Manager, Asset Management

Overview

 

At AvalonBay, every day you can make a difference in someone's life. We take that purpose seriously and expect you will as well. From helping someone choose one of our communities as their home to providing great service throughout a resident's stay to supporting your fellow associates, your positive, professional, and consistent personal interactions make AvalonBay a great place to work. Our purpose and our core values - A Commitment to Integrity, A Spirit of Caring, and a Focus on Continuous Improvement - set us apart.

 

AvalonBay Communities, Inc. is one of the nation's leading Real Estate Investment Trusts (REITs), in the business of acquiring, selling, constructing, developing, redeveloping and managing high-quality apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. We currently own and operate approximately 82,000 apartment homes in the US and employ approximately 3,000 associates.

 

Responsibilities

Based in Boston, MA, the Manager of Asset Management is responsible for analyzing multiple aspects of long-term asset performance, including identifying, tracking, and managing asset preserving and value adding opportunities to drive key performance indicators. Areas of focus include supporting regional Asset Management leadership with identifying value creation opportunities, mitigating risk, asset valuation, business relationship management, and asset specific projects.

 

Responsibilities:

Support and drive asset management activities related to a portfolio of multifamily communities owned by AvalonBay and its joint venture investors. Specific responsibilities include:

 

Value Creation

• Work cross-functionally with AvalonBay's Property Operations, Construction, Investments, Market Research, Strategic Initiatives, Engineering, Corporate Responsibility, New Development, Design, Corporate Finance and Legal Groups to support the regional Asset Management leader with the identification of value creation opportunities across AvalonBay's portfolio.
• Analyze asset operating performance to identify NOI-enhancing opportunities in the portfolio, such as supporting the development of strategies to further monetize amenities, , identifying revenue generating and expense mitigating opportunities, and enhancing the value and cash flow performance of AvalonBay's parking assets.
• Prepare performance projections and assess future capital investment opportunities, including redevelopment, CapEx, value-add and expense savings investments.
• Oversee planning, approval, and execution of identified capital investment programs.
• Evaluate feasibility of value creation opportunities including assessing jurisdictional requirements, property physical attributes, and preliminary design and cost factors critical to success.
• Collaborate to with cross-functional teams to identify key performance indicators (KPI) for portfolio performance.
• Model scenarios to understand asset performance versus the portfolio and submarket and portfolio performance versus competitors and the submarket using KPIs and/or other metrics.

 

Valuation

• Develop and maintain 10-year cash flows for asset level business planning through cross-functional collaboration with AvalonBay's Property Operations, Construction, Investments, Market Research, Corporate Finance, and Development groups.
• Coordinate immediate and long-term CapEx planning with Operations, Engineering, Construction and AM for asset level business planning.
• Present 10-year cash flow models and asset level business plans to AVB leadership for internal buy in
• Maintain proficiency in cash flow modeling, perform/update analyses as required.
• Collaborate with AM, Investments and Operations to identify hold strategies and potential disposition candidates.

Qualifications

Qualified candidates will have at a minimum a BA/BS degree and preferably an MBA in finance, real estate or related field, 3-5 years of experience in asset management, acquisition underwriting, or property management, preferably in the multifamily sector. Excellent oral and written communication skills are essential. This position involves extensive interaction with internal AvalonBay stakeholders, as well as external partners. Limited travel may be required.

 

Skill-Set:

• Self-starter, thought leader, resourceful, thrives in team setting
• Demonstrates good business judgement and decision making
• Ability to manage through influence
• Navigates through ambiguity to drive process, builds consensus, makes timely decisions and achieves vision
• Fundamental understanding of real estate valuation, including creating value and variance analysis
• Knowledge of real estate property management operations and financials
• Knowledge of entitlement process to assess value creation opportunities and mitigate risks
• Strong communication skills, verbal and written, including presentation skills
• Prioritization and organization skills, with a strong ability to multi-task
• Project management skills
• Ability to manage external consultants and vendors towards quality and timely submittals
• Ability to work autonomously to achieve established goals
• Computer literacy, including MS Word, Excel and PowerPoint

PI139066104