Acquisitions Associate at DRW
Convexity Properties (www.convexityproperties.com) - a DRW Company is a fully integrated real estate investment firm focused on giving value add properties new purpose. We take the lead role on many projects and partner with development and architecture firms on unique retail, residential, commercial and mixed use properties. Notable projects include the Three Arts Club, Viceroy Chicago, 4 East Elm and The Robey Chicago.
As an Acquisitions Associate, you will focus on analysis, modeling and planning work related to acquiring and developing properties. The opportunity to join the Convexity Properties team is unique for a number of reasons:
We have no outside investors or third-party capital. The equity required for our deals is funded entirely with in-house capital; there is no time spent preparing reports or presentations for institutional investors and we don’t scramble to raise capital during economic downturns. We spend 100% of our time sourcing opportunities and maximizing the value of our investments.
We are long-term owners and investors of real estate. We aren’t beholden to timing mandates to place capital or sell assets. Decisions are made exclusively on market fundamentals.
We operate in a fast-paced environment and we move quickly. Our diverse experience, particularly with projects that have predevelopment and entitlement complexity, coupled with our access to capital, allow us to move quickly and achieve superior risk-adjusted returns. We have the flexibility to take calculated risks, such as acquiring sites without entitlements in-place.
We are relationship-oriented. Convexity has built long-term relationships with its partners and consultants. We can leverage these relationships to act quickly when needed and they create opportunities for personal growth and development.
What you’ll do in this role:
- Underwrite potential acquisition and development projects and prepare ad hoc financial analysis.
- Collaborate on acquisition activities and capital structuring; assist in acquisition sourcing with the rest of the Acquisitions team and the Head of Investments.
- Co-lead the acquisitions due diligence process.
- Analyze trends in various geographic markets and conduct property specific market research and benchmarking.
- Research and recommend opportunistic acquisitions strategies.
- Assist the acquisition and development teams in all day-to-day responsibilities including transactional support, negotiation and project planning.
- Develop and monitor project pro formas, financial statements, and schedules, including sensitivity analysis, variance analysis, and reforecasting to determine effects on the financial objectives of the project.
- Collaborate with Convexity’s architecture and development teams to perform project cost budgeting, zoning analyses and project program design.
- Limited travel may be required to tour sites and properties and oversee due diligence activities.
You’ll be right at home if you have:
- A Bachelor’s degree or advanced degree in a related field such as Finance, Business Administration, Accounting, Economics,Engineering or Urban Planning.
- 2-5 years of related real estate acquisitions, development or investment modeling experience.
- A strong understanding of real estate underwriting and financial modeling concepts for both acquisitions and developments,including investment waterfall modeling.
- Are comfortable calculating return metrics such as IRR and equity multiple.
- A working knowledge of the development process and customary acquisitions and development diligence.
- Familiarity with the hospitality/hotel and student housing asset classes (this is a plus).
- A general understanding of common real estate documents such as Purchase and Sale Agreements, leases and loan documents.
- Excellent organizational skills with emphasis on time management and communication, as well as superior computer skills, including proficiency with Microsoft Office (especially Word and Excel).
- The ability to maintain professionalism in the face of deadlines; exhibit good listening, negotiation and problem solving skills; and to handle confidential information with discretion and trustworthiness.