Purposeful. Collaborative. Challenging. Exciting.
That’s what it feels like to work in multifamily investment. Employees in this arena are responsible for securing equity and debt funding for multifamily companies and are deeply involved in acquiring, selling and developing apartment communities. Success depends on energetic, strategic thinkers who enjoy the challenge of getting often-complex financing and real estate deals done.
But this is excitement with a purpose. When you work in multifamily investment, you leave work each day knowing that you are part of something larger. You're part of an industry that's working in innovative ways each and every day to provide one of our most fundamental needs – a home.
Click on the links below to learn about the specializations within multifamily investment and the kinds of jobs available within those specializations:
To finance their acquisitions of existing apartment communities and their development of new ones, apartment companies need access to reliable sources of both debt and equity funding. The sources of this funding are wide ranging – banks, insurance companies, pension plans, hedge funds and high net worth individuals are just some of the sources apartment companies regularly approach.
People who work in multifamily capital markets use their love of finance and their strong people skills to secure this funding.
- Business Development
Apartment companies depend on both equity and debt financing to undertake all of their various activities. Those who work in business development are in the trenches, securing that funding.
This specialization requires both a comprehensive knowledge of the investment markets, a dedication to staying on top of the latest funding trends and sources, and a love of building relationships with individuals and institutions. Working in business development offers both variety and a chance to really connect with people.
Portfolio/asset management is not concerned with the day-to-day operations of a property or set of properties. Rather asset managers are charged with optimizing the long-term financial performance of an apartment company's portfolio and protecting its financial status.
They focus on increasing revenues and maximizing the return on an apartment company's investments. Long-term financial forecasts and detailed cash-flow analysis are at the heart of their jobs. They're also deeply involved in critical decisions about renovations, buying and selling properties, or building new communities – as well as the execution of those deals.
It’s like buying or selling 200 homes at the same time. Along with the enormous amount of money involved in a multifamily transaction comes an enormous number of details to manage. Acquisitions and dispositions experts manage and negotiate every detail to maximize returns on multifamily assets. These transactions can be enormous, involving multiple properties and sales prices in the billions of dollars. As the saying goes, it takes a village to pull these deals off, and smart, high-performing individuals both within and without an apartment company are needed to make them work.
Investing in multifamily is more than just buying and selling communities. The equation also includes developing and renovating. Some companies focus on the development of entirely new communities, but more often than not they consider buying, selling, developing and rehabbing all at the same time when looking at opportunities in a market. Similarly, many firms decide to undertake major renovations/rehabilitations of properties they already own to increase value and revenue-earning potential.
Imagining a brand-new or entirely renovated community is exciting, truly stimulating work. And just like with acquisitions and dispositions, these endeavors require teams of smart, innovative individuals who enjoy working together to make a dream a reality.
Brokers represent apartment companies in the buying and selling of apartment communities and development sites. They act as mediators between buyers and sellers and help negotiate sales prices as well as other terms of transactions.
Aside from facilitating any particular sale, brokers can also provide ongoing, strategic investment advice and sophisticated market analysis to apartment companies.
Appraisers assess the value of an apartment community or a development site for the purposes of buying or selling the asset. They’re in the know about market conditions and the sales of other communities in the market. Apartment companies also have appraisals done for other reasons, such as property tax disputes, insurance policies, litigation and loan restructurings.
- Transaction Specialist/Analyst
Transaction specialists/analysts help apartment companies strategize, evaluate and execute the buying and selling of existing properties and the development of new ones.
Transaction specialists play a vital role in the execution of multifamily transactions, providing financial and valuation analysis in addition to due diligence oversight. They also often assist in the creation of marketing materials that promote a for-sale apartment community or land site. Simply put, deals don't get done without these experts.