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MBP Capital, Inc.

President of Multifamily Property Management

Salary
Competitive
Employment
Full Time
Real Estate Field
  • Property Management
Location
Dallas
Region
TX
Postal Code
75234
Country
United States

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Description


Company Description:

Catalyst Multifamily Management, a subsidiary of MBP Capital, Inc., handles all property management responsibilities for MBP.  Currently, MBP Capital, Inc. owns approximately 2,100 units in Dallas / Fort Worth and San Antonio, Texas.  MBP Capital, Inc. recently created a $150M plus Multifamily Real Estate Fund called MBP Real Estate Fund I, LP.  This Fund and will be expanding its ownership and in turn, Catalyst Multifamily’s property management portfolio over the next several years to at least 7,500 multifamily units with a focus on Texas and Colorado (and possibly other markets). 

The Fund will target Class B multifamily residential assets located in markets with strong job and population growth and close to employment centers. The Fund intends to employ a value-add based strategy, targeting properties that can be purchased below replacement cost, which require capital improvements and operational assistance to achieve their full potential. The Fund will target assets with 150 to 500 units acquired at an all-in cost ranging from $11 million to $50 million.

MBP acquires properties in need of improved management and capital improvements, allowing the Fund to generate strong risk adjusted returns. Post-acquisition, the Fund intends to utilize the significant experience of the General Partner plus sophisticated external resources, including relevant contractors and vendors, to increase asset value.

The Fund will target mismanaged and/or under-invested properties, which (i) are inefficiently operated, (ii) have significant deferred maintenance, (iii) have not increased rents to market, and/or (iv) do not offer competitive amenities.

Mike Phillips and Cathy Finn (the “Principals”) are the senior executives at MBP. The senior team has 80 years of combined experience in the real estate industry, including significant experience in acquisitions, property management, investment sales, and construction management. Since October 2011, the Principals have executed 19 investments that exemplify the Fund’s investment strategy. As of June 30, 2018, 11 of these investments have been realized, generating a 60.2% gross IRR and a 2.63x gross MOIC.

The fundamentals specific to the multifamily residential sector continue to strengthen, with occupancy rates nearing all-time highs and rental rates growing above the historical average. Furthermore, the Fund’s target markets are boosted by job growth, population growth, declining home-ownership rates, and challenging credit markets for home-buyers. Debt markets are very strong with government agency financing (Fannie Mae and Freddie Mac), offering long-term fixed rate loans at attractive interest rates and other lenders offering shorter-term bridge loans for value-add properties. The General Partner believes that the Fund’s investment strategy, which is targeting a 14.0-17.0% gross pre-tax IRR, with at least a 6.0% gross pre-tax yield, presents a compelling opportunity to generate attractive risk adjusted returns for the Fund’s investors.

The successful candidate for the position of President of Catalyst Multifamily Management will help MBP and its investors realize these goals and be part of what we hope is something great.  Please apply if you think you are this person.

General Description of Position and Ideal Candidate:     
   

We are looking for a successful, high energy, experienced and extremely motivated individual to join our team as the President of our property management company, Catalyst Multifamily.  This person will have extreme grit, endurance, motivation and will bring great ideas, knowledge and experience to the team.  The perfect candidate will have at least ten (10) years of experience at an executive level (President, Vice-president, VP of Operations).  This person will have great talent at growing, motivating, and training all levels of multifamily employees.  This person will have onsite level expertise beyond anyone else in the industry.  This person is someone who understands the multifamily market, leasing, maintenance and facility operations, costs for renovations and turning units, and just plain gets it.  We are an aggressive and motivated group.  We work hard and get the job done no matter what.  This person is someone who has operated 7,500 units or greater and has been part of the successful growth of another company. 

Essential Job Functions:

  • Enforce the company's strategy and direction
  • Build upon and enforce the company's current culture and add new ideas
  • Oversee and drive team to achieve mutually agreed goals
  • Take a hands-on approach to determine and accomplish company objectives and goals.
  • Hire and train Vice-presidents/Property Managers/Regional Managers on Catalyst Multifamily Company policy, procedures, and standards.
  • Must possess updated understanding of functions related to HR, Finance and marketing.
  • Must possess updated knowledge of all real estate laws and leases.
  • Oversee and direct all administrative duties in accordance with company policy, procedures, and standards.
  • Effective and regular communication meetings with employees and owners.
  • Review Market Surveys completed by each property to establish unit pricing based on surveys and geographic locations.
  • Prepare budgets, review financial statements and ensures all procedures are followed.
  • Conduct daily, weekly, monthly visits to each property in order to walk property, models, shops and vacant units and ensure good safety, property aesthetics, and onsite operations.
  • Participate in the Due Diligence process for company acquisitions.
  • Review vendor contracts, as needed.
  • Travel 50% or more as needed.
  • Perform all other duties as assigned by CEO or COO.

Salary and benefits:

Salary:             $125,000 to $250,000 depending on experience

Benefits:         Health Insurance Plan, AFLAC Medical Reimbursement Plans and any future benefits that company offers employees.  Eligibility to participate in these plans is governed by the actual plan documents.  The benefits offered will be at company’s sole discretion.

Bonuses:         Discretionary bonuses at Company’s sole discretion

Job Functions


  • Operations
  • Portfolio Management
  • Property Management
 

Job Sector


  • Residential
 

Experience


10+ to 15 years


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