Director Asset Management - Bell Partners Inc.

January 06, 2017
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Bell Partners Inc.

Dallas, Texas 75204
http://www.bellpartnersinc.com

Director Asset Management

Department:      Investments

Reports to:        Senior Vice President, Asset Management

Location:           Dallas, TX

The Director of Asset Management provides regional oversight for multi-family Asset Management functions.

Essential Functions and Responsibilities

  • Acquisition Due Diligence:  Work with Investments and Operations to review underwriting of acquisition candidates prior to final bid, as well as conduct on-site due diligence after winning acquisition bid.  Responsible for opining on rental income and expenses, as well as providing independent evaluation of market and completing a market study of recommended rents, both pre- and post-renovation, if planned.  Responsible for working with due diligence team to create value proposition and vision for asset upon acquisition

    Recent Acquisitions (6-18 months, until repositioning plan completed and asset is stabilized).  Lead asset teams (Asset Management, Operations, Construction) created to complete renovations and/or focus on property-specific issues.  Responsible for executing the 90-day asset plan, creating the Final Asset Plan for renovations (as applicable) and ensuring the repositioning plan (management and/or rehab) is completed and the asset is stabilized

  • Team Facilitator and Performance Oversight:  Run bi-weekly asset team calls; provides follow-up notes and action plans (as outlined below).  Responsible for coordination within the team to facilitate progress and drive results.  Also review weekly and monthly reporting (occupancy, action plans, financial statements) to identify concerns and work with Operations to address issues impacting revenues and NOI

  • Special Situation (SS) assets: Asset Management will be involved in SS issues (either property level or capital structure) that adversely affect cash flow and, potentially require communication with owners/lenders.  As a result, discussions are needed with Operations, Financials Services/Accounting and/or Construction Services to understand the underlying issues and recommendations.  At times, Asset Management will complete additional evaluation (e.g., independent market survey, financial analysis) to more deeply and independently understand the issue, as needed

    Stabilized Assets:   There are two primary roles related to Stabilized assets:

  • Annual Budgets:  Asset management will i) work with Financial Services, Operations, and Construction Services to provide guidance and final approval for yearly operating and capital budgets for all Bell assets; ii) identify, analyze and work with Operations and Construction Services (where applicable) to recommend opportunities to add value (e.g. interior unit renovation programs, expense reductions, etc.); and iii) complete cap ex walks if a significant major/capital plan is being proposed (e.g., $800 per unit) and/or a renovation is recommended, neither of which has yet been approved

  • Cap Ex Related: Asset management will approve Major/CapEx and/or provide design recommendations per Bell policy

    Accounting Related:  Review post-closing prorates and income guarantee escrows and approve tax appeals, operating cash reserves, and distributions, using recommendations from Accounting/Financial Services. Settling post-closing prorates and the management of tax appeals and payment administration are the responsibilities of Financial Services and Property Tax Management (who may seek feedback from Asset Management)

  • Communication / Reporting: Asset Management will work with Investor Relations and Fund Accounting to address owner/investor inquiries and provide property highlights for the quarterly fund report and year-end investor letters

  • Coordination Among Bell Resources:  Reach out to internal resources (Accounting, Financial Services, Risk Management, Revenue Management, Purchasing, Marketing, Utility Management, IT) to address property specific issues, improve income and expense control and ensure on-going innovation in design and rehab implementation

Additional Functions and Responsibilities

 

  • Additional duties and projects as assigned

    Knowledge, Skills and Abilities

  • Must demonstrate Bell Core Values and work and fit well within the company culture

  • Demonstrate financial acumen, research and analytical skills; strong problem solving skills and quantitative abilities; must be able to absorb large amounts of data quickly and be capable of reaching sound business decisions after reviewing available information

  • Must be resourceful, possess excellent organizational skills (i.e. handling multiple priorities and coordinating large teams) and strong written/oral communication skills

  • Demonstrate solid judgment and strong interpersonal skills (lead teams from multiple disciplines, often without direct authority, ability to motivate and work with difficult individuals as well as get the deal done without offending team members or buyers/sellers)

  • Must be able to work effectively across departments and functional groups, using influencing skills

  • Flexibility in working hours and travel as required to accomplish the work

  • Must be proficient in MS Excel, Word, Powerpoint, and Outlook

         Education and Background

  • BA or BS required, BBA / MBA preferred
  • Minimum 8 years of experience, at least 5 years of real estate related experience
  • Preference for multi-family experience (asset management, operations, construction/rehab) and knowledge of Dallas, Austin, Atlanta, Denver and/or West Coast multi-family markets