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SVP, Asset Management Multifamily

Company is confidential
Salary
Competitive
Employment
Full Time
Work Place
Part Remote
Real Estate Field
Location
Dallas
 TX
Postal Code
75252
Country
United States

This job is no longer active.

Description


Company Background/Culture

Our Client is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $14.5 billion. The company’s real estate holdings currently include in excess of 53,000 apartment units and approximately 5 million square feet of commercial space, in addition to the company’s mezzanine loan, preferred equity, and real estate securities investment holdings. 

Our client specializes in core plus and value-added real estate investments. Within the multifamily sector, company focuses on the acquisition of quality properties in primary and secondary markets in the Northeast, mid-Atlantic, Southeastern, Midwestern, and Western U.S. and is actively seeking to add to the portfolio and expand into other markets. Our client acquires low and moderate risk investment properties where our proactive asset management strategies can add value throughout the investment process. In addition to its multifamily acquisition program, our client focuses on the acquisition of office, retail, and industrial properties and is an active originator and investor in mezzanine debt, preferred equity, and securitized B notes.  Our client reviews hundreds of millions of dollars’ worth of opportunities each month to acquire the assets that are most consistent with our investment objectives and has a robust pipeline of potential apartment acquisitions.

The continuation of our client’s successful growth is predicated upon identifying, evaluating and retaining the industry's best professionals with an additional emphasis placed on hiring people who ascribe the same value to honesty, integrity and transparency that the company does..

Job Description

The Senior Vice President, Asset Management is part of the our client’s Asset Management Group, which manages all of the company’s direct equity, preferred equity, and debt portfolio investments, headed by Peter Petron, Managing Director, Head of Asset Management. The position will act as a Portfolio Manager within the AM group and this role oversee a team of approximately 4 asset managers plus supporting analysts.  Directly and with this team, the SVP will be responsible for the financial performance of roughly 2/3 of the company’s multifamily investment properties in multiple U.S. markets as well as overall responsibility for strategic initiatives across the company’s entire multifamily property portfolio.    Over time, it is anticipated that this position will absorb additional responsibilities as the company grows. 

In this capacity, the SVP will interact with all of the company's various functional areas with an emphasis on Property Management.  In particular, this individual will work closely with the President of the company, the Head of Multifamily Property Management, and other senior members of the Multifamily Property Management team on sector-specific and portfolio-wide initiatives for the company in such areas as revenue enhancement, value-add capital investment programs, expense efficiency, process standardization, and others. The position will also enjoy high visibility with the company’s senior executive management team.

The successful candidate must have in depth knowledge of strategic planning in a multifamily real estate context, multifamily asset and property management, finance, accounting, real estate transactions, managing people, macroeconomics and marketing. This individual will be working in a rapidly growing, dynamic, and collaborative environment with responsibility for continually representing the owners’ financial interest through the entire investment cycle.

The SVP, Asset Management will be directly and indirectly responsible for managing all phases of the asset management process for an assigned portfolio of properties. Over the entire life-cycle for each investment, the SVP will work closely with the company’s Asset Management and Property Management teams to ensure that each asset or group of assets meet acquisition proforma objectives, key business plan elements, capital improvement deadlines, and overall investor goals. 

It is anticipated that the SVP will oversee individual properties as well as portfolios that consist of multiple properties., The SVP will also be asked to lead projects to enhance performance across company’s entire multifamily portfolio.

Among the position’s responsibilities, the SVP, Asset Management will also, along with his/her team of asset managers, work closely with the company’s Transactions team on due diligence and the formulation of business plans for new investments, assist the Transactions team with asset dispositions, and manage complex real estate issues for the company’s portfolio as they arise (i.e., real estate tax appeals, counter-party negotiations under various easement, condominium, and association agreements, periodic entitlement or zoning issues with public agencies, complex environmental close-out negotiations, etc.). negotiations, etc.).

Key Responsibilities

  • Lead a team of asset managers and oversee all aspects of the asset management function for an assigned group of properties and partner with key members of the Multifamily Property Management team to help drive the overall performance of the company’s entire multifamily portfolio.
  • Work collaboratively with the Transactions, Property Management, and Investor Relation teams on new acquisitions.  Participate directly in development of strategic business plans for new investments and be responsible for the asset management elements of the acquisition process including vetting and signoff on all operating and capital improvement underwriting assumptions, developing scope of work for renovation and capital improvement projects, establishing target rent and operating expense levels, finalizing operational and capital budgets, documenting operational plans and investment goals/objectives, and on-boarding new acquisitions into the portfolio.
  • Review weekly and monthly property data for owned properties including leasing reports, traffic reports, construction progress reports, and aged delinquencies, etc., and work with Property Management to improve operational performance.  Identify and troubleshoot issues relating to occupancy and turnover, opportunities to improve rents and implement other income initiatives, controlling expenses, and addressing renovation program challenges including leasing issues, scope of work, rent premiums, excess turn times, etc.  Stay abreast of micro, local, and regional market trends and meet or exceed market-based performance benchmarks.
  • Monitor, review, and evaluate financial operating results and work with Property Management to implement changes as needed to enhance cash flow and profitability.   Manage capital improvement and other reserve balances.  Ensure that quarterly and annual cash distribution targets to investors are met.
  • Conduct site visits on a regular basis and meet with Property Management to review and assess operations, capital improvement programs, and property physical condition.
  • Manage the annual budget review and approval process for the assigned portfolio and for new acquisitions.
  • Oversee tax appeal issues and ensure regulatory and lender compliance requirements.  Working with Property Management and the finance team, implement initiatives as needed to ensure compliance.
  • Support the Transactions team on dispositions and refinancings.  Participate in sell/hold/refinance decision making, assist with review of broker BOVs and capital transaction analysis, and monitor/address operations during the sale/refinancing process to ensure a successful outcome.
  • Effectively present information to and respond to questions from groups of executives, investors, lenders, and partners.
Professional Experience/Qualifications
  • A minimum of 15-20 years of experience in relevant multifamily redevelopment, asset management, property management and/or acquisition work experience in the multifamily industry. Multifamily or attached residential experience is required, though other sector experience is appreciated.
The ideal candidate is a leader will possess the following skills/attributes:
  • A minimum of 10 years of direct multifamily asset management experience, with demonstrated experience asset-managing a portfolio of greater than 20,000 apartment units in multiple US markets.
  • A team player with strong leadership skills who can operate effectively within a matrix management environment. 
  • Demonstrated ability to manage people.
  • Exceptional knowledge of real estate markets.
  • Superior analytical and problem-solving skills, with a demonstrated track record of providing creative and innovative solutions to real-time challenges.
  • An investment mindset with a thorough understanding of financial calculations/metrics and analytical skills. Must be well-versed in project proformas and understanding deals, and able to articulate, both orally and in written form, the case for a specific project. Should have both an intuitive and a detailed sense of the dynamics, risks, and financing/capital structure of each transaction.
  • Proficiency with Word, Excel and MRI a plus.
  • Strong presentation, negotiation and communication skills.
  • Sound decision making ability with the experience to balance consensus against authority as appropriate.
  • Excellent organizational and time management skills. Ability to provide clear direction and balance competing priorities. Able to work with time sensitive, detail-oriented material and meet multiple deadlines across various markets. Experience managing multiple projects successfully through constantly changing priorities.
  • The ability to travel frequently, i.e., 30%-50% travel.
GEOGRAPHIC LOCATION
  • Preference is given to Dallas, where the company has a significant Multifamily Asset and Property Management team presence.   Other locations include the company’s corporate offices in New York, Norfolk, and Baltimore.  Other remote locations will also be considered.
Education
  • The successful candidate will have a strong academic background with a college degree. An MBA or a Masters in Real Estate or other relevant fields is strongly preferred.
 

Job Sector


Not specified

 

Experience


More than 15 years


This job is no longer active.

Asset / Portfolio Management Dallas Full Time TX Asset Management, Finance, Property Management SVP, Asset Management Multifamily other