Our client is a multi-faceted Real Estate firm
with $2B AUM, headquartered in Washington DC
. With a diverse team/organization, the company has been growing for over 15 years with three distinct and vertically integrated entities and plans for continued growth in the current year and beyond. They offer a fast-paced work environment in a growing industry in the area.
The Development Accountant
will primarily be responsible for all development accounting including project cost tracking and reporting, processing of project A/P, and construction draw processing for both new construction and renovation/remodel projects. This position may be responsible for tracking and leading cash planning meetings for development pipeline projects. This person will report directly to the Controller (who we recently placed) and work directly with a team of six other staff. Compensation will be around $80-95k + bonus
, depending on experience.
Development Accountant Responsibilities:
- Coordinate with the Development team on system of project tracking, assignment of project numbers and the establishment of new companies
- Coordinate with the Development and Accounting teams to track and report projected cash needs for all projects in the development pipeline on a monthly basis.
- Track project costs, process invoices and prepare journal entries to appropriately reflect all development project costs and activities from inception through completion.
- Review project invoices for appropriate coding and process for payment.
- Prepare and enter project related journal entries to accurately account for all project costs.
- Participate in and manage the monthly construction draw process with team, lenders and the title company including the preparation of sworn owner statements.
- Track assigned project budgets and lead monthly budget meetings to identify and discuss any cost/budget issues.
- Prepare year end work papers for development projects to facilitate the tax return preparation.
- Organize project cost information to assist with preparation of cost segregation studies.
- Reconcile project budget and final cost reports and prepare final close-out in Yardi.
- Coordinate with the Accounting and Property Management teams to transition property accounting and A/P processing after property opening.
- Track all project costs and budgets for remodels and renovations, including processing of all related invoices and lead periodic budget meetings to identify and discuss any cost/budget issues.
- Coordinate with the Development team in advance of remodel projects to reconcile project budgets against capital reserves to help identify sources of capital.
- Bachelor’s degree in Accounting, Finance, or related business field
- Must have at least 3+ years’ real estate Development Accounting experience, preferably multi-family and commercial real estate
- Experience using Yardi software required
- Highly analytical with a demonstrated history of success with delivering on-time within tight timeframes
- Proven history as a results-oriented, motivated self-starter
- Ability and desire to work closely with colleagues within a collaborative, entrepreneurial, and fast -paced environment