Asset Manager, Multifamily

Job Description

About Us

About the Company: Pacific Urban Investors (‘PUI’) is an industry-leading multi-family investment firm and pension fund manager. Headquartered in Northern California’s innovative Silicon Valley, PUI is focused exclusively on the multi-family rental space. The firm has successfully deployed well-timed strategies to the benefit of its institutional partners and stakeholders throughout major MSAs across the United States.

Since its inception in 1998, Pacific has completed well over 275 apartment transactions on behalf of its own account and those of its strategic institutional partners. Today, PUI has five offices, with nearly ninety professionals and an owned apartment portfolio in excess of $8.5 billion.

Pacific Urban Investors' investment strategies include the acquisition and renovation of 10 – 50-year-old “vintage” communities, the acquisition of vintage and new multi-family investments for current cash flow and long-term appreciation across the United States, as well as the development of multifamily communities on the West Coast.

Position Overview 

Job Description: Pacific Urban Investors, a leading private real estate investment firm, seeks an Asset Manager who will oversee and direct operational and leasing aspects of the Seattle Metro area portfolio of twelve apartment communities, and will collaborate with the Company’s acquisition/disposition team. This role works from our Seattle-based office and involves regular site visits to the various assets in the Greater Seattle area. The Asset Manager will report to the Senior Vice President of Asset Management who is based in Southern California.

The Asset Manager will be responsible for “running the business” of a portfolio of multifamily apartments, including formulating and executing short-term and long-term asset management strategies, running property operations, and working with the Investment team to facilitate the growth of the portfolio.

The Asset Manager will be a confident, dynamic, and sophisticated investment professional with a thorough understanding of institutional real estate, significant experience managing multifamily operations, and a demonstrated track record of value creation.

Primary Duties & Responsibilities:

• Provide strategic direction for a diverse multifamily portfolio
• Develop, present, and execute comprehensive annual business plans for each asset
• Work in partnership with Pacific’s acquisition team on underwriting and due diligence efforts for new multifamily investment opportunities in the Seattle area
• Manage takeover of new assets and ensure a smooth and successful transition into the existing portfolio
• Become the local expert in each market where you manage properties, with a focus on knowing competitive apartment communities, the development pipeline, and other economic drivers that could impact asset performance
• Manage our third-party property management firms, including working with property leasing staff, regional managers, and marketing personnel
• Manage consultants, internal construction resources, and outside contractors to renovate and improve individual assets
• Visit all properties within the portfolio to oversee the operations and on-site staff. This will entail regular travel to the portfolio properties in the Seattle area 
• Provide direction to third-party property managers regarding the development of and successful execution of operating budgets, capital investment plans, leasing/marketing plans, cost control strategies, risk management strategies, and other significant operational items with the goal of increasing/maximizing value
• Review financial reporting and variance analyses and coordinate with accounting personnel to ensure that financial statements are accurately presented
• Perform 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
• Assist with asset-level valuation reviews as needed, including: the gathering of market data, reviewing property performance, and measuring each asset against its budgets and goals
• Develop positive working relationships both internally and externally (co-workers, clients, third-party property managers, consultants, and other service providers); be an active participant in local industry organizations

Attributes:

• Highly self-motivated, confident, and driven
• Ability to work effectively in a fast-moving yet collegial environment 
• Strong intellect and strategic thinker with solid quantitative, financial, and analytical skills 
• Exceptional interpersonal skills including the ability to develop strong relationships with clients, finance partners, and colleagues
• Proficiency with spreadsheets and other financial and presentation software, such as Microsoft Excel and Word is required. Experience with Yardi accounting system and YieldStar pricing software is a plus.
• Executive presence enabling effective interaction with existing clients, colleagues, and prospective clients required
• Impeccable integrity, trustworthiness, and reputation within the real estate industry
• Must live in the Seattle Metro area

Education, Skills & Qualifications: 

• Bachelor’s Degree or equivalent professional experience
• 4 - 7 years of multifamily real estate experience preferably in asset management, however, property management also accepted
• Thorough understanding of financial statements and reporting
• Solid knowledge of property valuation techniques and practices
• Experience with construction renovation activities on managed assets
• Detailed understanding of the due diligence process; experience in real estate acquisitions a plus
• Strong interpersonal skills with a demonstrated ability to work with internal and external business partners, consultants, and clients
• Ability to communicate complex issues effectively and professionally both verbally and in writing to senior management and clients

Notes:

• For consideration, please reply to this job posting
• No phone calls or emails to members of the Company
• PUI would like to thank you for applying; however, due to the volume of responses received, only qualified candidates will receive a response

Benefits Overview:

The compensation plan for this role will be commensurate with the skills required for the position. As such, it will be comprised of a base salary and an annual performance-based incentive which is determined upon individual and portfolio performance. The Company offers a comprehensive benefits package to include:

• Paid Time Off + Paid Holidays
• Paid Sick Time
• 401k + Employer Contribution
• Medical (H.S.A./HDHP option w/ Employer Contribution)
• Dental
• Vision
• Flexible Spending Accounts
• Group Term Life/AD&D
• Voluntary Life/AD&D
• Long-Term Disability
• Buy-Up Long-Term Disability
• Employee Assistance Program
• Other Voluntary Plans

Depending on the role, other benefits such as commissions, an educational assistance program (tuition reimbursement), a referral program, and/or car allowance may be applicable.