Development Associate

CitySan MateoStateCaliforniaJob LocationSan Mateo Corp OfficePosition TypeRegular

Essex Property Trust is a leading multifamily Real Estate Investment Trust (REIT) focused on the strategic acquisition, development and management of multifamily properties on the West Coast. Our commitment to delivering exceptional value to investors is driven by a team of talented professionals who are passionate about real estate and investment.

Essex’s Investment team is seeking a highly motivated and detail-oriented Development Associate to join our dynamic team. The ideal candidate will play an integral role in the successful sourcing, entitling and execution of real estate development investments, contributing to the growth of Essex’s real estate portfolio. Typically, the team will be managing a pipeline of approximately 1,000-1,500 units in various stages of development.

This job position entails a hybrid schedule: 3 days onsite (Mondays, Tuesdays, and Wednesdays) at Essex's corporate office in San Mateo, CA. Please note this role will require some occasional domestic travel about once a quarter.

WHAT YOU WILL DO:

Financial Analysis:

• Develop and maintain financial models to evaluate the feasibility and profitability of development projects. Conduct sensitivity analyses to assess risk and return profiles of prospective deals.
• Proactive transaction pipeline management and reporting.
• Establish and maintain budgets of projects in various stages: feasibility, entitlements/design, and construction.
• Have familiarity and comfort with accounting principles and be prepared to operate at a high degree of detail.

Site Identification and Due Diligence:

• Assist in actively sourcing and identifying potential development investments through market research, networking, and relationship building.
• Collaborate with cross-functional teams to conduct thorough due diligence on potential development investments including legal, financial, architectural and construction related aspects.

Market Research:

• Cultivate and maintain relationships with brokers, sellers, government representatives and other industry professionals to create successful development investments opportunities.
• Stay abreast of real estate market trends, economic indicators, and industry developments to identify emerging opportunities and potential risks.
• Closely monitor local zoning laws, development requirements and restrictions in Essex’s target investment markets.

Entitlement, Design and Project Execution:

• Work with Vice President and Directors on various entitlement related tasks, including research, preparation of presentation materials, reviewing zoning information, communication with stakeholders. 
• Review and comment on architectural and construction documents at various stages: concept, schematic, design, construction.
• Assist in managing teams of consultants, including architects, engineers, and contractors. Review proposals, invoices, change orders, and other invoice processing information and compare to approved budget.
• Assist in the preparation of investment memoranda, presentations, and other materials for internal and external stakeholders. Work with internal and external resources to gather and document relevant project information.

WHAT YOU WILL NEED:

• Bachelor’s degree in finance, real estate, construction management, urban planning, or a related field; Master's degree (MBA or MRED) or CFA designation is a plus.
• 2+ years of experience in real estate investments or development, private equity, investment banking, construction management, architecture/engineering, or a related field.
• Strong financial analysis skills, including proficiency in Excel.
• Knowledge of zoning regulations, construction processes, and project management principles.
• Excellent communication and collaboration skills and strong attention to detail.
• Ability to manage multiple projects simultaneously and work effectively in a fast-paced environment.
• Self-starter who effectively manages stated expectations and seeks to proactively improve processes and outcomes of projects and the team.

WHAT THE JOB REQUIRES:

• Operates in a fast-paced work setting. Requires the ability to multitask and adapt quickly to changing priorities. May involve tight deadlines and high-energy work situations. 
• Work is primarily conducted in an office setting. Requires sitting at a desk or workstation for extended periods. Involves the use of standard office equipment such as computers, phones, and printers.
• Requires the ability to work Monday through Friday. Entails in-person office requirements for a minimum of 3 days per the Company's hybrid policy, located at Essex's corporate offices in San Mateo.
• Requires the ability to sit or stand for extended periods. Minimal physical effort in the day-to-day tasks.
• Regular travel to various locations for meetings, projects, client visits, or on-site work.

WHAT YOU WILL BRING TO THE TABLE:

• Excellent written and verbal communication skills. Strong organizational and analytical skills. Ability to provide efficient, timely, reliable and courteous service to customers. Ability to effectively present information.
• Ability to comprehend, analyze, and interpret documents. Ability to solve problems involving several options in situations. Requires intermediate analytical and quantitative skills.
• Decisions made with thorough knowledge of procedures and company policies to achieve set results and deadlines. Responsible for setting own project deadlines.

All full-time regular associates are offered competitive salaries, experience career growth, and are eligible for benefit packages that include medical, dental, vision, paid parental leave, 401k employer match, excellence rewards, wellness programs, and much more. With our Sunday property operations office closures, 10 paid holidays, and 15 PTO days, work/life balance is a priority! Additionally, most positions are eligible for a housing discount of 20%.

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 $98,000.00 - $146,000.00 per year. New hires generally start between $98,000.00 - $123,000.00 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.