Director of Asset Management
Location:
Arlington, VA
Company Description:
Our client is a real estate investment firm focused on investing in value-add multifamily properties in prime locations throughout the US. The firm is one of the most active multifamily investors in the country. Today the company has a portfolio of over $15B of assets under management. They continue to expand their portfolio by acquiring, renovating, and managing multifamily properties.
Position Description:
The Director of Asset Management is responsible for overseeing the financial performance and business strategy of their assigned portfolio. This includes facilitating the due diligence process on renovation projects, partnering with development and property management on strategies to maximize occupancy stabilization, identifying and implementing behaviors to optimize operations and returns at the property and portfolio level. The Director is accountable for the strategic implementation of all initiatives detailed within the approved business plan and underwriting of the assigned portfolio of properties.
TASKS AND RESPONSIBILITIES
- Ability to establish relationships across the organization; communicates to property management and to the equity partners to facilitate expectation clarity and portfolio optimization
- Communicates and strategizes with property management to establish the revenue, expenses and (NOI)
- Conducts routine site visits and inspections; discusses weekly leasing, occupancy, capex and/or renovation progress
- Manages annual capital and operating budget which consist of renovation, (CAPEX), the subsequent rent lift associated with the overall business and approved changes to the original business plan
- Complies with specific guidelines, budget due dates and reporting requirements
- Analyzes monthly operating statements and reports variances as compared to the budget; incorporating action plans if necessary; proactively managing cash flow
- First point of contact with the debt and equity providers and investment principals
- Maintains compliance with the various investor/equity agreements; monitoring the asset performance; returns and recommends operational or financial strategies to optimize returns at the asset level
- Proactively analyzes economic trends for each specific asset sub-market and forecasts trends that impacts the property in regard to long/short term disposition and exit strategy changes indicated by market info
- Partners with the CAPEX department to plan, track, and execute on time and within budget
- Maximize income and minimize expense by addressing high level management turnover, resident satisfaction, reputation management, revenue management and key revenue-generating vendors
- Completes additional and relevant financial or market reporting and analysis
PREFERRED EXPERIENCE/ MINIMUM QUALIFICATIONS
- 5 plus years’ experience in multifamily asset management and property management related operations
- College degree in Business or Finance
- Experience with value-add multifamily properties and in managing renovation (Capex) projects across the portfolio
- Strong leader with the ability to establish relationships across the organization
- Comfort with ambiguity, drive for results and ability to remain true to the company’s brand and image
ABILITIES
- Excellent communication skills, good spelling and writing ability which assists in managing relationships with clients, equity partners, team members and business leaders
- Proficient in word, excel, outlook, and various property management software programs which will assist in required reporting
- Strong finance skills required for financial reporting
To learn more about this position, contact: Natasha Brill | (786) 216-7281 | nbrill@crownsearch.com