Acquisitions and Development Associate

Note: Eastman Residential is hiring an Acquisitions and Development Associate. Compensation will vary based on candidate experience and 5-7 years of multifamily experience is required.

Eastman Residential is a data-driven real estate investment firm focused on developing, acquiring, and repositioning rental housing across the US. Eastman Residential is the multifamily arm of Eastman Companies.

Eastman Companies is a full-service real estate firm focused on managing, acquiring, developing, and redeveloping high quality real estate. Eastman has been in business for over 45 years and is recognized as a leaders in high-quality real estate developments. Eastman Companies presently owns, manages, and has developed more than 5MSF of commercial, retail, industrial, and multifamily properties.

Role Overview: Finding excellent real estate acquisitions and development opportunities in today's market is extremely challenging. If you have acquisition and development skills, are ready to put them to work, and would thrive in an entrepreneurial environment, this role is for you.

Individuals who are curious, driven, diligent, and have excellent problem-solving skills will thrive in this role and see a promising opportunity for rapid growth within this platform.

Role

You're an ideal fit if you're:

• Hungry to become a meaningful contributor on a relatively small team with a high volume of deal flow.

• Currently have experience in multifamily and student housing, with additional retail experience considered a bonus.

• Someone who maintains incredibly high standards of achievement and work quality and likes to be surrounded by similar people.

• Analytical and personable and you know when to engage each.

• A thinker and doer. You are not afraid of a challenge or demanding work.

• Enthusiastic when you are counted on for timely, reliable, and thoughtful work.

• Excellent with interpersonal skills and able to build authentic professional connections.

• Successful in a fast-paced workplace.

• Proven ability to manage and upskill team members effectively.

• Outstanding with written and verbal communication.

Skills and prior experiences that will lead to success in this role:

• Full-cycle land acquisition and development experience. This includes underwriting, due diligence, entitlements, third-party report management and analysis, consultant oversight, and financing diligence management.

• Preparing investment memos, offering memoranda, or similar deal-specific analytical materials.

• Manage due diligence process including: coordinating vendors, financial due diligence, variance to underwriting analysis etc.

• Data Room Preparation for Lender’s, Equity Investors etc.

• Building financial models in Excel for developments, individual property acquisitions, or multi-property portfolios. This includes modeling all key valuation assumptions, debt assumptions and partnership waterfalls. The capability to build financial models from scratch is helpful, but reliably auditing and manipulating existing models to meet specific deal demands is equally important.

• Detailed market research to determine market drivers and key indicators that support investment thesis.

• Rental and sales comparable analysis. Justifying likely market rents, growth rates, and exit cap rates based on previous and forthcoming activity in the market.

• Experience utilized Argus to underwrite retail/commercial acquisition opportunities

• Geographic market research and analysis. Identifying positive and negative demand trends that will impact market conditions at the property, MSA, and macroeconomic levels.

• Experience working in entrepreneurial or institutional real estate firms. (investment banking experience is preferred).

The Acquisitions and Development Associate will:

• Support the real estate team in all underwriting, due diligence, development, and investor communications activities.

• Interface across Eastman’s internal and external functional areas, including executive leadership, external partners, attorneys, brokers, lenders, and other similar parties.

• Prepare investment memos and ancillary reports for presentation to senior management and outside investors.

• Lead research and R&D into new investment strategies and verticals.

• Play a key role in building out and overseeing the acquisition team, ensuring alignment with the company’s growth objectives and strategic goals.

• Generate, aggregate and synthesize critical market information from third-party reports and first-party research as part of ongoing asset management and growth initiatives.

• Be relied upon to complete timely and accurate analysis regarding critical real estate documents including contracts, financial statements, leases, loans, and other similar transaction documents.

• Support with ad hoc asset management and other operational tasks as assigned.

Compensation:

• Top quartile base salary + performance-based incentives.

• Access to profit participation.

Other Important Notes:

• Full-time. Eastman is committed to generating and measuring successful outcomes, not assessing hours on the clock. While each person works differently, the team generally works 50-60 hours per week on average.

• Individual needs to be located in either New York City Metro or Mexico City.

• Travel across the US may be required periodically.