Director - Gift Real Estate - Stanford University - San Francisco

Job description
Director, Gift Real Estate - Stanford University

The Director, Gift Real Estate (“Director”), is responsible for the acquisition, management and disposition of a diverse and complex portfolio of real estate assets received as gifts by Stanford University (“Stanford” or “University”). The Gift Real Estate group (“GRE”) is within the Real Estate department of Land, Buildings, and Real Estate (“LBRE”). The Director reports to the Managing Director, Real Estate.

The GRE portfolio is composed of real estate assets of all types including single-family residential, multifamily residential, condominiums, unimproved land, and to a lesser degree, commercial and agricultural properties. Adding to the complexity, these donations of real property are gifted in various ownership forms such as: outright gifts, life estates, charitable remainder trusts, bargain sales, limited partnership interests, interests in limited liability companies, as well as notes secured by real property.

The Director is responsible for independently making all property decisions for the GRE portfolio, which requires significant judgment, responsibility, and careful communication. Specific job responsibilities include:

Asset Acquisition: responsible for overseeing the acquisition of all real property donated to Stanford.

The Director works closely with the Office of Planned Giving (“OPG”) in the university’s Development Office regarding gifts of real property, and sets financial and other parameters for accepting these gifts. The Director has the responsibility, taking into account input from others involved (such as planned giving, risk management, environmental management) and the Managing Director of Real Estate, to accept or reject a real estate gift. The Director performs all necessary due diligence required in acquiring the property, including obtaining opinions of value and assessing any acquisition or ownership risks associated with accepting the property. Once the Director decides to accept a gift of real property, he/she works closely with OPG and the donor to transfer ownership to Stanford and assumes responsibility for property management, maintains donor relations, and prepares the property for sale.

Asset Disposition: responsible for overseeing the disposition of all real property donated to Stanford.

The Director has a fiduciary responsibility to sell gifts of real property for their highest value. Although the University is not under a legal obligation to sell donated real property, properties are usually sold in a timely manner to fulfill the donor’s intent in making the gift. The Director is responsible for selecting and managing qualified real estate agents/brokers to represent Stanford in the sale of property, and negotiating terms of the sale to maximize the value.

Property Management: responsible for overseeing the management of real property donated to Stanford.

During the holding period for any gift real estate asset, the Director is responsible for property management duties which may include: selecting/managing vendors, negotiating contracts, arranging financing, evaluating appraisals, negotiating leases, collecting rents, enforcing tenant obligations, coordinating with other owners, and foreclosing on properties, and authorizing and overseeing improvement work in order to maximize value to the University.

Asset Valuation: responsible for asset valuation of gift real estate portfolio and non-portfolio properties.

The Director is responsible for keeping the market value of all assets in the gift real estate portfolio current. This includes getting third-party opinions from real estate agents/brokers and interpreting these opinions, as well as preparing valuations for minority interests based on financial analysis. The Director is also responsible for valuing properties outside of the gift real estate portfolio such as Stanford’s interests in real property through Estates and Trusts. The Director’s role with non-portfolio properties includes confirming values to taking an active role in the sale of the property. In order to accurately value assets, the Director must stay informed of matters affecting real estate values at the local, state, and national level and maintain relationships with qualified real estate professionals throughout the United States.

Working with University Donors: responsible for donor communication concerning gift property.

The Director is responsible for providing significant input to OPG including: financial and other parameters for acceptable real estate gifts, legal and environmental policies for these gifts. While the Director is ultimately responsible for all decisions concerning gift property, careful communication is essential to maintaining donor relations and is often a major factor in the donor’s willingness to make a gift of real property to the University. When liquidating a gift property, the Director serves as a fiduciary to maximize the gift value for all stakeholders and communicate this strategy to the donor, OPG, Trust Services, and the beneficiary department.

Personnel Responsibilities: responsible for supervising one support staff and overseeing the work of colleagues who assist gift real estate.

The Director is responsible for delegating relevant work to the Assistant Director of Gift Real Estate and overseeing this work. The Director is also responsible for requesting the involvement and overseeing the work of the Environmental Manager as part of the due diligence on all gifts of real property. This includes reviewing the findings of the Environmental Manager, soliciting the feedback of the Director, Risk Management, incorporating this information into a risk/return analysis and using this information to decide whether to accept the gift and what measures should be taken to protect Stanford’s interest (i.e. environmental insurance, environmental mitigation, LLC formation, etc.).

Additional Responsibilities: responsible for assisting the Managing Director, Real Estate on special projects.

As needed, the Director is available to assist the Managing Director, Real Estate on special projects or initiatives involving housing or areas related to gift real estate operations or overall real estate operations. This is handled on a case-by-case basis but may include market research, financial analysis, and networking in order to provide feedback to the Managing Director, Real Estate.

Stanford Real Estate Department Background:
The Stanford Real Estate office (SRE) manages a $2.9 billion portfolio of local endowed lands that have been designated for the production of income by the university Board of Trustees. SRE’s mission is to maximize the value of these lands in support of university operations. Additionally, SRE frequently lends its real estate expertise to development projects intended for University use, such as faculty/staff housing and off-campus administrative offices. All employees in the Stanford Real Estate office, including the Director of Gift Real Estate, benefit from being a part of this world-class university.

Qualifications
The Director, Gift Real Estate requires a broad knowledge of real estate including brokerage, finance, development, investment, property management, asset management, and law. The Director must have strong general management and business skills with the experience, knowledge and enthusiasm to navigate through challenging and complex transactions and situations. Written, oral and interpersonal communication skills are a necessity, as well as strong analytical skills. An understanding of accounting, spreadsheets, and database management is necessary. The position requires accuracy, significant attention to detail and strong organizational skills with the ability to prioritize and delegate and the ability to be flexible at all times. The position involves the handling of highly sensitive and confidential information regarding University assets, departmental issues and personnel issues. This person must be able to work independently and make major decisions regarding the disposition of these real estate assets. The Director must have strong interpersonal skills including the ability to act with diplomacy and tact while under pressure in dealing with some of the University’s most important donors, senior managers and trustees. At a minimum, the Director must have a bachelor’s degree with 10 years of real estate experience. A broker’s license and experience in transacting in residential real estate is preferred.

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