4 Gerrish Avenue
Opportunity Communities, LLC (OppCo) is seeking a Senior Vice President of Real Estate to lead a dynamic and growing regional team of locally-based community developers. Mature community development organizations launched the joint venture OppCo to create greater capacity while retaining deep ties to home communities. OppCo joint-venture partners benefit from shared administrative support – financial management, data and evaluation, human resources, operations – and programmatic capacity in areas that benefit from scale and technical expertise – real estate development, asset management, and resident services. What remains local are decisions about strategic direction, unique local programming such as community engagement and financial capabilities services, and control over governance, budget and assets. Launched in 2018, OppCo has received strong support from local and national funders, and has attracted interest from a number of prospective new partners.
The SVP of Real Estate is responsible for strategic, administrative and operational leadership for real estate development work undertaken by OppCo and its partner organizations in their home communities. Strategically, the SVP will lead the work to leverage the OppCo platform to expand opportunities to meet the pressing demand for affordable and workforce housing, considering scale, capital, including ways to leverage partner’s financial strength, diversifying development types, asset management and cross-partner developments. The SVP will serve as a member of the OppCo leadership team, supporting work to expand capacity, efficiency and learning, and to recruit new members.
The SVP supervises local real estate directors and staff to maintain an active development pipeline and ensure high-quality mission-driven projects are delivered on time and on budget, sustained by effective asset management, and with consistent and profitable results. A current staff of seven works in Roxbury, Mattapan, Chelsea, Everett and Revere. They are managing development of nearly 500 new units and in 10 projects, with a current pipeline of 300 additional units and 280 portfolio units to redevelop. Affordable and market-rate housing forms the core of work, but partners also undertake other commercial projects, including current projects with 30,000 sf in four sites.
Essential Job Functions and Responsibilities:
Grow real estate pipelines by diversifying the financial models and types of developments that local community development organizations are accustomed to, in order to meet community needs for housing and commercial uses, expand the agency’s portfolio, and generate revenue for the agency’s annual operating budget.
Create models and make recommendations on ways to leverage capital, including partners’ equity, to support real estate development.
Supervise and provide guidance to directors of real estate through all phases of real estate development in order to produce developments on time and on budget, with strong operating performance for rental properties over time.
Work closely with asset management to update and refine, as needed, OppCo’s systems for managing phases of a development’s life cycle, in order to deliver consistently high-quality homes and commercial space.
Identify and assess ways to improve efficiency and capacity, including expanding the real estate team with staff who might serve all partners, e.g. construction manager or closing paralegal.
Report regularly to OppCo’s CEO and Development Committee on the expansion of partners’ real estate work, feasibility analysis of potential projects, and the progress and risk management of ongoing projects.
Assist with the recruitment of new partners or clients to join OppCo, with a focus on the benefits for real estate development.
Develop and cultivate relationships with key stakeholders, with a particular focus on funders, investors, and policymakers who will help support and advance pipeline.
Develop and cultivate relationships with key vendors to bring expertise to our team, while holding vendors to a high standard.
Advocate for housing policies that will help make projects more feasible.
Prepare multi-year cash flow and expense analysis, for the OppCo Finance Department’s budget planning.
As part of the senior management team, prepare OppCo’s annual and five-year strategic plans for real estate development, coordinating with each CDC’s preparation of its own plans.
Participate in regular meetings on asset management of member CDCs’ portfolios, collaborating with property, asset and resident services managers, and strengthening the loop of information from operations that informs development.
Other Non-Essential Functions
Actively participate in OppCo’s senior leadership team.
Participate in relevant industry forums and committees, such as CHAPA, MACDC, or ULI, to stay current with the field, and increase visibility for OppCo.
Undertake initiatives that will further the organization’s mission and departmental goals.
Attend networking events on behalf of OppCo and its member CDCs.
Play a key role in the representation of OppCo and its member CDCs to the community, funders, investors, elected officials, and other key stakeholders
Perform other duties as needed as part of senior management team of OppCo.
Qualifications and Competencies
Must have a thorough understanding of real estate development, including familiarity with regulatory process, deal structuring, finance, design and construction management, and the ability to expand the scale of the real estate company’s business, in order to supervise real estate directors, assist with risk management and help make key decisions on individual developments.
Experience with Low Income Housing Tax Credits and other affordable housing funding sources, and in other types of development, such as residential homeownership, community centers and a range of commercial uses.
Strong critical-thinking, negotiating, problem-solving and decision-making skills; ability to apply strong business skills and judgment to complex and diverse situations.
Ability to work well independently and as a team member, developing and sustaining relationships with a range of partners.
Demonstrated strong cultural competence and ability to work in a diverse community. Experience working with low-income families, seniors and non-elderly disabled people. Prefer aptitude and interest in outreach/organizing, neighborhood planning, and community development.
A commitment to equitable community development principles and outcomes.
Strong work ethic, and a good sense of humor.
Prefer experienced in managing more than one department at a time, and aligning departments’ work to meet the central goals of the agency.
Bi-lingual language skills are desirable; prior personal or professional experience in one or more partners’ geographic areas is a valuable asset.
Bachelor’s degree and a minimum of 15 years of experience in development or financing of affordable housing; Master’s degree in planning, real estate, or related field preferred and may substitute for up to 5 years of experience.
Excellent verbal and written communication skills; ability to interact with all staff levels within the organization.
Proficiency with MS Excel, PowerPoint, Word required. Knowledge of SalesForce or similar program, and Adobe Design programs, is preferred.
Willingness to work a flexible schedule, including nights and weekends.
We offer competitive compensation and good benefits.
Level of Language Proficiency
Bi-lingual language skills are desirable.
Minimum Education Required
How To Apply
Send a cover letter and a copy of your resume to email@example.com . We are an Equal Opportunity Employer and consider qualified applicants for employment regardless of expression, age, color, religion, disability, veteran status, sexual orientation or any other protected class.