Carmel Partners is a well-capitalized private real estate firm with expertise in Investment and Development of multi-family real estate. We offer an entrepreneurial and fast-paced work environment with passionate and motivated people who have a drive to learn, innovate, and succeed.
Reporting to the Head of Asset Management, the Vice President of Asset Management will manage an assigned group of the Company’s assets as an Owner’s Representative.
The Vice President of Asset Management will work with internal and external teams to achieve revenue and NOI growth, meet the objectives of each asset, maximize fund performance, consistently look for ways to add value and protect the assets of the company, and most importantly, generate returns for the Company’s investors.
Location: New York, NY
What you'll do:
- The Vice President of Asset Management will be responsible for full understanding of each asset assigned to him/her and perform all related tasks throughout the life cycle of his/her assigned assets
- This position will be responsible for ensuring the successful creation, management, and execution of the Asset Level Business Plans (“ALBPs”), and driving the financial performance of his/her respective portfolio of properties
- Requires forward planning of work and tasks; delivers quality results on time; ability to self-manage effectively and set and achieve deadlines for self; focuses on activities and efforts of high value/ROI; goal and results-orientation
- Will Manage assets through full life cycle: underwriting, due diligence, renovations, lease-up, maintenance, capital, and stabilized operations
- Work with the Head of Asset Management, Investments, and Development teams, as well as 3rd party property management companies, to develop Asset Level Business Plans (“ALBP”) to maximize asset values and to meet Company’s objective for the portfolio
- Participate in Quarterly Asset Reviews (“QARs”), delivering a full financial and property overview to Company’s Senior Leadership team
- Use market knowledge to gather and analyze market data, identify opportunities, and develop strategies for the Company
- Work with 3rd party property management on pricing strategy calls. Full understanding of revenue management (LRO a plus) and how to utilize the system to maximize net effective rents
- The VP will lead annual budgeting process for his or her portfolio, to meet the financial objectives and goals of each asset, the portfolio, and the Company. Lead monthly operations review calls with 3rd party property management
- Manage all types of renovation projects of assets under his/her management, including, the development and execution of a full renovation plan for small to full scale renovation projects.
- Superior lease-up skills, with the ability to manage the Carmel team, 3rd party property management company, and other 3rd party consultants’ objective of leasing up property within budget, proforma rents, and velocity targets
- Work with brokers in identifying, selecting and executing on all types of retail leases.
- Oversee brokers, legal counsel, and 3rd party consultants in drafting and executing commercial leases, completing TI build-outs, and onboarding tenants.
- Will work with team to compare the performance of individual assets to both internal and external/industry benchmarks; identifying opportunities to exceed benchmarks, as well as enhance asset performance and value
- Work with direct reports to periodically shop competitive property set in order to ensure comprehensive understanding of asset-specific market dynamics and asset positioning
- Engage 3rd party real estate tax consultants to review real estate tax assessments for properties within specific region(s). Must have full understanding of real estate taxes.
- Work with 3rd party property management company and utility consultants to identify strategic opportunities to reduce utility expenses where possible; reviews utilities bill-back programs to identify opportunities to increase bill-back amounts and/or reduce CAD percentages where possible. Must possess solid understanding of property utilities.
- Work with the Investment Team and 3rd party property management company to ensure necessary steps are taken regarding property strategy and operations during dispositions processes of assets to maximize sales price of assets.
- Full understanding of how to efficiently and effectively underwrite new assets, including development and acquisition/rehab deals
- Provides strategic guidance, direction, and assistance to Directors and Analysts
Skills we're seeking:
- Undergraduate degree in Business or Finance, MBA preferred
- 8 to 10 years of professional experience in multi-family asset management; experience in multiple markets preferred
- Exceptional multi-family operational management experience
- Full understanding of underwriting of multi-family and mixed-use projects
- Background in renovation: ability to oversee all types of capital renovation projects, including managing 3rd party capital teams
- Deep understanding of financials, budgeting, and forecasting (formal accounting skills a plus)
- Outstanding leadership and interpersonal skills with the ability to motivate team effectively
- Superior collaboration skills. Able to collaborate with all other teams in the business to drive results throughout the Company. Strong written and verbal communication skills
- Strong understanding of multifamily markets nationally as well as a depth of knowledge in specific sub-markets
- Strong existing network among target market apartment property owners, brokers, and consultants
- Significant PC knowledge of Excel and Word applications Attends work as scheduled to support the ongoing success of the company
- Strong retail/commercial leasing and management experience: lease negotiations, broker interaction, management oversite of 3rd party consultants, and overseeing legal counsel in drafting and executing commercial leases.
- Expert in leasing up multi-family properties – full understanding of how to utilize tools and drive 3rd party property management to effectively lease-up properties, while maximizing revenue and controlling expenses.
- Disposition management – full understanding of how to dispose of assets while maximizing value. Operating the property to maximize value leading up to, and during sale process
Top reasons to work for Carmel:
- Opportunity to work for a premier, well-funded, and experienced operator
- Opportunity to work in an entrepreneurial environment that supports creative thinking
- Opportunity to be part of a dynamic Asset Management team