Associate, Multifamily Development

August 27, 2019

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Job Description

San Antonio, TX


Acquiring, developing, financing and managing quality real estate investments since 1982, USAA Real Estate provides superior returns investing across the risk spectrum, with expertise in office, industrial, multi-family, retail and hotel assets. Investing for the USAA membership and aligned with more than one hundred investment partners across the world, we maintain an “Investor First” mindset with a significant co-investment in all programs. As the real estate investment management arm of USAA, a leading financial services company serving military families since 1922, USAA Real Estate has achieved a track record of success living up to the high standards set at USAA and sharing its culture. USAA’s balance sheet puts us in a position of strength – well capitalized to invest in multiple strategies. This is a distinct competitive advantage. USAA Real Estate is headquartered in San Antonio, Texas. www.usrealco.com


The Multifamily Development Associate provides support to the development team on all phases of the development process for multifamily and senior housing projects including: Underwriting new opportunities and performing financial analysis; Preparing investment briefs; Participating in conducting and documenting due diligence; Assisting with transaction closing, Supporting the team on project predevelopment and construction oversight; Drafting various memos and business plans; Providing required deliverables to other internal and external groups in support of capital calls, quarterly valuations, cost projections; and Supporting any other related tasks or as required.
Essential Duties:
Financial Analysis: Responsible for providing meticulous analytical support on multifamily and senior housing development transactions.
1. Incorporate the development information into USAA Real Estate’s (“USAARE”) financial model per USAARE’s standard underwriting process and research
2. Identify the additional information required to support every assumption in the proforma
3. Track and maintain all updates to financial models from the initial underwriting and due diligence period, through project stabilization
4. Provide the financial analysis for briefs, project update memos, development business plans and as needed.
5. Support the team and work with internal and external parties through the execution and documentation of due diligence findings
6. Assist with dispositions of various assets as required.
7. Provide secondary support to Portfolio Management
8. Contribute to ongoing improvement of existing processes and promote the adoption of best practices as related to the above duties and responsibilities.
Project Management: Performs project management duties, as assigned and coordinate with internal and external parties in support of these duties
New Ventures Formation and Dispositions: Assist with implementing USAARE’s process and procedures associated with joint venture execution and property closing and with financing or dispositions, as required.
Ongoing Multifamily Development Department Tasks: Participate in providing required deliverables to internal and external groups in support of: Capital calls, review and approval of draw requests, quarterly valuations, cost projections etc.
At USAA Real Estate our employees enjoy generous benefits packages including comprehensive medical, dental and vision plans, 401k, USAA Membership eligibility, educational and professional designation assistance, business casual dress attire and much more! Qualified applicants must successfully complete a pre-employment background and drug screen. The above description reflects the details considered necessary to describe the principal functions of the job and should not be construed as a detailed description of all the work requirements that may be performed in the job.
USAA Real Estate is an Equal Opportunity and Affirmative Action Employer of Females, Minorities, Veterans and Disabled.

Minimum Requirements:
• Bachelor’s Degree in Finance, Real Estate, Economics or related field or a Master of Business Administration in combination with experience in another field.
• 3+ years of commercial real estate industry work experience.
• Relevant Development, engineering and/or Finance experience preferred.
• Solid understanding of financial analysis concepts.
• Ability to travel if necessary. Ability to regularly work extended hours.
• Qualifications may warrant placement in different job title.
Key Competencies:
• High level of proficiency in Excel and Argus Enterprise.
• Accuracy and attention to detail.
• Ability to prioritize assignments to meet numerous deadlines.
• Excellent analytical, quantitative and problem solving skills.
• Exceptional written and verbal communication skills.
Physical Requirements:
• Regularly required to sit for extended periods of time; frequently required to stand, walk, and use business equipment daily such as computer, copier, fax, telephone, etc.
• Frequently required to reach overhead, bend, and lift objects of up to 25 lbs.
• Ability to handle stress caused by multiple priorities, and other unforeseen situations associated with the organization.
• Eyesight and hearing must be correctable to standard level.

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