Development Intern

About The Company

Built on a foundation of integrity, respect, and commitment, JPI stands out as one of the most active real estate developers and builders in the nation.  For more than 35 years, JPI has designed and developed communities with best-in-class homes and amenities. JPI is committed to data-driven management and continuous improvement. Its team of experts utilizes data – including unparalleled market research, proven business processes, and proprietary models – to ensure that every decision is strategic, focused, and produces exceptional multifamily communities with the best risk-adjusted returns. More than just great communities, JPI is focused on leaving a lasting impact on the communities where we build and is continually committed to “Building What Matters.”  JPI operates as a subsidiary of Sumitomo Forestry, which is recognized as one of the largest home builders in the United States.

About the Job
The role of the Development Intern will be to be responsible for providing analysis, research, and support to the Central division in all operating functions, from development and acquisition of new assets to management and disposition of operating properties. Assist the team in new development production inclusive of site sourcing, underwriting, market analysis, and document drafting. Work closely to ensure that all under-contract deals are closed by assisting in the city submittal process. It is a part-time position and pay is hourly. The intern will be working in our Dallas office covering Texas.

Essential Duties and Responsibilities:

Acquisition Underwriting

• Underwrite and evaluate investment opportunities sourced by Managers

• Track and understand market spot cap rates and relevant sale comps

• Update and proof the underwriting base model and other templates

• Capture information from relevant broker offerings (expenses, rents, etc.)

• Capture broker contact information and collect relevant information/documents

Development Pipeline Coordination

• Track investment opportunities in the pipeline and ensure information is up to date

• Prepare weekly update reports on active opportunities for discussion with the team

• Prepare weekly update reports on deals under construction, under contract, etc.

• Prepare comparative analysis and other ad hoc reports for sites in the pipeline

Development Deal Analysis

• Update original underwriting of deals as new information is discovered through due diligence or underwriting standards have been updated

• Prepare analysis and reporting necessary for Investment Committee meetings

• Compile research from Witten, Meyers, and Axiometrics to analyze markets

• Draft Letters of Intent (LOI) for deals

Reporting

• Create ad hoc reporting for potential and existing investments for internal committees, investors, lenders and partners.

Market Research

• Monthly and Quarterly market research tasks- job/permit tracker, recent sales comp map, zoning map, supply map, & pipeline aerial

• Prepare comp slides for internal and external needs

• Tour comparable properties & sites to gain valuable insight into competing amenities, demand drivers, absorption, and pricing

• Obtain and maintain a database of competitor premiums and amenities that are deal specific

Non-Essential Duties and Responsibilities

• Build networking capabilities through attending industry conferences and meeting people in CRE industry (e.g. TREC, ULI)

• Other duties as assigned

Knowledge and Experience Required:

• Bachelor’s degree or pursuing Degree in Business, Finance, Accounting, Real Estate, Engineering, Math, or related field required.

• This is an entry level position, but prior coursework or internships that built an understanding of financial analysis and how to calculate and interpret return metrics (NOI, Cap Rate, IRR, NPV, Levered vs Unlevered returns, Return on Cost, Residual Value, etc.) is paramount.

Why work for us?
 

We are a People First culture, and seek team members who are hungry, humble, and people smart with an eye to continuous improvement.  Our culture begins with people and our goal is to attract, retain, and grow the best talent in the industry.  Through ongoing investment in the development of our people, we provide meaningful opportunities for professional success and fulfillment.  Led by values and principle-based leadership, our team approaches every project with responsibility, accountability, and integrity. 

Industry Recognition
We’re not inclined to brag, but we have been recognized on some impressive lists.  Here are just a few of our noteworthy recognitions:

• NMHC - #1 Fastest Growing Developer; #2 Fastest Growing Building; #8 Largest National Developer; # 11 Largest National Builder

• Real Page – Most active multifamily developer in DFW for the past 8 years

• Dallas Business Journal Best Places to Work – 2023

• Dallas Business Journal – Largest DFW Real Estate Developers - #11

JPI offers associates a comprehensive benefits package with competitive salaries and more including:

• Competitive Bonus Program

• 4 Weeks PTO for All New Associates (Pro-Rated by Hire Date)

• 11 Holidays and 8 Early Release Days

• Medical, Dental, Vision and Life Insurance

• 401(k) with Company Match (Up to 5% Match)

• Health Savings Account

• Flexible Spending Accounts (Dependent & Medical Reimbursement)

• Paid Parental Leave

• Paid Volunteer Time

• Tuition Assistance

• Phone Reimbursement

• Associate Referral Bonuses