Vice President, Asset Management

Job Description

MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development investment arm of Mitsui & Co. Ltd., a multi-billion dollar, diversified Japanese investment company with operations in 72 countries and over three centuries of experience. They are one of the world’s most respected companies. As a result, we stand on a platform of financial strength to compete effectively for the optimum development opportunities.

Our corporate culture blends the honor and pride of Japanese tradition with the passion and ingenuity of American know-how. We strive to provide unmistakable real estate value and to build lasting relationships with our valued customers, investors and partners.

MBK Rental Living is looking for a Vice President of Asset Management for our office in Irvine, CA.

Responsible for maximizing the financial performance of real estate assets by leading the company’s asset management, analytics and marketing efforts. Responsibilities include maximizing apartment operating revenue and minimizing expense, while maintaining average occupancy at or above the MBK target for each project and upholding MBK’s quality standards.  In addition, oversee third-party property management company operational activities including, but not limited to, budgeting, forecasting, leasing, marketing, maintenance and capital improvement projects.  Responsible to interview and approve Community Managers proposed by third-party managers. Responsible for assessing third-party leasing and maintenance personnel performance. Responsible for leading MBK Rental Living analytics and marketing including managing associates within the department.  The department will also be significantly involved in acquisition due diligence, organizational strategy and operational planning, high-level participation in overall project design, finishes and common area spaces and all related market research.

Essential Job Duties

• • Oversee asset management of the Company’s portfolio of operating assets, maximizing financial returns.
  • Aggressively and proactively review operating results to increase revenue and decrease operating costs.
  • Oversee monthly matrices and reporting to evaluate each community’s operating results. Evaluate and compare rent growth, occupancy, leasing, traffic, operating cost trends and NOI.
  • Review and execute on recommended increased operating efficiencies.
  • Guide marketing activities based on budget, market and historical results.
  • Participate in weekly calls with third party management teams and update operational status reports.
  • Lead the preparation of annual operating and capital budgets as well as monthly forecasts between property management and other departments.
  • Travel to assets to lead property inspections to monitor performance and compliance with approved business plans and policies, as well as identify opportunities for improvement and value creation and any issues that may require additional action.
  • Manage and report on capital improvement projects.
  • Maintain quarterly/year-end fund level reporting for IRR/equity multiples, debt summary, and performance (as necessary). 
  • Provide benchmarks of asset performance versus competitive properties to executive leadership.
  • Ensure the delivery of customer satisfaction via third-party surveys.
  • Manage the analytics function of MRL, including the delivery of recurring weekly, monthly and annual reporting.
  • Supervise the duties and performance of the Asset Management Analyst position.
  • Lead the creation of JV tailored analytics and reporting.
  • Review reporting initiatives for efficiencies and value to the organization.
  • Oversee the Marketing Manager position and build the MRL brand through management of public relations and online reputation.
  • Review and execute contracts, processes, reports, budgets, marketing material, and other related operational information.
  • Negotiate ancillary contracts such as voice, video and data and property management agreements.
  • Champion new technology initiatives for our communities.
  • Participate in the creation of Board of Director slides each quarter and monthly operating reporting.
  • Participate in the monthly operations summary report creation and presentation.
  • Participate with due diligence on acquisitions such as market and rent studies and new investment submittal preparation.
  • Decide resident-facing specification levels at each property’s unit interiors and common areas. Determining the value, it will provide.
  • Travel to markets to validate research and operating assumptions upon signature of Letter of Intent on potential acquisitions.
  • Periodically perform “hold/sell” analyses on all properties; Implement disposition preparation strategies and facilitate onsite disposition activities.
  • Attend industry conferences for market updates and vendor connections.
  • Provide a high level of transparency to executive management and exhibit collaboration with all executives and staff within MBK Real Estate.
  • Manage and develop a top performing team of professionals.
  • Other duties as assigned.

Minimum Job Requirements

• • Bachelor’s degree required; MBA preferred
  • Minimum of 10 years of real estate experience with a focus in oversight of financial performance, property operations and development of new assets.

Preferred Job Requirements

• • Experience in real estate markets throughout the Western U.S.
  • Knowledge and experience of financial proformas, due diligence, costs and management of apartment projects.
  • Experience creating proforma assumptions and performing due diligence investigations, including market rent studies, other revenue and expense assumptions, purchase agreements, coordinating physical investigations and closing escrow.
  • Experience overseeing the purchase and sale of residential and/or commercial real estate and property management.
  • California Brokers license preferred.
  • Strong financial planning skills, especially related to debt and joint venture relationships.
  • Ability to maintain a positive reputation and an intimate knowledge of market conditions.
  • Possess strong negotiating skills, business ethics and relationship management.
  • Effective and proven leader and team manager.
  • Understand the importance of business strategy.
  • Positive attitude and flexible personality.
  • Computer skills include Excel, Word, Internet Explorer and Google Earth.

Physical Demands

• • Must be mobile and able to perform the physical requirements of the job, bending, kneeling, stooping, pushing, pulling and repetitive motion
  • Ability to sit and work at a computer for long periods of time
  • Able to move intermittently throughout the work day and between divisions
  • Ability to lift/carry up to 30 lbs. and push up to 20lbs. as necessary

We offer a rich benefits package comprising of the following: competitive salaries with opportunities for growth; 401(k) retirement plan with up to 4% employer matching; comprehensive industry leading medical, dental and vision insurance; company-provided life, disability and AD&D insurance; flexible spending accounts, generous paid time off including vacation and sick time, holidays, and bereavement leave; and a variety of programs including leadership development, training, and personal coaching; education loan assistance and scholarships; daily living, financial and legal services; childcare and eldercare assistance; employee discounts; and health and wellness resources that include virtual yoga, mindfulness, and financial readiness for employees and their family members.

If you are ready to meet the challenges of this critical role, we want to hear from you!