Last week, I was in Toronto for a couple of days and marveled at how many cranes are delivering condominium product to the market. The construction is even trumping the high level of activity in Manhattan, where mega-story product with full floor units are being gobbled-up, fetching $20 million at the low end of the premium category.†
However, the story does not stop in New York City or Toronto, not with condominium construction.† There is a multifamily rental product boom occurring in every urban center in the United States.†
Last week, Axiometrics, the firm that keeps track of apartment development activity, reported that 74 rental towers are on pace to be delivered in 2014, with an additional 81 slated for 2015.† Demand is being driven sky high by young professionals and empty nesters fueling the urban renaissance, a trend that will likely continue unabated.†
Low single-digit vacancy rates, coupled with high single-digit rent increases, with an overlay of uber-low interest rates guarantee that product will keep on coming. †Itís a lovely symphony, but alas, every cycle comes to an end. Letís hope this one has a soft landing.
ROSS STORES, INC.
Real Estate Law Attorney/Director
(DUBLIN, CA) Position will provide or obtain legal services for the departments of the Property Development Division of Ross Stores, Inc., its subsidiaries and related companies. Objective is to negotiate and prepare legal documents and perform other real estate legal services on an in-house basis in order to minimize outside legal fees, while building in-house expertise. Specific duties include: preparing documentation for new and existing store, office and warehouse facilities; negotiating and drafting leases; supervising the preparation of memoranda of lease and other related documents by paralegals; and reviewing due diligence lease materials and analyze the impact on the lease and transaction.
MANAGEMENT SERVICES GROUP OF HEALTH CARE REIT
(HOUSTON) Duties include managing assigned properties and ensuring the delivery of an elite level of service to enhance hospital and tenant relationships. In addition, position will manage the property management staff and overall property operations to support property investment plans and operating expenses to achieve NOI growth and maximize cash flow; and plan, organize, and manage the activities of the assigned properties through the optimal utilization of resources to ensure the consistent delivery of the MSG Service Brand.†
(ARLINGTON, VA) The Investments Manager - East Coast will be based in Arlington, VA, Corporate Headquarters and will be responsible for participating in the acquisition and disposition processes with additional exposure to asset management and completing market and financial analysis, including advanced modeling, valuation and reforecasts of existing assets and potential acquisition candidates as well as participate in project based redevelopments and or / re-merchandising of existing or recently acquired communities; coordinating on-site property reviews, evaluating results, assisting in the creation of redevelopment plans and completing investment packages; and participating evaluation of properties to be disposed of and be exposed to general portfolio management responsibilities.
AEW CAPITAL MANAGEMENT
Asset Management Associate
(LOS ANGELES) Position will support the Asset Manager in the Direct Investment Group on assets through data collection, cash flow modeling, competitive analysis, research analysis and annual business plan and budget preparations; prepare quarterly cash flow projections; share accountability for budgeted results and supports the budget versus actual analysis; support in restructurings, sales and asset financings as required; understand capital and investment structure and the relationship between property operations and investment performance; and support industry related projects including annual updates on sector and information gathering.
URBAN LAND INSTITUTE
Manager, ULI San Francisco District Council
(SAN FRANCISCO) The Manager, reporting to the Executive Director, will be the lead staff person responsible for the day-to-day management of ULI San Franciscoís East Bay Program, Membership, Technical Assistance Panels (TAPs), Womenís Leadership Initiative (WLI), and UrbanPlan. The Manager will assist the Executive Director with special projects, financial management, and budgeting. The Manager will also be the main point of contact for Fresno-based membership initiatives and events.
(NEW YORK) The Development Coordinator will read, abstract, and administer tenant leases to identify milestones and obligations; track costs for all development projects and maintain Anticipated Cost Reports, Project Budgets, and invoice trackers; interface with operations, asset management, and accounting groups on project related tasks; generate contracts for consultants/vendors; process all project related invoices including consultant/vendor invoices, utility bills, and construction requisitions; and act as the primary point of contact for procurement of all project related permits and approvals.
PHILLIPS EDISON & COMPANY
Director, Tax Reporting
(CINCINNATI) The Director, Tax Reporting will be responsible for developing the corporate tax strategy. This role will ensure compliance of all tax affairs with federal, state, and local tax laws; lead activities related to the preparation of corporate tax reports and returns; and recommend tax policy for the organization while assessing overall impact. Position will also manage the preparation and review of all actual and projected U.S. tax reporting information on a portfolio wide basis (projections, federal state and local tax returns, tax based financial statements, 1099ís etc.), within appropriate deadlines for Phillips Edisonís financial accounting department and third party external advisors.††
RAM REALTY SERVICES
Director of Real Estate Acquisitions
(PALM BEACH GARDENS, FL) The Director of Real Estate will be responsible for sourcing retail assets in Florida for acquisition while analyzing and coordinating the due diligence process for each asset. Position will assist in site identification for the purpose of retail development and must have experience in retail acquisitions. Duties include understanding the valuation of retail properties and land in the applicable market; knowledge of each market and submarket, available acquisition opportunities, and progress of competitive locations; and identifying acquisition opportunities that coincide with Ramís objectives.
THE WALT DISNEY COMPANY
Senior Real Estate Account Manager
(BURBANK, CA) The Senior Real Estate Account Manager implements and executes short and long-range real estate solutions in response to current and projected business requirements. Working closely with internal partners within TWDC (Lines of Business, Portfolio Management, Design/Construction, Finance, and Legal), this position identifies and implements real estate strategies that are aligned with corporate standards, policies, and governance. Responsibilities include supporting and managing TWDCís West Coast regional real estate portfolio; monitoring critical dates; and conducting due diligence on real estate initiatives and provide guidance and supporting justification and analyses.