ASSET MANAGER

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Job description

The Asset Manager will be responsible for overseeing a portfolio of multifamily apartments, which includes formulating and implementing asset management strategies and managing the acquisitions and disposition of the portfolio. The Asset Manager will collaborate with the property management team to provide strategic direction for a diverse multifamily portfolio.

The overarching goal of the Asset Manager is to achieve the highest possible property value and return on investment for each asset and for the overall portfolio of the owner. This is accomplished through partnering with Property Management leadership to strategically reduce expenses, maximize rental income streams, and reduce potential risks and liabilities for the owner.

Requirements

Training/Education

• College Degree required


• Industry designations preferred

Experience/Skills

• A minimum of 3 years multifamily asset management experience required. Experience overseeing a portfolio of diverse multifamily communities.


• Bachelor's degree required. Master's degree a plus


• Thorough understanding of institutional real estate


• Demonstrated success collaborating with property management teams


• Demonstrated financial and analytical acumen with a thorough understanding of financial statements and reporting.


• Knowledge of Real Estate Taxes, Appeals


• Knowledge of insurance coverages and claims


• Proficient expertise in MS Office (Excel, Word) is required.


• Experience with Yardi and/or Business Intelligence Software


• Solid knowledge of property valuation techniques and practices.


• Detailed understanding of the due diligence process. Experience in real estate acquisitions is a plus.


• Strong interpersonal skills with a demonstrated ability to work with internal and external business partners, consultants, and clients.


• Ability to effectively communicate complex issues both verbally and in writing to senior management and clients.


• Highly self-motivated with the ability to work effectively in a fast-paced environment.

Special Requirements

• High degree of accountability and ownership


• Big picture and strategic thinking skills


• High degree of professionalism


• Results oriented and solution focused


• Excellent judgment and decision-making skills


• Transparency, reporting, and sharing of information effectively across all departments within construction


• Ability to multitask, prioritize and meet changing deadlines

Essential Functions

• Develop, present, and implement, in cooperation with Property Management, comprehensive annual business plans and budgets for each asset.


• Work in partnership with the acquisition team on underwriting and due diligence efforts for new multifamily investment opportunities.


• In partnership with the Property Management department, manage the takeover of new assets and ensure a smooth and successful transition into the portfolio.


• Develop and communicate strategic recommendations regarding optimal exit strategies; coordinate and execute successful asset dispositions.


• Act as a point expert in each market where properties are assigned, with a strong knowledge of competitive apartment communities, the development pipeline and other economic drivers that could impact asset performance.


• Successfully partner with Regional Vice Presidents and support property management teams, working with Regional Managers, to ensure the property strategy is understood and executed.


• Visit all properties within the portfolio on a regular basis.


• Review financial reporting and variance analysis and coordinate with accounting personnel to ensure that financial statements are accurately presented; clearly articulate performance to senior leadership on pre-determined timelines.


• Perform asset-level valuation reviews as needed, including gathering market data, reviewing property performance and measuring each asset against its budgets and goals.


• Oversee the implementation of capital expenditures on the portfolio including managing to a budget, timeline, and monitoring against pre-determined ROI targets.

• Partner with PM, BCS to develop and execute renovation strategy for assigned portfolio


• Oversee new developments strategy and successful execution on construction (on time and budget) and proforma (occupancy, rents and NOI)


• Participate in department strategic planning and adhere to annual strategic plan


• Approval and Submission of Annual Budget and semi-annual reforecasts


• Provide Market Research for assigned portfolio or geographic markets assigned as requested or required


• Partner with Commercial Department and CFO on approval of commercial leases within mixed use spaces in assigned portfolio


• Other duties as assigned by supervisor