The State Board of Administration of Florida (SBA) provides a variety of investment and trust services to various Florida governmental entities. A key responsibility is to manage the assets of the Florida Retirement System Pension Plan (FRS), which is one of the largest public pension plans in the United States. The SBA’s primary focus is on investment management as it does not administer pension plan benefits. The SBA is also responsible for administering the FRS Investment Plan (a defined contribution plan), the Lawton Chiles Endowment Fund, the Local Government Surplus Funds Trust Fund (currently known as Florida PRIME), the Florida Hurricane Catastrophe Fund and a variety of smaller funds.
At the SBA, we recognize that it is the talented colleagues behind our investment and trust management services who enable us to prudently balance risk and rewards and adhere to the highest professional and fiduciary standards. We are committed to seeking individuals who will enhance our team by contributing both to our knowledge pool and to the ethics and integrity that underscore our services.
What we need
The SBA is currently seeking a Portfolio Manager II in our Real Estate department. The Portfolio Manager II will be an integral member of a team responsible for managing an assigned portion of the SBA’s internally-managed Real Estate Principal Investments Portfolio. This portfolio consists of direct-owned investments (commercial, multifamily, specialty (agriculture, student housing and senior housing), and development properties) located in markets across the United States. Secondarily, the PM II is responsible for all aspects of the acquisition cycle (for acquisitions of additional investments within existing ventures of the PM II’s assigned portfolio) from sourcing investment opportunities to closing the transaction. The PM II works independently with Investment Advisors within established SBA investment policies, guidelines, procedures and agreements to maximize the performance and value of real estate assets. The PM II works with the Senior Portfolio Manager-Principal Investments and Senior Investment Officer- Real Estate to determine SBA real estate requirements and investment objectives. The PM II implements real estate asset management strategy as directed and manages the tactical execution of real estate transactions and management activities within his/her assigned portfolio.
Other duties include but are not limited to:
- Evaluate, review and approve Annual Business Plans (“ABPs”) for each real estate investment within the assigned portfolio and for all new properties acquired. Modify and implement changes are required.
- Maintain detailed understanding of markets to ensure assigned properties are effectively positioned within each submarket and performance is aligned with the SBA’s investment strategy. Recommend and implement changes as necessary
- Manage and effectively resolve issues that jeopardize the success of assigned real estate properties, including property legal matters.
- Collaborate with real estate staff and Investment advisors to develop acquisition, disposition and management strategies to meet business requirements in a timely and value-driven manner
- Evaluate investment performance relative to benchmark and original underwriting and forward return projections
- Manage Acquisition process for new properties within assigned portfolio in the internal, actively managed Real Estate Principal Investments Portfolio. Direct and coordinate due diligence and acquisition actively, as required.
Manager, Joint Venture Partner Relationships
- Actively monitor and manage investment manager relationships. Maintain regular and consistent communication with Investment Advisors regarding property operations, market transactions and conditions
- Actively participate in annual Joint Venture Partnership meetings and represent SBA’s interest in the partnership
Annually, evaluate Investment Advisor, Joint Venture Partner and Service Provider performance. Recommend changes as necessary.
What you should have
- A bachelor's degree from an accredited college or university in real estate, finance, mathematics, accounting, economics, business or related discipline
- A minimum of five to seven years of direct experience in the form of equity, lending, joint ventures, pooled funds, valuation, brokerage, asset management, leasing and/or property management of commercial real estate; or, a master's degree or MBA from an accredited college or university and four years of related professional experience. Professional related experience will substitute for the required college education.
Ability to travel frequently to various locations throughout the United States. Travel often involves work outside of normal business hours and working remotely to maintain contact with other properties and maintain normal office-related duties.
Knowledge, Skills and Abilities:
- Ability to comprehend, analyze and interpret complex documents.
- Ability to solve problems involving several options in situations.
- Ability to multi-task and efficiently negotiate changing priorities and responsibilities.
- Ability to organize and summarize complex financial and legal information in writing.
- Ability to effectively interact with Business and Corporate Leaders
- Ability to effectively present information to Senior Leadership and strategic business partners.
- Detail-oriented and proficient with financial modeling.
- Intermediate to advanced skills with Microsoft Office Suite.
- Conscientious about assignments, deadlines and quality of work product.
- Strong capacity to adapt quickly in a learning situation.
- Exceptional written and verbal communication skills, including ability to articulate recommendations in concise and timely manner.
- High level of integrity and professionalism, including an overriding commitment to the team’s success as well as accountability for specific performance.
- Solid personal assertiveness skills and ability to resolve issues effectively.
Self-starter; ability to take initiative and make timely, cost-effective decisions using sound and appropriate judgment with minimal direction in a fast-paced environment.
- Strong understanding of the commercial real estate business: real estate market dynamics, real estate value drivers, capitalization rates, market rents, appraisal values, space markets.
- Advanced knowledge of financial terms including the ability to read, interpret and translate real estate financial statements and real estate market data.
Advanced analytical and quantitative skills.
What we offer
The SBA offers a competitive salary and an excellent benefits package including medical, dental, group life, short term disability, retirement and professional development opportunities.
- Investment Management
- Property Management
7+ to 10 years