Real Estate Acquisitions Manager
Looking for an opportunity with a dynamic, fun and goal-oriented company? Were growing quickly and were looking for some not-so-typical talent to join our team.
Progress Residential is one of the largest providers of high-quality, single-family rental homes in the United States. With more than 40,000 homes across some of the fastest-growing markets, our residents appreciate the flexibility, freedom, and convenience of living in a single-family home without the obligations of home ownership.
Progress is committed to making the home rental process easy and enjoyable for the 100,000 residents we serve by empowering our team members and investing in innovative systems and technology. Our portfolio has continued to grow substantially the past few years and we see increasing demand for professionally managed single-family rental homes and anticipate continued growth.
The Acquisitions Manager is an experienced real estate acquisitions professional who plays an integral role in constructing a robust portfolio of high quality, entry-level single-family residential rental homes across one or more of Progress Residentials core markets. The Acquisitions Manager is on the cutting edge of leveraging proprietary data and analytics to execute the firms single-family home acquisitions and investment process. The role lives at the intersection of a high-speed Wall Street institutional sales and trading desk mixed with the tangible nature of real estate and a best-in-class operating platform. Leveraging the Companys tech-enabled acquisition platform, the Acquisitions Manager is responsible for identifying, underwriting, bidding on and negotiating the acquisition of hundreds of houses per month through multiple acquisition channels. The Acquisitions Manager will develop and maintain an in-depth understanding of rental rates, leasing absorption, property values, renovation costs and expected return profiles and play a key role in informing both strategic and tactical refinements.
The Acquisitions Manager, as a player and coach, will be supported by additional team members to successfully execute investment mandates on behalf of the firms LPs. To be successful in this role, one must possess superior analytical skills, communicate well with internal and external stakeholders, and thrive in a fast pace working environment. The ideal candidate excels at identifying risk and opportunity, iterates and solves problems quickly, and actively contributes enhancements that drive continual improvement to the ways in which we acquire homes.
The Acquisitions Manager will be trained and supported by other more tenured / senior members of the Acquisitions team along with various other internal departments to develop the skills and knowledge needed to be successful. This includes, but is not limited to, the firms Quantitative Strategies group, a centralized transaction management group, and Progress Residentials local operators who will provide bottom-up feedback from the market
- Selects, underwrites, bids on and acquires single-family homes offered for sale on the Multiple Listing Service (MLS) as well as through other sources
- Responsible for acquiring 100s of homes per month with impeccable underwriting integrity
- Participates in pricing/underwriting bulk portfolio opportunities
- Executes market specific strategy defined by the firms Investment Committee and centered around desired capital allocation, asset selection, and targeted returns
- Uses proprietary data visualization tools and systems to make thoughtful investment decisions
- Works cross functionally to participate in investment, operational, and asset management decisions
- Actively coaches and develops junior team members and participates in the creation of individual and department performance goals.
- Leads and participates in process improvement and platform enhancement efforts
- Minimum 3-5+ years of real estate acquisitions and/or other investment experience
- In depth understanding of real estate finance and property-level underwriting
- Bachelors Degree required; MBA and/or CFA preferred
- Experience managing small teams
- Task oriented and mission focused
- Excellent verbal and written communication skillsability to distill information down to key points
- Ability to multi-task in a fast pace working environment
- Thinks critically and draws well-reasoned conclusionsis a problem solver
- An independent self-starter
- Some travel required
What you can expect from us:
Progress Residential offers all the financial and non-financial incentives you would expect from an innovative real estate investment and management firm:
- In addition to outstanding training, we host quarterly summits and town hall meetings to encourage growth, knowledge sharing and a good time. After all, its about progress, not perfection.
- We offer competitive compensation, including a performance-based bonus.
- Our generous benefits package includes comprehensive healthcare coverage for you and your family, parental leave, paid time off, 9 paid holidays and much more.
This brief summary is not an all-inclusive description of job duties. Other job duties and responsibilities may also be assigned by the incumbents supervisor at any time based upon Company need.
Progress Residential is a proud Equal Opportunity employer, m/f/d/v.