Vice President, Asset Management
Our client is a private real estate investment and management firm, with a primary focus on global real estate. They specialize in core and value-added real estate investments and focus on the acquisition of quality multifamily properties in primary and secondary markets and actively seeks to add to the portfolio. They have offices in Greenwich, Miami, Atlanta, Chicago, Hong Kong, London, Los Angeles, San Francisco and Washington, DC, and the company’s real estate holdings currently include approximately 65,000 apartment units.
The Vice President, Multifamily Asset Management will enjoy a high degree of visibility with the executive management team. They will be responsible for a portfolio of approximately 10,000 multifamily units in the Sun Belt (including Atlanta, the Carolinas, Nashville and Tampa) and over time may absorb responsibilities in other markets as the portfolio grows.
The selected candidate will be working in a rapidly growing, dynamic, and collaborative environment with responsibility for continually representing the company’s financial interest throughout the entire investment cycle. Given the size of the current portfolio and the expectation of growth, this person will need to take a very high-level, strategic approach to asset management, without getting lost in the details at the property level.
Responsible for the portfolio through the renovation, stabilization and eventual disposition, they will work closely with Property Managers and Construction Managers to ensure that the assets are managed according to the acquisition proformas; and that the renovation scope and budgets are being met at the portfolio level. Other asset management responsibilities will include underwriting support for new acquisitions, as well as handling complex issues as they arise across the portfolio (i.e., renewing condominium maps, periodic entitlement issues with public agencies, complex environmental close-out negotiations, etc.)
- Monitor and evaluate financial operating results to enhance cash flow and profitability.
- Complete monthly review of financials and narratives, as well as weekly review of all leasing reports, traffic reports, and delinquencies.
- Establish long-term and short-term initiatives to maximize investment returns. Evaluate property performance to assist in strategic business planning. Establish and enforce benchmarks, guidelines, and policies.
- Work collaboratively with in-house property management to identify challenges and execute timely and effective solutions. Troubleshoot renovation execution challenges, including leasing issues, rent performance, excess turn times, etc.
- Conduct site visits on a regular basis to include but not limited to review of: curb appeal, status of capital improvement projects, model inspections, expense approvals, and personnel issues.
- Manage the annual budget review and approval process for the assigned portfolio. Work collaboratively with property management on budgets, staffing, capital improvements, and other programs.
- Oversee tax appeal issues and maintain regulatory and lender compliance.
- Effectively present information and respond to questions from groups of executives, investors, lenders, and partners.
- Provide support for due diligence on prospective acquisitions and all property/portfolio level dispositions.
- A strong academic background with a college degree.
- An MBA or a Masters in Real Estate or other relevant fields is strongly preferred.
- Minimum of 7 to 10 years of relevant redevelopment, asset management, property management and/or acquisition work experience in the multifamily industry.
- Other property type experience would be highly valued, but not required.
Skills and Attributes:
- Demonstrated experience managing a portfolio of greater than 5,000 apartment units or acquisition experience of at least 3,000 units.
- Exceptional knowledge of the Sun Belt real estate markets.
- Superior analytical and problem-solving skills, with 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 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 structured financings of each transaction.
- Proficiency with Word and Excel.
- 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 functions. Has experience managing multiple projects successfully through constantly changing priorities.
- The ability to travel frequently.