purchase and sale agreements
Initiate and manage the due diligence effort (including coordination of all internal and external consultants)
Develop a business plan for the property
Author investment memos and present to Investment Committee
Coordinate the preparation of closing/settlement process
This role will oversee and manage all aspects of disposition preparation and transactions including, but not limited to:
Semiannual asset evaluation and underwriting as well as investment committee disposition recommendation
Coordinate with Asset Management and third parties/partners, as applicable, on operations and capital projects for assets in the disposition queue
Manage the brokerage/marketing team relationship and process including BOV solicitation, review and team selection, marketing strategy, OM preparation coordination, and marketing launch
Oversee the marketing and transaction processes including tours and bidding, assistance in contract negotiation, and coordination of due diligence and closing
Work in a coordinated fashion with the full Investment team to approach the market for opportunities
Other duties, responsibilities, and special projects as assigned
What you’ll bring
Undergraduate degree in Business or Finance is required, MBA or other related graduate degree is preferred, but not required
Minimum 5 years professional experience in commercial real estate with at least the last 3 years as an investment professional in the multifamily sector in multiple geographies
Known track record of sourcing or working on & off-market transactions
Strong understanding of the NY and Boston multi-family markets
Strong existing network among target market apartment property owners, brokers, and consultants
Strong working knowledge of real estate investment and real estate principles
Significant PC knowledge of Excel and Word applications
Your Compensation & Benefits Your performance will be reviewed annually, and your compensation will be designed to motivate and reward the value that you provide. You'll receive a competitive salary, bonuses, and benefits. Benefits play a key role in your choice of employer. Our portfolio of health benefits, time off benefits, paid parental leave, and wellness programs and perks are designed to ensure that you are healthy and comfortable.
Hiring during Covid -19:
Employees in this position must be fully vaccinated against COVID-19 prior to their start date and must remain fully vaccinated throughout employment, including via receipt of booster doses as recommended by federal, state, and/or local health authorities, unless an accommodation is granted for medical or religious reasons in accordance with applicable law.
Many of our corporate recruiting and onboarding activities are virtual during the pandemic via Zoom, as we are working in a hybrid work-from-home/office environment until further notice.
Carmel Partners is an institutional investment manager. With experience in all aspects of multifamily real estate, we create homes and improve communities. Our development and renovation projects are thoughtfully designed and expertly crafted. Our entrepreneurial mindset is reflected in the bespoke multifamily assets that have become our signature.