Carmel Partners is a well-capitalized private real estate firm with expertise in Investment and Development of multi-family real estate. We offer an entrepreneurial and fast-paced work environment with passionate and motivated people who have a drive to learn, innovate, and succeed.
We are seeking an Analyst to join our Asset Management team in San Francisco, CA.
The Analyst will assist Vice Presidents, Directors, and Senior Analysts in enhancing operations and maximizing returns at the individual asset level and the overall fund / portfolio level. This position will assist with market research for both current assets and potential acquisitions. This position will also compare individual assets against the portfolio and against industry benchmarks to identify opportunities to exceed benchmarks without negatively impacting property operations or the property’s competitive position within the sub-market.
What you'll do:
- Assist Vice Presidents, Directors, and Senior Analysts in regular oversight for assigned properties:
- Review weekly reports with leasing, occupancy, and trend information and follow up with any questions regarding activity from the prior week.
- Review monthly variance between budgets and actual expenditures.
- Participate in monthly revenue management calls to review lease pricing at each property.
- Monitor additional key property metrics such as unit turnover timing, renewal rates, and lease expiration schedules, and bring attention to any potential issues that could negatively impact property performance.
- Asset Level Business Plans: participate in the preparation and presentation of annual strategy and goals to senior leadership. Coordinate with 3rd party property management company and other Carmel departments to gather property-level data relating to financial performance, reputation management, market factors, and capital finance.
- Quarterly Asset Reviews: participate in quarterly updates on the annual strategy and goals, and compile property-specific questions and issues to highlight or discuss with senior leadership and assist in tracking any action items based on those discussions.
- Property Budgets: participate in annual budgeting process including detailed review of major line items, comparisons of budget assumptions to historical property performance and to industry benchmarks
- Reforecasts: participate in quarterly reforecast process including detailed review of major line items
- Participate in additional calls or coordination activities based on specific property needs related to lease up activity, disposition preparation, major capital project implementation, or retail leasing.
- Develop and maintain strong knowledge of assigned properties and regions.
- Assist with shopping competitive property set for properties in assigned region on an annual basis. Understand how assets compare to the competition in terms of pricing, location, amenities, unit finishes, etc.
- Make occasional recommendations on whether current pricing reflects market dynamics and whether opportunities exist to cost-effectively improve property position within the submarket.
- Assist Vice Presidents, Directors, and Senior Analysts in rent and expense underwriting as a part of the due diligence process for any new acquisitions in assigned regions:
- Work closely with 3rd party property management company to populate expense projections based on proposed project design characteristics, and analyze in comparison to existing and benchmark properties
- Shop competitive properties and assemble research and analysis of market rents to fully understand property positioning within the market
- Collect data, photos, and other information to assess historical rent performance, unit finishes, amenities, and other project characteristics of the competitive property set.
- Customize and enhance existing underwriting tools/models to improve analysis and efficiency
- Property and Portfolio Analysis:
- Conduct portfolio and property-level research projects, utility expense analysis, and review ancillary income contracts and payment schedules to identify business opportunities.
- Review real estate tax assessments for assigned properties and participate in discussions and 3rd party real estate tax consultants regarding tax appeal strategies.
- Coordinate with other departments and respond to any requests for property-level data and metrics to report to investors, lenders, partners, or others.
- Take a lead role in coordinating at least one major team process such as Asset Level Business Plans, Quarterly Asset Reviews, Budgets, Reforecasts and/or other special projects based on business needs.
- Provide guidance to Administrative Staff on certain projects
- Other duties, responsibilities and special projects as assigned
Skills we're seeking:
- Bachelor’s degree in Real Estate, Finance, or related field
- 1-2 years of real world experience with a focus on finance and/operations
- Exceptional financial and numerical analytical skills.
- Some experience in financial modelling.
- Understanding of real estate valuation processes, real estate underwriting, discounted cash flow analyses, and return on investment principles.
- Proficiency in MS office products including Excel, PowerPoint, and Word applications.
- Strong written and verbal communication skills.
- Strong interpersonal skills and the ability to work both independently and in a team environment.
- Good organization skills and ability to prioritize tasks in the face of competing projects and deadlines.
- Creativity and ability to solve problems with limited guidance while maintaining a positive attitude.
- Strong curiosity and a passionate interest in learning and growing within the industry.
- Working knowledge of real estate investment, property management, and multifamily development or renovation a plus.
- Asset Management
- Portfolio Management
1+ to 2 years