Vice President, Development

About The Company

Built on a foundation of integrity, respect, and commitment, JPI stands out as one of the most active real estate developers and builders in the nation.  For more than 35 years, JPI has designed and developed communities with best-in-class homes and amenities. JPI is committed to data-driven management and continuous improvement. Its team of experts utilizes data – including unparalleled market research, proven business processes, and proprietary models – to ensure that every decision is strategic, focused, and produces exceptional multifamily communities with the best risk-adjusted returns. More than just great communities, JPI is focused on leaving a lasting impact on the communities where we build and is continually committed to “Building What Matters.”  JPI operates as a subsidiary of Sumitomo Forestry, which is recognized as one of the largest home builders in the United States.

About This Job
Vice President, Development is a key leadership role within JPI. The VP Development is expected to engage in any or all of a broad range of responsibilities across the real estate development and construction project lifecycle. The position demands the highest levels of technical and strategic input to projects, as well as the leadership and management of people in the Development Team. VP Development will typically be responsible for one or more of the following development disciplines:
• Development Planning
• Land Acquisition and Entitlement
• Financial Modelling
• Project Close
• Investment Ownership

Essential Functions & Responsibilities

Development Planning

• Develop strategies based on market trends, opportunities, and competitive advantages.

• Create geographical expansion plans to guide organizational growth into new markets.

• Define product characteristics, including unit types, amenities, and target market segments.

• Formulate and analyze capital strategies for land and development projects

• Define underwriting standards and ensure compliance across all projects.

• Incorporate market-based inputs and projections into planning and underwriting.

• Monitor project underwriting compliance to ensure adherence to established standards.

• Develop and analyze project and investment KPIs and benchmarks for performance evaluation.

• Track and report on project and investment performance.

• Provide feedback to refine strategy and underwriting processes based on performance data.

Land Acquisition

• Source land opportunities and track systematically.

• Build and maintain broker relations.

• Conduct site searches and review land deals for initial feasibility.

• Screen land at a macro level, including sub-market analysis and ranking.

• Perform zoning and code analysis to assess regulatory fit.

• Screen land at a micro level, focusing on site-specific factors.

• Ensure business plan alignment with acquisition targets.

• Conduct entitlement feasibility analysis.

• Apply the rule-of-thumb analysis for quick viability checks.

• Negotiate land purchases, including LOI preparation and contract finalization.

• Coordinate proposals for internal committee reviews.

• Kick off the concept design process for potential projects.

• Administer hard cost questionnaires for cost estimation.

• Oversee due diligence, including budget validation and third-party reports.

• Lead the investment committee review for approval of land acquisitions.

                                    

Entitlement

• Secure zoning and entitlement approvals.

• Define the entitlement process and political landscape.

• Develop entitlement strategies and schedules.

• Provide entitlement consultation to teams and partners.

• Negotiate and execute partnership MOUs.

• Submit applications for bonds and tax credits.

• Establish community programming to support entitlements.

• Manage entitlement projects, including mapping, hearings, and CEQA compliance as required.

Financial Modeling

• Perform initial underwriting for new deals

• Provide underwriting deal updates to keep stakeholders informed.

• Analyze rents and comparables for market positioning.

• Prepare presentation packages for committee presentations.

• Run capital scenarios to optimize financing.

• Finalize underwriting models for deal closing

• Perform reforecast modeling to update projections.

• Generate quarterly investment reporting.

• Conduct sale and refinance analysis to evaluate exit strategies.

Project Close

• Lead design kick-off meetings at all phases from schematic design onwards.

• Review and approve unit/amenity finishes and community programming.

• Oversee design soft cost budgets.

• Negotiate and execute design consultant contracts.

• Prepare board packages for land and overall project approvals and conduct board reviews.

• Secure easements as required.

• Close capital arrangements, including public/private partnerships and site tours.

• Analyze capital strategies and quotes for land and development projects

• Manage due diligence for land and development projects.

• Prepare closing statements and loans for land and development projects.

• Handle capital documents for land and development projects.

• Facilitate closing calls for land and development projects.

• Prepare closing exhibits.

• Oversee post-closing services.

Investment Ownership

• Oversee property build processes, including monthly funding requests and AHJ compliance requirements.

• Construction owner’s rep support

• Evaluate and respond to PCO requests and RFIs requiring owner input.

• Coordination of outside investor approval on decisions when applicable.

• Ownership of project budgets and construction finance close-outs.

• Oversight of LIHTC inspection and compliance requirements.

• Lead PSR/OAC meetings.

• Manage property sales, including broker selection, property marketing, buyer negotiation, and due diligence.

• Conduct sell/hold analysis and obtain IC approvals.

• Manage investor communications, including site tours and quarterly updates.

• Execution of refinance transactions. Oversee lease-up and leasing operations, including pricing strategy, market positioning.

• Select property managers (PMs) and execute PM agreements.

• Handle PM onboarding and pre-lease-up activities.

• Engage with AHJs for ongoing compliance of operating assets.

• Develop & implement asset management business plans.

• Handle loan conversions, cost certificates, and cost segregation reports on LIHTC deals.

Other Duties and Responsibilities:

• Other duties as assigned.

Education, Work Experience, & Physical Requirements

• A Bachelor’s Degree in Business, Finance, Urban Planning, Accounting, Real Estate, Engineering, Math , or a related field is required.  Graduate degree and/or relevant professional certifications encouraged.

• Demonstrated experience in entitlements, executing development opportunities, working with capital partners, market analytics, asset management, property operations, and strong negotiation skills.

• Minimum of 10 years’ experience in Real Estate development, including significant multifamily development experience.

Why work for us?
 

We have a 35-year track record of developing multifamily communities with responsibility, accountability, and integrity.  Our stated purpose is to:

• Transform Building

• Enhance Communities

• Improve Lives

 

JPI has an ambitious and exciting vision for how we will achieve this, which makes for a positive and dynamic work environment, with many opportunities for personal development and growth.  As well as our highly competitive offering of compensation and benefits, we are committed to:

• Transformative careers in a transformative company

• Comprehensive training and development

• Promotion from within at all levels of the organization

• Borderless Careers, based on performance, potential, and personal ambition

Industry Recognition

• NMHC - #1 Fastest Growing Developer; #2 Fastest Growing Building; #8 Largest National Developer; # 11 Largest National Builder

• Real Page – Most active multifamily developer in DFW for the past 8 years

• Dallas Business Journal Best Places to Work – 2023

• Dallas Business Journal – Largest DFW Real Estate Developers - #11

JPI offers associates a comprehensive benefits package with competitive salaries and more, including:

• Competitive Bonus Program

• 4 Weeks PTO for All New Associates (Pro-Rated by Hire Date)

• 11 Holidays and 8 Early Release Days

• Medical, Dental, Vision, and Life Insurance

• 401(k) with Company Match (Up to 5% Match)

• Health Savings Account

• Flexible Spending Accounts (Dependent & Medical Reimbursement)

• Paid Parental Leave

• Paid Volunteer Time

• Tuition Assistance

• Phone Reimbursement

• Associate Referral Bonuses