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Real Estate Underwriting Manager

PLEASE APPLY DIRECTLY: https://vulcanrealestate.com/about/careers/

Regular: Full-Time

Seattle, WA, US, Onsite

Requisition ID: 1024

Vulcan Real Estate’s portfolio is comprised of Class A office, biotech, apartment, and retail operating assets, as well as land holdings, with 1M sf of commercial/biotech space and 1,300 residential units in pre-development. Total portfolio value is ~$3.5B, including 3.2M sf of commercial space, 2,400 operating residential units and 10 sites in predevelopment with a total capitalization of $2B .

Position summary

The Underwriting Manager will primarily focus on investment analyses for the existing portfolio of real estate assets and otherwise assist Real Estate Directors and Managers in the execution of their responsibilities.

Essential duties and responsibilities include creating complex financial modeling, budgeting and business planning, market research, and underwriting due diligence, preparing investment memoranda, and providing broad analytical support for Real Estate investment activities.

Essential duties and responsibilities

Prepare and present sophisticated financial analyses to inform investment decisions for the operating portfolio of office, retail, multi-family, industrial, and mixed-use projects.
Develop financial models and investment considerations for asset management, financing, disposition, and development opportunities.
Prepare offering memorandums to solicit financing for new projects and/or permanent financing for stabilized operating properties.
Perform commercial lease analyses for new and existing tenant leasing.
Assist in preparing and presenting investment memorandums to Vulcan Real Estate executive management.
Prepare annual budgets/business plans and provide periodic status updates for Vulcan Real Estate executive management.
Assist in the strategic analysis for the disposition of existing real estate assets.
Perform market research and underwriting due diligence, including:
1. Development cost tracking, benchmarking data, and budget analysis to evaluate project costs.
2. Compile and maintain database(s) to track development pipelines, comparable sales, market trends, etc.
3. Track, analyze, and report on local real estate market conditions (such as rents, expenses, occupancy, and absorption) and assist with market forecasts.
Analyze and support neighborhood master planning efforts, including transportation improvements, zoning requirements or changes, or other public infrastructure projects that affect the company portfolio
Analyze and assist with our portfolio of corporate real estate assets.

Qualifications

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.

Knowledge, experience, skill, and/or ability

Required

Ability to perform sophisticated financial modeling in Excel, including discounted cash flows, present and future values, internal rates of return, and other investment yield metrics.
Ability to interpret and present analysis results and other complex information clearly and concisely. Must have excellent written and oral communication skills.
Ability to write conceptual proposals and documents that form the basis for projects, as well as the ability to write reports, business correspondence, and other types of documents.
Ability to read, analyze, interpret, and evaluate lease proposals, financial statements, consultant proposals and contracts, statistical data related to markets, general business periodicals and professional journals, technical procedures, and government regulations.
Thorough understanding of real estate value drivers, including capital markets, joint venture/financing structures, submarket dynamics, and specific lease considerations and their impact on investment performance.
Solid understanding of the institutional investment process.
Ability to comprehend abstract and concrete variables and apply logic or scientific thinking principles to a wide range of intellectual and practical problems.
Ability to prioritize and work independently and as part of a collaborative team.

Preferred

Knowledge of the Seattle Metro area real estate marketplace.

Required computer skills

MS Office (Word, Excel, Outlook)
Argus Enterprise

Education/experience/certifications

Bachelor’s degree from an accredited institution and five-plus years relevant experience, or equivalent combination of education and experience.
Master’s degree in business or real estate and/or a CFA designation (or substantial progress towards a CFA) preferred.

Compensation:

The compensation range for this role is $134,744 - $202,116 annually. The upper portion of the salary range is typically reserved for existing employees who demonstrate strong performance over time or candidates who exceed our experience and skill set expectations.

We personalize offers for each chosen future employee, carefully considering various factors when reviewing each candidate. These factors include experience, professional achievements, education, individual backgrounds, and internal equity, any of which could affect your compensation offer.

Our discretionary bonus program is in addition to the base compensation range listed above. We also offer medical, dental, vision, wellness, and 401k benefits. Additional benefit information can be found at this link: 2025 Summary of Benefits Offering.

This role requires M-TH in the office and Friday can be a remote workday. The hybrid work environment is an organizational decision that benefits employees, may differ from job to job, and is subject to change as needed.

We’re committed to inclusion and equal opportunity.

Vulcan Real Estate is part of Vale Group LLC and is an equal-opportunity employer. Every qualified applicant will be considered for employment. We do not discriminate based on race, color, religion, gender, sexual orientation, age, national origin, religion, marital status, sex, disability, political ideology, veteran status, or other protected class.

If you need accommodation during the application or hiring process, don't hesitate to contact Human Resources at jobs@vnw.com or your recruiter.