Company Overview
Magnolia Capital (“Magnolia”) is a Chicago-based real estate investment firm focused on finding and creating value within the residential real estate space. Magnolia was founded in 2016 with a focused vision to redefine rental housing investing through empowering a world-class real estate team with a technology-forward platform and sound investment principles unseen elsewhere in the industry. Magnolia is building a talented, highly motivated team of experts and a best-in-class, data driven platform that will allow the firm to create exceptional results for its stakeholders—customers, partners, associates, and shareholders alike.
Magnolia, along with its multifamily and single-family operations and property management brands (STYL Residential and National Home Rentals), manages wholly- or partially-owned properties across the U.S., that are thoughtfully designed to be beautiful, community-spirited and create an elevated living experience.
Magnolia offers the culture and opportunity of an entrepreneurial start-up, supported by the scale, stability, and capital resources typically found in a seasoned business.
For more information visit: www.magnoliacap.com, www.stylresidential.com or www.nationalhomerentals.com
Job Summary
Magnolia Capital is seeking a Controller to report directly to the Managing Director of Finance & Accounting, leading accounting functions across our Single-Family Rental platform (National Home Rentals), with scope expanding to oversight of existing corporate accounting team.
This role is strategic in nature, you'll begin by identifying and formalizing processes, then build and standardize workflows before transitioning into an ongoing oversight and review capacity. You'll direct a blended team of onshore and offshore accountants, setting standards and driving timely, accurate reporting across all entities.
The ideal candidate is a self-sufficient operator who can work independently, thrives in a scaling environment, and brings strong real estate finance experience with a proven ability to lead distributed teams.
This position is based out of our HQ in Chicago with a hybrid schedule.
Essential Job Functions
Oversight & Team Management
- Serves as the primary oversight lead for a blended accounting team that includes onshore staff accountants and offshore accounting resources, ensuring all work product meets Magnolia’s standards for accuracy, timeliness, and compliance.
- Reviews, approves, and provides feedback on work prepared by onshore and offshore team members, including journal entries, reconciliations, financial statements, and supporting schedules.
- Coaches, trains, and mentors team members at all levels; identifies skill gaps and supports professional development across the onshore and offshore accounting functions.
- Serves as the escalation point for accounting issues identified by onshore or offshore team members, providing timely guidance and resolution.
- Single-Family Rental (SFR) Accounting & Reporting
- Oversees full-cycle accounting for the National Home Rentals (NHR) portfolio, including general ledger management, month-end and year-end close, and property-level financial statement preparation across all SFR assets and markets.
- Reviews and approves monthly, quarterly, and annual accounting close processes and reporting prepared by the onshore and offshore accounting team.
- Ensures that all balance sheet accounts are reconciled monthly in compliance with company policies and that any outstanding variances are identified and corrected in a timely manner.
- Reviews property-level payables and receivables; coordinates with the National Home Rentals property management team regarding unusual activity or past-due balances.
- Reviews and approves variance explanations comparing financial results to budget for submission to ownership and investors.
- Oversees the review and maintenance of property fixed asset records, including GAAP and tax depreciation schedules across the SFR portfolio.
- Reviews and approves property-level financials imported into the corporate accounting system; oversees the transition and onboarding of newly acquired properties.
- Ensures monthly, quarterly, and year-end closings of the general ledger are performed in accordance with GAAP.
- Reviews research on relevant accounting issues and approves documented findings and conclusions.
Corporate Finance & Expanding Responsibilities
- Oversees all corporate financial functions including accounting, budgeting, credit, risk, tax, and treasury as responsibilities expand beyond the SFR platform.
- Reviews and approves corporate required reports including the Monthly Operating Report, Monthly Certifications, Corporate Disclosures, and Forecasts prior to submission.
- Leads the budgeting, forecasting, long-term planning, and business strategic analysis of the firm; provides financial leadership to owners and company executives.
- Reviews quarterly valuation summaries, capital call and distribution projections for GP cash planning.
- Oversees reconciliation of all parent company cash, investment, and equity accounts.
- Reviews and approves asset management and acquisition fee calculations prior to payment initiation.
- Establishes internal auditing processes and coordinates external audits and annual tax preparation with outside advisors.
- Reviews analysis results and develops insightful recommendations for investment, sourcing, and cost reduction; provides input on strategic business decisions.
- Implements and maintains finance and accounting policies and procedures aligned with the short- and long-range goals and objectives of the company.
- Performs other duties as assigned.
Education and Experience
- Bachelor’s Degree required in Accounting.
- Minimum 7 years of progressive accounting experience, with at least 1 year in a Controller role.
- CPA required.
- Previous experience with institutional real estate accounting required; SFR or multifamily investment management experience strongly preferred.
- Demonstrated experience managing or overseeing offshore or outsourced accounting teams strongly preferred.
- Yardi and/or Quickbooks experience strongly preferred.
- Strong working knowledge of GAAP, including real estate-specific accounting standards.
- Demonstrated experience managing month-end close, financial statement preparation, and external audit coordination.
- Excellent time management skills and strict attention to detail.
- High degree of confidentiality required.
- Ability to think strategically, solve problems, and thrive in a fast-paced, growth-oriented environment.
- Strong written and verbal communication skills; ability to communicate clearly and effectively with distributed onshore and offshore teams.
- Proficient with Excel and other Microsoft Office Suite products.
- Ability to collaborate effectively across teams and meet stringent deadlines in a results-oriented environment.
What We Offer
Magnolia Capital offers competitive compensation, bonus opportunities, and ambitious growth plans. Our robust package includes: medical/dental/vision/life insurance, 401(k) plan, flexible time off, hybrid schedule, business casual attire, volunteer days, and more!
This position offers a compensation range of $150,000-$160,000 based on experience.
Promoting our associates’ career growth and providing opportunities for advancement is a cornerstone value of our company. Our startup culture will allow for the best and brightest talent to excel in an entrepreneurial setting, while our institutional funding and experience will offer the ability to execute an ambitious growth plan for the company.
Magnolia Capital is an equal opportunity employer. Magnolia Capital prohibits discrimination and harassment of any type and affords equal employment opportunities to employees and applicants without regard to race, color, religion, sex, national origin, age, disability or genetic information.
