Development Associate - Multifamily Real Estate
The Brownstone Group, Houston, Texas, United States, 77246
The Brownstone Group is a vertically integrated real estate development firm specializing in large-scale market-rate and affordable multifamily projects across Texas and the Southeast. Founded by architect William “Bill” Brown, the firm is built on a development-first approach emphasizing disciplined underwriting, thoughtful design, and hands-on execution.
Following the expansion of the platform in the mid-2000s, Brownstone evolved into a fully integrated development, construction, and investment organization. Since that time, the firm has developed and/or constructed more than 20,000 multifamily units representing over $3.6 billion in total capitalization.
Brownstone is actively involved throughout the entire development lifecycle, including site selection, feasibility analysis, entitlements, financing, design coordination, construction oversight, and asset stabilization. The firm maintains a collaborative, entrepreneurial, and deal-driven culture focused on delivering high-quality communities and long-term value.
Position Overview
The Brownstone Group is seeking a highly motivated Development Associate to join its Houston-based Development team. This role offers hands-on exposure to the full lifecycle of multifamily real estate development, with direct involvement in underwriting, site feasibility, due diligence, financing, and project execution. The Development Associate will report to the Chief Investment Officer and work closely with senior leadership, development managers, and internal construction and design teams. This position is well suited for a candidate with prior real estate experience and a strong foundation in real estate finance who can contribute immediately and take ownership of analyses and active deals. This role is intended for a self-starter with existing knowledge of development and investment fundamentals who is eager to apply that experience in a fast-paced, integrated development environment. Key Responsibilities
Deal Underwriting & Financial Analysis
Perform detailed financial underwriting for new development opportunities, including initial feasibility analyses, sensitivity testing, and scenario modeling Develop and refine underwriting assumptions related to rents, operating expenses, construction costs, absorption, and capital structure Update financial models throughout the development lifecycle as projects advance through entitlements, financing, and construction Support investment decision-making with clear, well-supported financial analysis Investment & Capital Markets Support
Prepare investment memoranda and internal approval materials for new development opportunities Assist in the preparation of lender and equity partner packages, including financial models, market analysis, and project narratives Support financing and capital raising efforts as needed, working with senior team members and external partners Site Feasibility & Due Diligence
Evaluate development site feasibility by researching zoning, entitlements, permitting requirements, impact fees, real estate taxes, and regulatory constraints Assist with due diligence efforts for projects under contract, including coordinating and reviewing surveys, environmental reports, geotechnical studies, and title materials Identify, assess, and communicate key risks throughout the due diligence process Market Research
Conduct detailed market and submarket research across Texas, the Southeast, and new target markets Analyze comparable properties, rent trends, demand drivers, and competitive supply pipelines Support site selection and underwriting through data-driven market insights Development & Budget Management
Track development budgets and assist with project-level cash flow forecasting Coordinate with internal development, design, and construction teams to support project execution Monitor project performance relative to underwriting assumptions and assist in identifying variances Qualifications & Experience
Bachelor’s degree in Finance, Economics, Real Estate, or a related field (MBA a plus) 2+ years of real estate experience, preferably in multifamily development, acquisitions, investment analysis, or real estate finance (Candidates with 1 year of directly relevant experience will be considered if they demonstrate strong technical skills and readiness to contribute immediately) Solid understanding of real estate financial modeling, valuation, and development economics Advanced proficiency in Microsoft Excel; working knowledge of PowerPoint Strong analytical, organizational, and communication skills Highly motivated, detail-oriented self-starter with a proactive, “go-getter” mindset Ability to manage multiple priorities and operate effectively in a fast-paced, deal-driven environment Competitive compensation Direct exposure to senior leadership and active development projects
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The Brownstone Group is seeking a highly motivated Development Associate to join its Houston-based Development team. This role offers hands-on exposure to the full lifecycle of multifamily real estate development, with direct involvement in underwriting, site feasibility, due diligence, financing, and project execution. The Development Associate will report to the Chief Investment Officer and work closely with senior leadership, development managers, and internal construction and design teams. This position is well suited for a candidate with prior real estate experience and a strong foundation in real estate finance who can contribute immediately and take ownership of analyses and active deals. This role is intended for a self-starter with existing knowledge of development and investment fundamentals who is eager to apply that experience in a fast-paced, integrated development environment. Key Responsibilities
Deal Underwriting & Financial Analysis
Perform detailed financial underwriting for new development opportunities, including initial feasibility analyses, sensitivity testing, and scenario modeling Develop and refine underwriting assumptions related to rents, operating expenses, construction costs, absorption, and capital structure Update financial models throughout the development lifecycle as projects advance through entitlements, financing, and construction Support investment decision-making with clear, well-supported financial analysis Investment & Capital Markets Support
Prepare investment memoranda and internal approval materials for new development opportunities Assist in the preparation of lender and equity partner packages, including financial models, market analysis, and project narratives Support financing and capital raising efforts as needed, working with senior team members and external partners Site Feasibility & Due Diligence
Evaluate development site feasibility by researching zoning, entitlements, permitting requirements, impact fees, real estate taxes, and regulatory constraints Assist with due diligence efforts for projects under contract, including coordinating and reviewing surveys, environmental reports, geotechnical studies, and title materials Identify, assess, and communicate key risks throughout the due diligence process Market Research
Conduct detailed market and submarket research across Texas, the Southeast, and new target markets Analyze comparable properties, rent trends, demand drivers, and competitive supply pipelines Support site selection and underwriting through data-driven market insights Development & Budget Management
Track development budgets and assist with project-level cash flow forecasting Coordinate with internal development, design, and construction teams to support project execution Monitor project performance relative to underwriting assumptions and assist in identifying variances Qualifications & Experience
Bachelor’s degree in Finance, Economics, Real Estate, or a related field (MBA a plus) 2+ years of real estate experience, preferably in multifamily development, acquisitions, investment analysis, or real estate finance (Candidates with 1 year of directly relevant experience will be considered if they demonstrate strong technical skills and readiness to contribute immediately) Solid understanding of real estate financial modeling, valuation, and development economics Advanced proficiency in Microsoft Excel; working knowledge of PowerPoint Strong analytical, organizational, and communication skills Highly motivated, detail-oriented self-starter with a proactive, “go-getter” mindset Ability to manage multiple priorities and operate effectively in a fast-paced, deal-driven environment Competitive compensation Direct exposure to senior leadership and active development projects
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