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Vice President, Asset Management (Multifamily)

Location:

Baltimore, MD / New York, NY / Norfolk, VA / Dallas, TX


Company Description:

Our client is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $8 billion and is headquartered in Norfolk, Virginia and has offices in New York, Baltimore and Tel Aviv. The company’s real estate holdings currently include in excess of 30,000 apartment units and approximately 4 million square feet of commercial space, in addition to the company’s mezzanine loan, preferred equity, and real estate securities investment holdings.

They specialize in core plus and value-added real estate investments. Within the multifamily sector, company focuses on the acquisition of quality properties in primary and secondary markets in the Northeast, mid-Atlantic, Southeastern, Midwestern, and Western U.S. and is actively seeking to add to the portfolio and expand into other markets. They acquire low and moderate risk investment properties where their proactive asset management strategies can add value throughout the investment process. In addition to the multifamily acquisition program, they also focus on the acquisition of office, retail, and industrial properties and is an active originator and investor in mezzanine debt, preferred equity, and securitized B notes.  They review hundreds of millions of dollars’ worth of opportunities each month to acquire the assets that are most consistent with their investment objectives and have a robust pipeline of potential apartment acquisitions.

The continuation of their successful growth is predicated upon identifying, evaluating and retaining the industry’s best professionals with an additional emphasis placed on hiring people who ascribe the same value to honesty, integrity and transparency that the company does.


Position Description:

The Vice President, Asset Management is part of the Asset Management Group, which manages all of the company’s equity, preferred equity, and debt portfolio investments.  The position will interact with all of the company’s various functional areas with particular emphasis on Property Management. The asset manager will be responsible for a property portfolio in multiple U.S. markets and over time will absorb responsibilities in additional markets as the firm grows. The position enjoys high visibility with the executive management team.

The successful candidate must have in depth knowledge of strategic planning in a multifamily real estate context, multifamily asset and property management, finance, accounting, real estate transactions, macroeconomics and marketing. This individual will be working in a rapidly growing, dynamic, and collaborative environment with responsibility for continually representing the owners’ financial interest through the entire investment cycle.

The VP, Asset Management is responsible for managing all phases of the asset management process for an assigned portfolio of properties. Over the entire life-cycle for each investment, the asset manager will work closely with the Property Management team to ensure that each asset meets acquisition proforma objectives, key business plan elements, capital improvement deadlines, and overall investor goals.

It is anticipated that the asset manager will oversee individual properties, oversee portfolios that consist of multiple properties (some of which may be overseen by other asset managers), and/or lead projects to enhance performance across the entire multifamily portfolio.

Among the position’s responsibilities, the VP, Asset Management will also work closely with the Transactions team on due diligence and the formulation of business plans for new investments, assist the Transactions team with asset dispositions, and manage complex real estate issues for the portfolio as they arise (i.e., real estate tax appeals, counter-party negotiations under various easement, condominium, and association agreements, periodic entitlement or zoning issues with public agencies, complex environmental close-out negotiations, etc.).

Specific responsibilities include the following:

  • Work collaboratively with the Transactions, Property Management, and Investor Relation teams on new acquisitions. Participate directly in development of strategic business plans for new investments and be responsible for the asset management elements of the acquisition process including vetting and signoff on all operating and capital improvement underwriting assumptions, developing scope of work for renovation and capital improvement projects, establishing target rent and operating expense levels, finalizing operational and capital budgets, documenting operational plans and investment goals/objectives, and on-boarding new acquisitions into the portfolio.
  • Review weekly and monthly property data for owned properties including leasing reports, traffic reports, construction progress reports, and aged delinquencies, etc., and work with Property Management to improve operational performance. Identify and troubleshoot issues relating to occupancy and turnover, opportunities to improve rents and implement other income initiatives, controlling expenses, and addressing renovation program challenges including leasing issues, scope of work, rent premiums, excess turn times, etc.
  • Monitor, review, and evaluate financial operating results and work with Property Management to implement changes as needed to enhance cash flow and profitability. Manage capital improvement and other reserve balances.  Ensure that quarterly and annual cash distribution targets to investors are met.
  • Conduct site visits on a regular basis and meet with Property Management to review and assess operations, capital improvement programs, and property physical condition.
  • Manage the annual budget review and approval process for the assigned portfolio and for new acquisitions.
  • Oversee tax appeal issues and ensure regulatory and lender compliance requirements. Working with Property Management and the finance team, implement initiatives as needed to ensure compliance.
  • Support the Transactions team on dispositions and refinancings. Participate in sell/hold/refinance decision making, assist with review of broker BOVs and capital transaction analysis, and monitor/address operations during the sale/refinancing process to ensure a successful outcome.
  • Effectively present information to and respond to questions from groups of executives, investors, lenders, and partners.

CANDIDATE QUALIFICATIONS

  • Education: The successful candidate will have a strong academic background with a college degree. An MBA or a Master in Real Estate or other relevant fields is strongly preferred.
  • Experience: A minimum of 10 to 15 years of experience in relevant multifamily redevelopment, asset management, property management and/or acquisition work experience in the multifamily industry. Multifamily or attached residential experience is required, though other sector experience is appreciated.

Requirements:  The ideal candidate is a leader will possess the following skills/attributes:

  • A minimum of 10 years of related multifamily asset management experience, with demonstrated experience asset-managing a portfolio of greater than 5,000 apartment units in multiple US markets.
  • Exceptional knowledge of real estate markets.
  • Superior analytical and problem-solving skills, with a demonstrated track record of providing creative and innovative solutions to real-time challenges.
  • An investment mindset with a thorough understanding of financial calculations/metrics and analytical skills. Must be well-versed in project proformas and understanding deals, and able to articulate, both orally and in written form, the case for a specific project. Should have both an intuitive and a detailed sense of the dynamics, risks, and financing/capital structure of each transaction.
  • Proficiency with Word, Excel and MRI a plus.
  • Strong presentation, negotiation and communication skills.
  • Sound decision making ability with the experience to balance consensus against authority as appropriate.
  • A team player with strong leadership skills who can operate effectively within a matrix management environment.
  • Excellent organizational and time management skills. Ability to provide clear direction and balance competing priorities. Able to work with time sensitive, detail-oriented material and meet multiple deadlines across various markets. Experience managing multiple projects successfully through constantly changing priorities.
  • The ability to travel frequently.

To learn more about this position, contact: David Fischer | (770) 727-0299 | dfischer@crownsearch.com

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