Associate or VP, Investments

About Artesia

Artesia Real Estate, LLC ("Artesia") is a boutique real estate investment company based in Austin, TX focused on high-growth markets across the U.S. It is product-type agnostic and has invested in value-add multifamily, creative office, covered land, student housing, and hospitality. Since 2010, Artesia has acquired a portfolio valued at over $700 million across five high-growth markets and a few non-growth markets. Primarily a highly entrepreneurial value-add shop, Artesia has executed on limited development projects and has been growing its relationships with larger, reputable developers for JV opportunities on its covered land holdings.

Job Description

Artesia is seeking an Associate or VP, Investments (depending on experience) based in either Austin or Charlotte, NC as it builds out regional deal teams. The Austin-based position will be responsible for growing the portfolio in Austin and Nashville, while the Charlotte-based position will be responsible for growing the portfolio in Charlotte and Raleigh/Durham, NC. The position requires the candidate to stay actively engaged on a given deal throughout its life cycle (from acquisition through disposition). The Associate will assist the firm's sole Founder/CEO ("Principal") by beginning to source deals and helping asset manage the portfolio for the designated region. The VP will have increased sourcing and decision-making responsibilities. As no support staff will be provided, either role (Associate or VP) will be expected to properly underwrite and present deals in a clear and concise manner, backed by research and thoughtfulness. The candidate should have a penchant for deal-making through extensive networking with brokers and owners, and the ability to develop strong relational and negotiation skills. Artesia is looking for a candidate who could be Principal-, and even Partner-material down the road.

A candidate must have the ability to value covered land, including, but not limited to: identifying up-and-coming high-growth corridors, highest and best use, current land value, entitled vs. un-entitled land value, ability to comprehend and execute on the entitlement process, and engaging with third-parties (land use attorneys, engineers) to vet a property. Artesia believes that understanding land value (and what is a below-market price) is one of the most difficult exercises in the industry, yet is foundational to the understanding of what drives a location and its demand fundamentals; if this can be achieved, then understanding the value of other asset classes should be better comprehended and underwritten.

RESPONSIBILITIES

• Research
  • Work with other deal teams to prepare macro-level research papers, as needed
  • Monitor supply/demand fundamentals across all product types for the designated region
  • Research corridors within the designated region to invest in
  • Obtain market intelligence through discussions with brokers, owners, developers, consultants, city and community leaders
• Sourcing
  • Identify target corridors and under-valued investments to pursue
  • Develop new and refine existing complex financial models, primarily using Excel, including flexible debt assumptions and distribution waterfall/promote structure
  • Review operating statements, leases, third-party property reports for the\financial model and run sensitivity analyses
  • Understand and quantify (to the extent possible) material risks to a project and location
  • Prepare investment memoranda and recommendations to deal team lead/Principal
    
  • Negotiate sourcing opportunities with brokers and owners through LOI's and purchase contracts
  • Conduct extensive due diligence, with an emphasis on isolating risks (most relevant for a company that seeks opportunistic returns)
  • Quarterback the deal during the contract period with assistance from third-parties and the deal team lead/Principal
  • Assist in the structuring of JV partnerships, as needed, to maximize profits for Artesia's investors
  • Prepare comprehensive investment summaries that will be sent out to investors
• Closing
  • Ensure all information, documents and parties are on track for a smooth closing
• Execution
  • Oversee renovations/re-development, as needed
  • Aggressively monitor leasing activity by working weekly with leasing brokers/specialists
  • Recommend to deal team lead/Principal any changes to initial business plan as soon as new information is discovered that should warrant a change
  • For covered land plays, re-zone and entitle land if not already done so
• Disposition
  • Frequently monitor changes in the value of an asset by discussing values of other properties within the market with brokers as well as through independent research
  • Build strong relationships with the most capable investment sales brokers who have the best handle on the market/buyers
  • Oversee the sales process, from broker selection, marketing, due diligence period to the closing table

QUALIFICATIONS

• Bachelor's degree from an accredited university
• Associate - 3+ years of research, financial modeling and underwriting experience, and preparation of investment committee material, as well as investment management with a real estate investment/operating firm, developer, national or regional brokerage firm, or real estate private equity firm
• VP - 6+ years of extensive real estate experience including, but not limited to: the above-mentioned Associate requirements, building out a strong network in the brokerage community, negotiating acquisitions and dispositions, overseeing teams (in-house, third-party)
• Strong preference towards candidates who have experience working deals within the designated region
• Experience underwriting and executing across various product types, with covered land experience a plus
• Strong verbal and written communication skills
• Self-starter with strong work ethic and intense drive since this will be the only person on the deal team, other than the Principal
• Ability to quickly learn and adapt in a fast-paced environment with no formal training (all hands-on training)
• Strong relationship management skills
• Excellent problem-solving ability
• Genuine desire to improve communities for the long-run and being highly sensitive to the impact any changes to a project will have on the existing community
• Extensive travel required to one other market (for Austin-based position: Nashville; for Charlotte-based position: Raleigh/Durham)
• Desire and ability to train and manage others on a deal team as the deal team's portfolio grows

Competitive compensation package, including health insurance, paid time off, and an employer-matching program for investments in Artesia's projects.

Artesia is an equal opportunity employer, valuing and celebrating diversity. All employment is decided on the basis of qualifications and merit.