The Senior Analyst/Associate Director, Valuations will serve as an integral member of a North American team fostering a “Center of Excellence” within Real Estate Valuation on behalf of NewTower Trust, Bentall Kennedy, and Sun Life Investment Management. Based in Downtown Boston or Wellesley, MA, the Senior Analyst/Associate Director, Valuations will assist senior members (SVP/VP) of the Valuations team in determining market value of real estate assets within numerous US portfolios including the Multi-Employer Property Trust (MEPT)/Edgemoor Fund and other managed Separate Accounts including the Sun Life General Account, on a quarterly basis. These portfolios consist of a variety of property types including land, office, industrial, retail, and multi-family residential real estate assets as well as interests in notes or joint ventures in real property.
Commercial real estate valuation is based on understanding micro and macroeconomic, market and property trends, transactions, expectations and risks. All of these factors impact the determination of an investment property’s market value on a real time basis and, in particular, have direct bearing as they relate to specific investment property values within their respective portfolios. The person in this position will be responsible for determining the quarterly valuation of select properties within the US real estate portfolios through evaluation of these factors by way of research, innovative thinking and communication across internal and external functional areas. This person will also undertake special topic research efforts, portfolio performance measurement and attribution, management of third-party appraisal engagements, and presentation of value recommendations to committee, each quarter.
Essential Job Results
Valuation of Real Estate Assets
- Monitor market and asset-specific property data on an ongoing basis to ensure timely information for each internal valuation and external appraisal assignment
- Perform the valuation of properties within select US portfolios, on a quarterly basis
- Order, review and accept external appraisals
- Assist with maintenance of the Real Estate Appraisal Guidelines
- Provide additional support regarding investment underwriting, investment strategies, risk assessment, regulatory review, etc.
Process and Policy Management
- Periodically inspect portfolio assets and markets to ensure reasonableness in valuation metrics and market leasing assumptions.
- Assist in appraiser selection, engagement, performance evaluation and attribution, and performance management for the MEPT/Edgemoor Fund and select separate accounts.
- Facilitate communication and collaboration with internal stakeholders and third-party service vendors, as necessary regarding specific asset information, valuation and market trends, and future company initiatives.
- Proven expertise in US real estate valuation within the office, industrial, retail, multi-family, and land property sectors
- Leadership skills in the management of third-party vendors, as well as coordination and execution of property valuations across national portfolios
- Ability to develop and maintain working relationships with both internal (portfolio/asset management, transactions, research & strategy, investment, finance, risk, etc.) and external (third-party research, appraisal and brokerage firms, etc.) constituents
- Advanced financial modeling skills using Argus (DCF 15 & preferably AE) software and basic knowledge of Microsoft Office Technology
- Strong verbal and written communication skills
- Advanced skills of analysis, interpretation, time management, business writing, networking and people management
- Self-starter, team-player, flexible, detail-oriented, ability to work well under pressure
Education & Experience
- Minimum 4-6 years’ experience in commercial real estate analysis/valuation, preferably within an institutional investment environment
- Advanced knowledge of commercial real estate investment underwriting and/or appraisal techniques for a variety of commercial property types: especially office, industrial, retail and multi-family
- Undergraduate degree in economics, business, real estate, or related field
- Advancement toward MAI designation or CFA, a plus
15% Domestic & International (Canada)