Development Associate: Underwrite, Manage & Grow Assets

Position Summary

The Associate of Development plays an all-encompassing role within AOG Living's Development team, supporting the full lifecycle of the company's development activity. This position is responsible for underwriting prospective development opportunities and executing on active deals from initial pursuit and predevelopment through construction and lease-up, as well as actively managing the performance of existing assets within the portfolio. The ideal candidate is a detail-oriented, analytical self-starter who is comfortable moving between deal-focused underwriting and execution work and ongoing asset management responsibilities.

Key Responsibilities

Development Underwriting & Execution

▪ Build and maintain detailed development pro forma models to underwrite prospective development opportunities, including construction cost estimates, cash flow projections, sensitivity analyses, and return metrics (IRR, equity multiple, cash-on-cash, yield-on-cost).

▪ Conduct market and submarket research, including rent comparables, land comparables, supply and demand trends, and competitive positioning, to support development investment theses and site selection.

▪ Support deal pursuit and predevelopment activities, including due diligence, entitlement and permitting processes, and calls and coordination with municipalities, utility providers, architects, engineers, and other third-party consultants.

▪ Prepare investment memoranda, presentations, and supporting materials on development opportunities for review by leadership and the investment committee.

▪ Support debt and equity financing efforts for development projects, including preparation of lender and investor packages and coordination of the closing process.

▪ Monitor construction progress against budget, schedule, and business plan, attending regular owner/GC meetings and site visits, and escalating risks or delays to senior team members.

▪ Prepare and submit monthly draw requests to lenders, reconcile draws against the approved budget and contractor pay applications, and track construction loan compliance and reporting requirements.

▪ Review contractor pay applications and change orders for accuracy and consistency with the approved budget and scope of work.

▪ Coordinate the transition from construction to lease-up, partnering with property management and marketing teams on lease-up strategy, staffing, and budgets.

▪ Assist with sourcing new development opportunities and land, and maintain relationships with brokers, municipalities, general contractors, and lenders.

Asset Management

▪ Actively monitor the operational and financial performance of existing assets against budget and business plan objectives.

▪ Partner with property management teams to review property-level financials, identify variances, and recommend corrective actions.

▪ Perform pricing analyses by strategically reviewing premiums and comps to determine new lease and renewal pricing.

▪ Build property budgets and business plans and revise financial projections on a quarterly basis to assess ongoing returns and drive performance against underwritten projections.

▪ Track key portfolio metrics and prepare regular performance reporting for internal stakeholders and investors.

▪ Evaluate value-add, capital expenditure, and repositioning opportunities for existing assets.

▪ Prepare refinancing, disposition, and hold/sell analyses for assets throughout the ownership period.

General

▪ Maintain and continuously improve underwriting models, draw templates, reporting templates, and internal development tracking systems.

▪ Prepare quarterly and annual investor reporting materials in coordination with the Development, Investments, and Accounting teams.

▪ Support ad hoc financial analysis and…