Palo Alto, CA
Salary Estimate: Confidential
Employment Type: Full Time
Work Place: Office
Experience Required: 2+ to 5 years
Education Required: 4 Year College
Job Description
About Us
About the Company: Pacific Urban Residential (‘PUR’) is an industry leading multifamily investment firm and pension fund manager. Headquartered in northern California’s innovative Silicon Valley, PUR is focused exclusively on the multifamily rental space. The firm has successfully deployed well-timed strategies to the benefit of its institutional partners and stakeholders throughout the Western United States.
Since its inception in 1998, Pacific has completed over $5 billion in apartment transactions on behalf of its own account and those of its strategic institutional partners. Today, PUR has five offices, with over fifty professionals and an owned apartment portfolio in excess of $4 billion dollars.
Pacific Urban Residential investment strategies are focused on older, “vintage” multifamily space. Committed to the communities in which we operate and to sustainability, Pacific utilizes its branded Ecologic Program of initiatives to bring environmentally aware features into the communities and to each resident’s apartment home.
Pacific Urban Residential is an affiliate of The Marcus and Millichap Companies. More information can be found at www.purapts.com.
Position Overview
Job Description: We are seeking a Senior Accountant with 3+ years of experience in real estate or investment management whose strengths lie in financial analysis and reporting. This position is located in the Palo Alto corporate headquarters and will be responsible for the financial review and reporting for a portfolio of multiple Business Unit assets and will also assist with cash flow projections, IRR calculations and reporting to lenders and investors. As a member of the Finance & Analytics team, you will interact with senior management and provide key analytic tools for tracking the performance of the Business Unit portfolio of assets. This position reports to an Accounting Manager.
Duties include, but are not limited to, maintaining and analyzing accounting records, reviewing and approving monthly and quarterly financial reports, preparing interim and year-end audit work papers, submitting lender compliance reports, as well as other financial reports to management and/or owners.
Primary Responsibilities:
- Review and approve monthly financial statements prepared by third party property management companies, which function may include reconciling errors, proposing journal entries, and reviewing and researching variance analyses
- Assist in the preparation of the annual property budgets for the assigned portfolio of properties
- Prepare and submit monthly/quarterly/annual financial and compliance reports to lenders and partners, including preparation of loan draw requests and equity contribution and distribution calculations, summaries and notices.
- Prepare and analyze quarterly asset summaries for all wholly owned assets and core apartment portfolio in order to help determine key quarterly valuations for each property
- Calculate monthly equity contributions made by MMC to each property in order to determine long-term cost of equity and determine how it compares to the IC Report
- Prepare interim and year-end tax compliance, audit and/or tax work papers and assist in the Q&A with external auditors.
- Provide accurate and timely financial information to other internal departments and under specific deadlines
- Attend and participate in cross-functional Business Unit team meetings with Portfolio Operations
- Provide regular reporting to Portfolio Operations regarding revenue and expense trends and metrics, as well as analyze and benchmark performance of assets within the respective Business Unit
- May perform other duties as required
Knowledge & Skills:
- Ability to prioritize and handle multiple tasks with flexibility to adapt and adjust on an ad hoc basis, as needed
- Excellent organizational and communication skills, both written and oral
- Proficiency with Microsoft Excel and Microsoft Word
- Experience in Yardi software is preferred, but not required
- Desire to grow professionally and personally
- Team player with a collaborative approach
Qualifications & Education:
- Bachelor’s Degree in Accounting or Finance
- 3+ years of strong, general, full-cycle accounting experience, preferably in real estate or investment management
- Public accounting experience a plus
- Ideal candidate will be familiar with multi-family industry
Please Note:
- Principals only; no recruiters please.
- For consideration, please reply to this job posting. No phone calls or emails please.
- Pacific would like to thank you for applying. Due to the volume of responses received, only qualified candidates will receive a response.
Pacific Urban Investors
• 1-100 employees
PUI utilizes a highly disciplined proprietary research-based investment approach to choose the markets in which we own and operate. We combine that with a local office sourcing model of dedicated investment and asset management professionals to identify, acquire, and oversee our communities.
PUI’s Structured Finance Group focuses on achieving attractive risk-adjusted returns through joint venture partnerships and preferred equity investments with qualified real estate sponsors to develop, acquire, and reposition multifamily projects. The expertise gives PUI expanded strategic capabilities within its markets and increased sophistication with specialized, structured equity products and professionals.
PUI’s team of real estate professionals has distinguished themselves by focusing on the satisfaction of our residents, our fiduciary duty to investors, and creating a positive impact in the communities we own. Our commitment to our residents, employees, and stakeholders drives our evergreen results.
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