Revantage

Affordable Housing Manager, Development and Construction

Job Locations US-CA-Los Angeles

Blackstone is establishing a new portfolio company (“NewCo”) that will become a leading U.S. affordable housing platform. Newco is being formed in connection with the acquisition, by Blackstone Real Estate Income Trust (BREIT), of AIG’s 679-asset, 83,000-unit Low Income Housing Tax Credit (LIHTC) multifamily portfolio (“Initial Portfolio”). The new company will be a real estate asset management business that oversees both the Initial Portfolio and Blackstone’s potential future acquisitions and developments in the sector. NewCo, headquartered in Los Angeles, will benefit from both the knowledge and dedication of legacy AIG employees and additional leadership to enable growth.

 

This new business is about much more than creating value for our investors. These communities provide critical affordable housing for many Americans. We genuinely care about our residents and their wellbeing and are committed to being fair, transparent, and responsive to all.  We are also committed to making significant improvements to these properties and aligning the operations with Blackstone’s Standards of Excellence in Residential Operations while ensuring they remain affordable and in compliance with all rent regulations. Additionally, we will seek opportunities to leverage our scale and our partners in this sector to expand the supply of affordable housing. Finally, within the new company, we will create a culture of inclusivity and respect where the pursuit of excellence, in all its forms, is rewarded.

Role & Responsibilities

We are seeking a Manager in the Development and Construction group to join the company’s Los Angeles Office. Working in partnership with Blackstone and NewCo, the Development and Construction Manager will be responsible for managing construction projects throughout the entire company and acting as an advisor to both contractors and internal asset management teams.

 

Other key responsibilities include:

  • Establishing and updating quality standards for ongoing and future company projects
  • Establishing and approving project budgets and schedules
  • Ensuring all projects are meeting the quality standards established, and that projects stay on-time and on-budget
  • Reviewing designs presented by development partners and assessing the partner’s capabilities
  • Directing all parties involved in construction and renovation including internal employees, consultants, architects, and contractors
  • Identifying the elements of a building that enhance the value of properties within specific markets
  • Providing reviews prior to acquisitions comparing potential purchases to replacement cost and providing estimates for capital improvements
  • Maintaining an understanding of sustainability and creating an example of excellence in sustainability within the industry

Key Qualifications & Attributes

The successful candidate must possess the drive and energy to execute on the responsibilities outlined above. Ideally, the candidate will have a background in affordable housing and investments/(re)development. This person will be a hard worker with communication skills.

 

Other key candidate attributes include:

  • 10+ years of real estate construction experience, with a preference for multifamily
  • Knowledge of all aspects of renovation and capital project processes including (but not limited to) construction contract execution and project scheduling and budgeting
  • Experience in multiple markets and with multiple product types preferred
  • Academic background in design, construction and / or real estate with a bachelor’s degree or equivalent work experience
  • Strong communication skills
  • Financial acumen
  • Leadership ability
  • Negotiating skills
  • Personal commitment to making a positive difference in affordable housing

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