Confidential Position Specification

Progress Residential
Senior Vice President, Investments

2019

Heidrick & Struggles advises client companies on the basis of an exclusive consulting assignment. The
following details are for personal review and should be kept confidential.

Generated by Heidrick & Struggles

 The Company
Company Progress Residential

Company Background Progress Residential is one of the largest providers of high-quality, single-
family rental homes in the United States with over 30,000 homes in 16 of
the nation’s fastest growing real estate markets.
Progress Residential has been and will continue to be amongst the
country’s most active acquirers of single-family residential real estate.
They deployed ~$1BN in 2017, $1.25BN in 2018, and they are on track to
exceed $1.6BN in 2019. Progress Residential expects to continue to grow
at an accelerated pace.
As the country’s largest private single-family for rent operator and third
largest overall, Progress Residential has differentiated themselves from
other industry participants through the use of third-party and proprietary
data analytics that is used to inform portfolio construction. The platform is
heavily focused on utilizing technology to enhance operational capabilities
and drive margin expansion.
The business of leasing homes has been around forever, but Progress
Residential is modernizing this age-old industry through their forward-
thinking rental policies and strategic use of technology. Progress
Residential is making it easy for people to find, lease, and love their
perfect rental home and they’ve made customers their top priority.

The Position
Position Title Senior Vice President, Investments

Location Scottsdale, Arizona

Reports To Executive Vice President, Strategic Operations and Acquisitions

Main Focus The Senior Vice President, Investments will be a key leader in the growth
of the Company, providing strategic and operational oversight to its
Acquisitions platform. The SVP will be responsible for helping guide the
Company’s capital allocation strategy as well as expanding the Company’s
acquisition sourcing channels with the goal of creating a highly diversified,
source agnostic platform from which to efficiently invest capital. The SVP’s
role will be focused on growth, investment, deployment, channel
expansion, market expansion and building the team to execute these
mandates.
For context, the Company has led the industry in organic growth by
leveraging technology and data-driven insights to effectively invest capital
at a rate of ~$1.5BN+ per year. Given its current and expected
capitalization, the Company seeks to radically expand its deployment
capabilities. To accomplish this, the SVP will be responsible for expanding
sourcing channels, optimizing operational/tactical functions, and
reviewing/recommending new markets and adjacent product types for
consideration by the Investment Committee.
The position will report directly to the EVP, Strategic Operations and
Acquisitions.

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 The Position
Specific Responsibilities  Directs, sets goals and oversees the teams to ensure the company
performance goals are being met
 Works closely with Pretium’s Analytics team to leverage data-driven
insights and optimize investment decisions
 Directs investment analysis and underwriting of single-family
residences which meet Progress Residential’s investment criteria and
return hurdles
 Ensures proper execution of all acquisition transactions including:
market analysis; underwriting; feasibility and due diligence studies;
business plans; ROI analysis; capital allocation strategies; etc.
 Regularly reviews portfolio performance and presents the
Investment Committee with recommended adjustments to Progress’
investment criteria
 Actively sources, underwrites, and presents potential portfolio
acquisition opportunities to the Investment Committee
 Evaluates potential expansion markets and presents findings to the
Investment Committee
 Ensures Acquisitions team works closely with Construction and
Property Management to ensure inter-departmental objectives are
met and investment performance is achieved
 Evaluates and improves acquisitions policies and procedures to
ensure efficiency, effectiveness, and sound decision making
 Works closely with the Investment Committee and Asset
Management
 Maintains up-to-date understanding of macroeconomic drivers
behind Progress Residential’s core markets
 Travels to the company’s core and potential expansion markets on a
regular basis, working collaboratively with local field teams to ensure
peak investment performance
 Works closely with the EVP, Strategic Operations and Acquisitions
and the CFO on the development and management of the annual
operating plan and P&L budgets

The Person

Pivotal Experience &  Bachelor’s Degree (preferably in Business or Finance) required; MBA
Qualifications or MRED a plus
 Commercial or Residential Real Estate Investment and/or Brokerage
Experience
 15+ years in real estate or related industry with at least 10 years of
management experience
 Progressive experience supervising a team of people and experience
managing a dispersed workforce

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  Ability to look at real estate opportunities through a data lens, and
gather and evaluate information to inform risk taking and decision
making
 In-depth understanding of real estate finance and financial modeling
 Ability to be independent and a self-starter: is self-motivated and
takes initiative
 Exceptional diligence and organizational skills, balancing multiple
projects in a fast-paced environment at the same time, without
losing track of important details and timeline
 Exceptional communication skills (written and verbal), having a
strong track record of working with people of all backgrounds and
experiences including senior management and outside vendors
 Exceptional judgement and ability to assess and manage risk
 Exceptional proven problem solving, analytical, troubleshooting and
time-management skills
 Ability to balance attention to detail with swift execution
 Ability to think critically and draw well-reasoned, fact-based
conclusions
 Strong networking skills and established reputation among industry
peers and colleagues
 Strategic thinker with tactical focus

Leadership Capabilities  Self-starting Leader - proven ability to see the vision and drive
frequent and continual organizational change and improvement to
accomplish world-class service and superior quality; proven ability to
formulate and execute strategic and tactical organizational and
operational plans to improve operational performance and support
corporate goals
 Results Oriented – track record of delivering quantifiable results to
the organization (i.e. analyze opportunities/risks, develop and
execute related action plans and deliver results), highly organized
and disciplined
 Team Builder - proven ability to recruit, build/develop and lead
teams comprised of a diverse group of scarce, skilled resources in a
directly managed environment; Ability to inspire others to action
through influence
 Relationship Builder - expertise at consensus and relationship
building with internal and external stakeholders
 Strategic Thinker - sees beyond what is and imagine what should be
 Change Management - ability to adjust rapidly and frequently to new
situations, able to help others accept and adapt to change

Culture Fit & Impact  Drives to win in a team-based atmosphere.

 Possesses a transparent and timely communication style.
 Holds others accountable and takes responsibility for one’s own
actions.
 Possesses ability to be nimble and agile.
 Possesses sense of humility and professionalism to ensure success
across the company.
 Has a high degree of entrepreneurial spirit and takes initiative; not
afraid to “roll up sleeves”.

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  Unquestionable integrity and personal values.

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 Engagement Team

Graham Beatty
Office: + 1 (212) 699 3009
Mobile: + 1 (917) 593 7477
Email: gbeatty@heidrick.com

Caroline Fallon
Office: + 1 (212) 551 0929
Email: cfallon@heidrick.com

Heidrick & Struggles serves the executive leadership needs of the world’s top organizations as a trusted advisor
for leadership consulting, culture shaping and senior-level executive search services. Our data driven solutions
empower senior executives and boards of directors to transform their organizations by leveraging top talent and
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