Our Client is a private equity real estate investment platform that currently manages two opportunistic real estate funds with nearly $2 billion in capital commitments from US and international institutional and high net worth investors. Our Client has offices in New York, San Francisco and Denver.
Our Client is seeking a candidate with 8-12 years of experience to bolster their asset management efforts, focusing on the active asset management of their multifamily portfolio. Since inception, our client has acquired over 15,000 multifamily units across the US, and their current portfolio is approximately 6,000 units. The candidate will work side by side with the existing deal teams responsible for making each multifamily investment, and will ultimately report to the Head of Portfolio Management.
Each of our client’s investments includes an operating partner and third party property manager. The candidate would be the primary liaison between the operating partner and the team. One primary objective would be creating continuity and consistency of asset management process and reporting across all multifamily investments. On an ancillary basis, the candidate would assist acquisitions teams in applying “lessons learned” when underwriting new projects, and could potentially be strategically inserted into certain situations involving the firm’s debt fund business where the candidate’s expertise is relevant.
- Attend weekly or biweekly update calls / meetings with JV partners and/or property managers
- Site visits as needed, likely every month or two
- More frequent site visits at early stage of ownership as renovation scope is being perfected, capital programs are being implemented, and property manager transition is occurring
- Appropriate rent / trend analysis to monitor asking rents and identify any potential issues
- View on unit renovations / scope and premiums achieved
- Monitor pace, cost and premiums; suggest modifications as needed
- Monitor other on-going capital projects (both maintenance and value-add) working closely with the firm’s capital consultant
- Recommend actionable solutions to either combat operational issues or take advantage of value creation opportunities
- Having a current fluency in the comp set for each investment
- Expense analysis against relevant comps / benchmarks
- Review and summarize key components of operating partner reporting in uniform fashion; create consistency / continuity across the firm’s platform
- Assist in due diligence for new investments and selective debt fund projects where relevant
Qualifications & Characteristics:
- 8-12 years of direct asset management experience with a concentration in multifamily across multiple geographies
- Deep understanding of the operational nuances of multifamily real estate
- Ability to synthesize granular rental and operational information into formats that allow for the identification of issues or trends
- Ability to be highly effective in a team environment
- Highly organized
- Strong attention to detail