Director, Development Operations

Job Description

Job Description

Fairstead is a purpose-driven real estate firm dedicated to building affordable communities across the country. Headquartered in New York, with offices in Colorado, Florida, and Washington DC, Fairstead owns and manages a portfolio of more than 30,000 apartments, including pipeline, across 28 states. As an integrated owner, operator, and innovator, Fairstead brings development, construction, and property management under one unified platform to deliver high-quality affordable housing that serves our residents at scale.

At Fairstead, we believe affordable housing should be thoughtfully designed, professionally managed, and responsibly operated. We seek to create and preserve housing that serves residents while delivering long-term value to communities, partners, and stakeholders.

Fairstead challenges industry norms through our tech-forward, entrepreneurial approach to affordable housing. In addition to core real estate capabilities, we operate innovative service lines designed to improve resident outcomes, strengthen communities, and drive operational efficiency. We embrace digital transformation, data-driven decision-making, and emerging technologies, including AI, to build scalable systems that support sustainable growth, grounded in a culture of entrepreneurship, innovation, partnership, dedication, and integrity.

The Director, Development Operations will be responsible for managing, overseeing, and optimizing the performance of a subset of our affordable multifamily real estate portfolio. The primary focus will be on enhancing the value of our assets, maximizing returns, and mitigating risks by developing and executing on asset-specific business plans.

This role reports directly to the Senior Director, Development Operations. The Development Operations team sits within the larger Development team and is comprised of several groups, including Portfolio Management and Special Projects. These groups oversee the operations of the entire Fairstead portfolio and execute on asset and portfolio management, stabilization, strategic initiatives, utility management, budgeting, forecasting, and capital transactions.

Responsibilities:

• Direct, hands-on management and oversight of a portfolio of affordable multifamily assets.
• Conduct thorough financial analysis, including cash flow projections, budgeting, and financial modeling to evaluate the ongoing performance and potential of each property.
• Develop, manage, and execute comprehensive business plan strategies for the affordable multifamily assets and portfolio.
• Investigate variances and identify opportunities to enhance asset performance by analyzing market trends, property operations, and capital improvements. Implement strategies to maximize property values, rental income, occupancy rates, and cash flow.
• Work closely with affiliated management companies, as well as third-party managers, to devise and carry out property strategies and business plans for each property.
• Assist in the updates of the high-level reporting metrics across the enterprise.
• Assist with preparation and submission of information for real estate tax appeals.
• Assist with preparation and submission of transactional due diligence materials.
• Assess and manage risk factors associated with the portfolio, including market conditions, leasing and occupancy risks, and capital expenditure requirements. Develop contingency plans and risk mitigation strategies.
• Prepare regular performance reports and updates for senior management, investment, and other stakeholders.
• Present investment strategies, financial analyses, and portfolio performance in a clear and concise manner.
• Collaborate with internal teams, including acquisitions, development, construction, and property management to align asset management strategies with broader organizational goals.
• Develop and maintain strong relationships with internal and external stakeholders, including investors, lenders, vendors, property management teams, and brokers.
• Work closely with construction managers to determine project schedule, scope, and capital needs.
• Oversee budgets and monthly variance reports submitted by property management.
• Identify value-add projects throughout the portfolio and visit properties on an as-needed basis.
• Identify opportunities for capital transactions, including refinancing and dispositions, and assist with executing exit strategies to optimize returns.
• Forecast cash flows over the hold period.
• Perform special projects and other related duties as required.

Requirements:

• Minimum 8+ years' applicable real estate experience required
• Bachelor's degree required
• Prior team management and leadership experience
• Demonstrated ability to communicate with lenders, investment partners and other external stakeholders.
• Experience in multifamily affordable portfolio and asset management
• Knowledge and experience with the Project-Based Section 8 and Low-Income Housing Tax Credit Programs gained from asset management, operations, or development.
• Experience in understanding partnership agreements, loan documents, regulatory agreements, and other deal-related documents
• Strong proficiency in financial modeling, Microsoft Office Suite (especially Excel), and analytical skills
• Demonstrated competency in financial statement analysis, business valuation, accounting, and finance.
• Experience in budgeting, accounting, and financial analysis
• RealPage and Yardi experience
• Manages multiple priorities while demonstrating the initiative to produce results by driving processes
• Strong project management skills and follow-through
• Team-oriented with strong integrity and professionalism.
• Strong organizational, written, and verbal communication skills
• Exceptional attention to detail and sound judgement
• Up to 20% travel required

This role is preferably based in our New York City office. We are open to considering candidates outside of New York City, and relocation assistance can be discussed. This role is bonus eligible.

Exact compensation may vary based on skills, experience, and location.

Salary Range

$170,000—$200,000 USD

Diversity in backgrounds and experiences is key to Fairstead's success. Being an equal opportunity employer is a central tenet of our philosophy that shapes who we are and the communities we serve. Our goal is to ensure competitive total compensation that is commensurate with experience, location, and other market benchmarks.

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