Common is the nation’s leading community-driven property operator, improving city living across 6 cities and for over 1,000 members. Using our signature approach to perfecting the modern rental experience, Common designs and operates coliving and traditional apartments in New York City, Chicago, Los Angeles, San Francisco, Seattle, and Washington, D.C. Common has projects under development in the top 15 metro areas, including Miami, San Diego, Philadelphia, and Denver.
Common’s hands-on, end-to-end property management and technology offering allows us to deliver unparalleled services that address the actual needs of today’s renter while providing significantly above-market returns for our real estate partners. This makes us the preferred choice for city-dwelling adults looking for a stress-free and all-inclusive living environment.
It’s an exciting time to be part of Common’s team. We challenge ourselves every day not just to think about ways to make city living better, but to activate those ideas in meaningful ways. Our team is comprised of real estate professionals, designers, engineers, salespeople, marketers, client service representatives, and so much more. We work collaboratively, value self-startership, and embrace a “whatever it takes” mentality to ensure our work is done and done well.
Common was founded by General Assembly co-founder Brad Hargreaves and has raised over $65MM in venture funding.
About the Role
Common's unique business model seeks to provide members access to flexible housing in numerous cities. We partner with local real estate developers and investors by seeking out residential developments in up-and-coming neighborhoods while providing a compelling value proposition: a steady stream of income and the upside of property appreciation without the hassles of property management, leasing, and tenant relations. This structure has proven to be an extremely attractive investment opportunity, as hundreds of investors and developers are now pursuing real estate acquisitions and development opportunities with Common in mind.
Common is seeking a Director of Real Estate to build and manage our real estate pipeline in Los Angeles and other West Coast markets. The Director of Real Estate will be responsible for sourcing potential acquisition and partnership opportunities, building and managing relationships with local developers, brokers and investment groups, as well as running the deal process and financial analysis.
This role will report directly to our Senior Director of West Coast Real Estate, who is based in Los Angeles.
- Identify, initiate and develop relationships with new real estate partners in a client-facing role
- Analyze new acquisition / development opportunities and prepare financial analysis on the viability of each transaction, incorporating a variety of capital, financing, and management structures
- Prepare internal and external presentation materials and documents (e.g., pitch materials, financial pro formas, business plans, management agreements)
- Work with internal and external design and construction teams to optimize floor plans for shared housing
- Lead deal negotiations to partner with real estate owners and build Common homes
- Develop in-depth understanding of city and underlying sub-markets by running comparables analysis and broader market analysis
- Build Common’s presence in new and existing markets through speaking and press opportunities, and participation in industry events
- Facilitate coordination and communication between Real Estate and other teams at Common (e.g., work with Marketing to get monthly lease-up velocity information)
- You are hungry to build a company, a brand, and a new asset class in real estate
- You have at least six years experience in real estate acquisitions, development, or asset management, residential preferred
- You have experience in business development or revenue generation focused roles
- You can produce financial analysis for real estate acquisitions and operating pro formas
- You have strong interpersonal and communication skills and are comfortable in a client-facing role
- You have strong business writing skills
- You are comfortable working in a fast-paced, dynamic startup environment
- You are entrepreneurial, able to work without well-worn paths or established protocols, but instead remain focused on our goals
- You have successfully led teams before in prior roles and have inspired and professionally developed direct reports
- You are known for finding creative solutions to difficult problems and for your critical thinking
- You are comfortable working in a collaborative yet goal driven environment
- You know how to ask for help when you need it.
- You keep your cool in stressful situations.
Education: MBA preferred or significant relevant experience
What We Offer
Common truly values our employees and wants to do everything to ensure that our employees are not only happy and professionally fulfilled, but also that they have the opportunity to be healthy. Because of this, we are committed to providing a number of affordable and valuable health and wellness benefits for our employees such as paid vacation and sick time, health insurance, Company paid life insurance + STD/LTD Insurance, FSA + HSA options, commuter transit benefits, generous paid parental leave and a 401K. Additional benefits such as Company equity, paid holidays, weekly team lunches + weekly happy hours, a fully stocked kitchen, flexible working hours, job training + development opportunities + a great wellness program are also available. And as always, we are regularly evaluating our offerings to ensure employees needs are being met.
We are committed to affirmatively providing equal opportunity to all associates and qualified applicants without regard to race, color, ancestry, national origin, religion, sex, marital status, sexual orientation, gender identity or expression, legally protected physical or mental disability, military or veteran status or any other basis protected under applicable federal or state law.