Vice President, Acquisitions
Vice President, Acquisitions
- Job ID
- Job Location
- Real Estate 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 nearly 40,000 homes in sixteen of the country’s 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. Over the past three years our portfolio has doubled in size and we see increasing demand for professionally managed single-family rental homes and anticipate continued growth.
The Vice President, Acquisitions is responsible for sourcing, underwriting, negotiating and acquiring portfolios of newly built and to-be-constructed single-family residential homes directly from homebuilders and through a network of local brokers/consultants. The VP, Acquisitions will forge strong relationships with national, regional, and well-established local homebuilders who specialize in entry-level housing. To augment direct sourcing efforts and ensure comprehensive market coverage, the VP will also develop a network of local/regional consultants, real estate brokers, attorneys, design firms and other key members of the residential construction eco system to source opportunities within the Company’s operating footprint. The VP will leverage exceptional business development tactics combined with extensive real estate acquisitions experience to generate a robust pipeline of newly built and to-be-delivered homes that meet the Company’s investment criteria. The position reports directly to the EVP, Strategic Operations and Acquisitions and plays a key role in the growth strategy of the Company.
- Directs investment analysis and underwriting of single-family residential properties which meet Progress’ investment criteria and return hurdles.
- Develops and maintains database of national, regional, and local developers and homebuilders used to drive and track business development efforts
- Ensures proper execution of all acquisition transactions including; market analysis, underwriting, feasibility and due diligence studies, business plans, ROI analysis, capital allocation strategies, etc.
- Closely monitors operating performance of acquired homes and works directly with other Acquisitions team members and the Company’s Quant Strategies team to update model assumptions and investment criteria
- Works cross-functionally with central and local operations teams to ensure thorough evaluation of newly sourced opportunities and a smooth onboarding / lease-up of acquired homes
- Ability to lead market research efforts geared towards understanding and validating key demand fundamentals that support underwriting of newly sourced homes
- Maintains up-to-date understanding of macroeconomic drivers behind Progress’ core markets
- Ability to travel to Progress’ core and potential expansion markets on an as needed basis; works collaboratively with local field teams to ensure peak investment performance
- Strong networking skills and established reputation among industry peers and colleagues
- Bachelor’s Degree (preferably in Business or Finance) required; MBA or MRED a plus
- Commercial or Residential real estate investment and/or brokerage experience
- 10+ years in Real Estate or related industry with at least 7 years of senior-level acquisitions/investment experience
- Exceptional business development skills
- Progressive experience leading / managing teams
- In-depth understanding of real estate finance and financial modeling
- Single-family residential and/or multifamily development or construction experience preferred
- Proficient with Microsoft Suite, including expert usage of Excel and Power Point
- Familiarity with Salesforce and Yardi preferred
- Ability to anticipate organizational needs, is self-motivated, and takes initiative
- Ability to multi-task in a fast-paced environment and manage multiple projects and people with strict deadlines attached
- Proven problem solving, analytical, troubleshooting and time-management skills
- Ability to effectively communicate with senior management and outside vendors
- Excellent written and verbal communication skills
- Ability to think critically and draw well-reasoned fact-based conclusions while managing risk
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 brief 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.