AVP, Asset Management (Senior Housing)

Job Description

Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire aspires to improve lives through expert capital stewardship and exceptional living experiences. Berkshire invests in affordable, middle-income, market rate and luxury apartments as well as senior housing, active adult housing, student housing, and residential asset-backed debt, based on specified investment strategies, and creates unparalleled living experiences for our residents.

BASIC PURPOSE:

The AVP, Asset Management (Senior Housing) will be primarily responsible for the oversight, performance, and management of investments in a portfolio of senior housing properties located in multiple markets throughout the U.S. The position will ultimately be accountable for creating and executing annual property and portfolio business plans that maximize investment returns. This will include oversight of the operations, budget reviews and approvals, performance reporting, oversight of major capital renovations, evaluation of pricing strategies, and participation in acquisitions, developments dispositions, and property financings. This position will work collaboratively in a team environment with third parties and all facets of the Company including members of the Portfolio Management, Accounting, Property Management, Acquisitions, Capital Markets, Financing, Valuation, Research, and Legal teams.  This role has the potential to support more than one portfolio and responsibilities may be expanded to include conventional multifamily assets. 

ESSENTIAL FUNCTIONS: (These are the main duties/tasks of the position and are important to be successful)

• Provide day-to-day oversight of property operations and coordination with the third-party operators and joint venture partners

• Prepare and oversee the execution of Portfolio and Property Business Plans to optimize investment performance

• Participate in property-level decisions with the Portfolio Managers based on careful analysis and team input, including hold/sell, rent pricing, property budgets, and capital expenditures

• Coordinate property dispositions and refinancing opportunities alongside joint venture partners and Berkshire team members and third-party legal counsel

• Perform portfolio and asset-level valuation reviews including property performance and capital deployment effectiveness

• Develop excellent working relationships with all team members including JV partners, property managers, project managers, and third parties

• Review and make recommendations on loan documents, purchase and sale agreements, operating agreements, and vendor agreements

• Prepare financial models, property reporting packages as well as quarterly and annual internal and external reports for the portfolio

• Communicate investment status and plan to senior management and investors

• Visit markets and properties to validate business plan assumptions, monitor property operations, and identify opportunities and issues to improve operations

• Stay informed on market information and work closely with Berkshire’s Research team to stay abreast of their viewpoint and recommended course of action for each market they cover

JOB QUALIFICATION REQUIREMENTS:

Knowledge/Experience:

• 6+ years real estate investment/asset management experience, senior housing and multifamily preferred

• Strong analytical skills and experience with financial modeling using Excel or Excel-based tools

• Solid understanding of senior housing operations, accounting, real estate finance, and key investment metrics

• Experience in successfully implementing and overseeing value-add capital projects to achieve significant ROI on multifamily assets

• Excellent written and verbal communication skills.  Ability to clearly present investment status and plan to senior management and investors

• Ability to produce excellent quality work that is thorough and accurate on a timely basis

• Works independently and with others; has complete ownership of work and projects

• Demonstrated flexibility to handle multiple projects in a fast-paced environment

• Team player who will work well with and seek input from members of other functional areas

Technical/ Educational Requirements:

• An MBA, Masters, or Bachelor’s degree in a relevant area is preferred

• Strong computer skills; experience with Excel, Word, and PowerPoint; experience with Yardi and/or Argus a plus.

Physical Requirements: (amount of standing, walking, sitting, typing, lifting etc.)

• Stand and walk or sit alternatively depending on specific needs of the day

• Have occasional need to perform the following physical activities:

Bend/Stoop/Squat:  Frequent need

Climb Stairs:   Rare need

Push or Pull Reach Above Shoulder:  Frequent need

• Constant need to perform the following physical activities:

Writing/Typing:   Frequent need

Finger Dexterity:   Frequent need

Grasping/Turning:   Frequent need

• Lifting/Carrying (paperwork, deliveries, files, computers, miscellaneous):

20 lbs. - 25lbs.:   Rare need

Less than 20 lbs.:   Frequent need

Under 10 lbs.:   Constant need

Vision Requirements: (Visual needs for the position – color, small details, inspections etc.)

• Constant need to complete forms, read and review reports and a wide variety of correspondence, view the computer screen. Frequent need to see small detail.

Hearing Requirements: (Hearing needs for the position –telephone, meetings, etc.)

• Constant need to communicate over the telephone and in-person with corporate-level employees.

Speaking Requirements: (Clarity, customer interaction, presentations, etc.)

• Constant need to communicate over the telephone and in person.

• Must be comfortable speaking to senior management.

Travel Requirements: (Travel needs for the position – from property to property, travel, etc.)

• 25-30% travel may be required.

Reasoning Development: (Low, Medium, High – for ability to apply logical thinking to defined problem solving)

• HIGH.  Must be able to apply principles of logical thinking to define problems, collect pertinent data, establish facts, draw valid conclusions and initiate an appropriate course of action. Must effectively convey ideas, images, and goals to a diverse group of personalities.

WORKING ENVIRONMENT: (Indoors, Outdoors, special things to know about job)

• Indoors, office environment.

The Company may revise this job description from time to time as business needs require.  It is not intended to be an exhaustive listing of all the functions of the job, nor is to limit the Company right to assign other functions to an employee in this position.  This job description does not constitute a written or implied contract of employment.