Senior Real Estate Associate

Overview

The Senior Real Estate Associate is responsible for supporting the acquisition, underwriting, and execution of ground-up development and redevelopment projects from initial feasibility through construction andstabilization. This role is designed for development-oriented professionals who want hands-on exposure to execution while building strong investment judgment and capital structuring expertise. The Senior Real Estate Associate partners closely with senior development and investment professionals to evaluate opportunities, manage risk, and support successful delivery of approved projects.

Based in Indianapolis, IN with a relocation incentive available for qualified candidates.

Qualifications

At Buckingham, our standard is to push the standard. We take a customer approach to all projects, big or small. Real estate is an investment and at Buckingham, our biggest investment is our people. Our diverse teams are blended with individuals who foster the company’s entrepreneurial spirit, have unparalleled industry expertise and aren’t afraid to exceed expectations. Our team members are valued and encouraged to explore creativity, to be free-thinkers that bring outside-the-box solutions.We offer the opportunity to build the future. From our branded onboarding and orientation, First Day by Design, you’ll be empowered to seek new challenges, to earn respect and the admiration of others. Recognized as a consecutive year Best Places to Work awardee, we build our future leaders through our professional development programs, paid tuition and certification programs and executive coaching. The qualified candidate will have:

• Minimum of 2 years of experience in real estate development, investments, or a related role with direct exposure to development underwriting and execution.
• Demonstrated experience building and maintaining development financial models, including sensitivity and scenario analysis.
• Working knowledge of zoning, entitlements, and the development process from site acquisition through construction.
• Experience supporting financing and transaction execution, including exposure to capital stacks, joint ventures, and return waterfalls.
• Experience with public incentive processes, including tax increment financing, abatements, or other development-related incentive programs.
• Strong understanding of the deal negotiation process and how negotiated terms translate into underwriting assumptions and investment outcomes.
• Bachelor’s degree in Real Estate, Finance, Economics, Engineering, or a related field.
• Strong written and verbal communication skills with the ability to explain assumptions, risks, and conclusions clearly.

Additonal Preferred Qualifications:

• Ground-up development experience in multifamily, mixed-use, or other complex real estate projects.
• Deeper experience with joint venture structuring, promote mechanics, and return waterfall analysis.
• Exposure to land acquisition negotiations and development-related legal documentation.
• Experience preparing investment memoranda or materials for internal approvals, lenders, or equity partners.
• Familiarity with working across development, construction, asset management, and capital market teams.
• Demonstrated ability to oversee or review work prepared by junior team members.

Responsibilities

Development Underwriting and Feasibility

• Underwrite ground-up development and redevelopment opportunities from initial feasibility through investment approval.

• Build and maintain development financial models incorporating budgets, schedules, operating assumptions, and exit scenarios.

• Synthesize zoning, entitlement, design, construction, market, and negotiated deal inputs into clear feasibility conclusions.

• Identify key development risks and evaluate their impact on cost, schedule, and returns.

Due Diligence and Entitlements

• Coordinate due diligence activities including zoning and entitlement review, environmental and geotechnical reports, surveys, and market studies.

• Interface with municipalities, consultants, and third-party advisors to advance entitlement, permitting, and incentive-related efforts.

• Translate diligence findings into underwriting adjustments and development strategy recommendations.

Financing, Capital Structuring, and Transaction Support

• Support transaction execution, including land acquisitions, joint venture formations, and financing processes.

• Analyze sources and uses, capital stacks, and return waterfalls across alternative financing and joint venture structures.

• Evaluate the impact of leverage, pricing, timing, lender terms, and public incentives, including tax increment financing, on project returns.

• Assist in the preparation of lender and equity partner materials and coordinate with legal counsel through closing and capitalization milestones.

Development Execution Support

• Support development execution by actively tracking approved budgets, schedules, and entitlement milestones used in underwriting.

• Coordinate with architects, engineers, general contractors, and other consultants to ensure execution remains aligned with approved business plans.

• Assist with project closeout and transition to asset and property management.

Investment Committee and Reporting

• Prepare investment memoranda and supporting analyses for internal approvals.

• Present underwriting, development updates, and recommendations informed by risk and return analysis to senior leadership and Investment Committee.

• Assist with ongoing project and investor reporting as projects advance.

Market Research and Intelligence

• Track market data and trends across Buckingham target markets, including rents, absorption, construction costs, capital markets, and policy or regulatory changes.

• Incorporate market insights into underwriting assumptions, feasibility analysis, and investment recommendations.

Analyst Oversight

• Oversee and review work prepared by Investment Analysts supporting assigned projects.

• Delegate underwriting, modeling, and research tasks while maintaining accountability for analytical quality and conclusions.

• Coach analysts on how development decisions affect risk, returns, and capital outcome.