So things just got VERY hairy at my work. I am an analyst at a multifamily real estate development firm. I work on underwriting potential opportunities as well as project MGMT related tasks. My coworker (superior) just got an offer at another firm. His position at our company is called Development Associate. His job is much more intensive and requires more in depth knowledge as it pertains to project management. He gets paid significantly more than me and there may be a play to take on his responsibilities and bump my pay considering we run incredibly lean (Principal, Development Associate, Analyst).
Is there anybody who can shed some light on how I can prepare for this Development Associate position? How can I take on this learning curve? Are there are any educational resources you can recommend? I only have a couple of months to prove myself or my boss will find somebody else. Below are some examples of my responsibilities as well as my colleagues. Any help would be super appreciative.
Analyst role in a nut shell
* Evaluating offering memorandums, underwriting potential opportunities, conducting market research, negotiating term sheets, pitching to potential equity partners, coordinating with consultants such as architects, and processing due diligence materials.
Development Associate in a nut shell
* Assist in coordinating tasks associated with the analysis, planning, and development of projects, including creating project concept & vision.
* Assist in the design phase to meet project objectives
* Coordinate pre-development schedule, budget, and cost estimating with consultants during pre-development phase
* Work with the GC to address construction issues, costs, and addressing change orders
* Provide project updates to certain stakeholders
* Develop and maintain proforma models. Analyzing return metrics and tracking budgets and assumptions to meet return thresholds
* Managing new deal flow; facilitating due diligence and transaction closings