Director Portfolio Acquisitions
Looking for an opportunity with a dynamic, fun, and goal-oriented company? We’re growing quickly and we’re 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 65,000 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 Director of Portfolio Acquisitions is a driven 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 Residential’s core markets. The Director of Portfolio Acquisitions is on the cutting edge of leveraging proprietary data and analytics to execute the firm’s 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 Company’s tech-enabled acquisition platform, the Director of Portfolio Acquisitions is responsible for identifying, underwriting, bidding on and negotiating the acquisition of portfolios of hundreds of houses per month. The incumbent will develop and maintain a database of portfolio sellers and brokers, and an in-depth understanding of rental rates, leasing absorption, property values, renovation costs and expected return profiles.
To be successful in this role, one must communicate well with internal and external stakeholders, and thrive in a fast-paced working environment. The ideal candidate excels at business development and relationship building, and actively contributes enhancements that drive continual improvement to the ways in which we acquire homes.
The Director 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. The portfolio acquisition team will be dedicated to accelerating the company’s growth through identifying pools of houses in the fragmented single family rental market.
Identifies, underwrites, bids on and acquires portfolios of single-family homes offered for sale through on and off market sources.
Responsible for acquiring and underwriting 100s of homes per month.
Strong networking skills and established reputation among industry peers and colleagues.
Ability to manage relationships with brokerage teams and sellers who contribute to Progress’ success.
Executes market specific strategy defined by the firm’s 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.
Participates in process improvement and platform enhancement efforts.
Minimum 3-5+ years of real estate acquisitions and/or other investment experience
Excellent business development skill set - verbal and written communication skills, ability to distill information down to key points
In depth understanding of real estate finance and property-level underwriting
Outstanding organization skills and an ability to leverage and improve systems to manage a high volume of transactions with strict deadlines
An independent self-starter with results-driven orientation
Thinks critically and draws well-reasoned conclusions-is a problem solver
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, it’s 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 summary is not an all-inclusive description of job duties. Other job duties and responsibilities may also be assigned by the incumbent’s supervisor at any time based upon Company need.
Progress Residential® is a proud Equal Opportunity employer, m/f/d/v.
Job Reference #: JR101441