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Vice President, Asset Management (Multifamily)

Location:

Metro Washington, DC


Company Description:

Founded over 70 years ago, our client has evolved into one of the most established privately held, professionally managed real estate investment firms with in-house expertise in value-add renovations, development, finance, acquisitions and asset management. Our client is actively pursuing opportunities both inside and outside its legacy portfolio and growing its footprint beyond the metropolitan Washington, DC and Richmond, VA markets.


Position Description:

ESSENTIAL FUNCTIONS: The Vice President of Asset Management will be responsible for setting the overall strategy for leasing and asset management for a portfolio that includes approximately 4,500 multi-family apartments and associated retail, 300,000 square feet of office, a mixed-use development project, and a 221 key hotel primarily located in the metropolitan Washington, DC area and Richmond, VA, with the likelihood of additional assets in Florida, Tennessee, Texas and the Carolinas. The candidate will be a key member of the team that works to maximize multi-family property performance, increase value, ensure organizational effectiveness, implement high operational standards, and apply its commitment to outstanding service.

JOB RESPONSIBILITIES: The primary job responsibilities include, but are not limited to, the following:

Overall Portfolio Management

  • Responsible for the investment performance, reporting, and strategic direction for a portfolio of multifamily assets, primarily with core, core-plus, and value–add strategies.
  • Develop and manage the implementation of asset strategies and operational initiatives aimed at maximizing values in the portfolio.
  • Analyze and report on performance, budget variances, and significant changes in market and property conditions.
  • Coordinate the preparation and presentation of reporting requirements to a variety of stakeholders including co-owners, corporate office, and external parties.
  • Work with the finance team on refinancing and restructuring strategies.

Property-Level Strategic Planning

  • Create and oversee the business plan for each property. The business plan should address the overall investment strategy for the property, how it fits into the firm’s portfolio objectives, and strategies to increase property cash flow and/or value.
  • Develop annual operating and leasing budgets, and a mid-year reforecast, for each project to include all revenues, expenses, and capital expenditures
  • Create and present detailed financial analyses to support recommendations and decision making for capital expenditures, leasing activities or other strategic initiatives, as needed.
  • Actively collaborate with in-house and third-party leasing teams to execute leasing strategy, including analyzing the impact of various leases on asset performance.
  • Analyze and monitor capital improvement and renovation programs as required for property maintenance, competitive positioning, or value enhancement.

Acquisitions and Dispositions

  • Assist in underwriting of new acquisitions.
  • Participate in due diligence review of potential acquisitions with particular attention to assumptions regarding operations and operating expenses.
  • Review, analyze and recommend property managers and/or leasing agents for new acquisitions.
  • Transition acquired properties into the portfolio.
  • Prepare financials and due diligence packages for potential dispositions.

Experience and Education

  • Undergraduate degree, additional education preferred
  • Minimum of eight years of commercial real estate property/asset management and analytical experience
  • Significant real estate asset management experience with an owner
  • Prior experience working with investments managed through operating partners

Technical Skills and Qualifications Required

  • Strong valuation, due diligence, and real estate financial analysis skills
  • Advanced proficiency with Excel required
  • In-depth understanding of property operations and leasing
  • Market analysis skills to support decisions concerning rent rates, capital improvement programs, leasing strategies, and property repositioning
  • Independent, solution-oriented and creative thinker
  • Strong understanding of commercial real estate concepts and valuation techniques
  • Excellent verbal and written communication, interpersonal, and presentation skills
  • Conscientious, self-directed and entrepreneurial with the ability to work both independently and collaboratively with teams
  • Excellent organizational and planning skills with sharp attention to detail
  • Ability to work accurately and efficiently with an ability to succeed under tight deadlines
  • Ability to handle multiple projects at one time
  • Strong sense of personal motivation and responsibility

To learn more about this position, contact: Matt McAulay | 704-770-6110 | mmcaulay@crownsearch.com

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