Description
Position Director/Senior Director, Real Estate Valuations Company USAA Real Estate Company Location San Antonio, TX Reporting Relationship Portfolio Manager Company Background USAA Real Estate was founded in 1982 as the real estate investment arm of USAA. With more than $21 Billion in assets under management, the company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate also provides capital to partners for development. The portfolio consists of office, medical office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. Our commitment to service and integrity reflects the core values put in place 95 years ago by our parent company, a trusted worldwide insurance and financial services organization. Key Responsibilities The Director/Sr. Director, Real Estate Valuations, will oversee the recurring valuation of a diversified portfolio of institutional commercial and residential properties across USAA Real Estate Company s (USAA RealCo) open-end, commingled programs. The position will be high profile, working closely with stakeholders across multiple departments to bring about the accurate and timely quarterly valuation of the portfolio of properties. The Director will act as the primary liaison between the sponsored programs and external appraisers, coordinating the oversight of the submission of property-level data, business plans and investment strategies. Ensuring that the external appraisers are equipped with all relevant facts and information necessary to generate informed valuations. * Oversee all aspects of the valuation function for sponsored open-end funds, working closely with portfolio and asset management, acquisitions, development and accounting departments to understand the relevant facts and circumstances of each property, and ensure such information is provided to the external appraiser in a coherent, timely and accurate manner. * Review approved Investment Committee briefs on behalf of each asset and communicate with portfolio and asset management to understand each asset s business plan and investment strategy. Articulate the same to external appraisers prior to or concurrent with the execution of the engagement letter. * Administrate the quarterly valuation process for sponsored open-end funds, ensuring properties are appraised in accordance with governing documents of the respective programs, rotating and engaging external appraisers as appropriate. * Work with internal development teams and operating partners to ensure capital draw projections are provided in an accurate and timely fashion, development budgets and project completion dates are updated, and communicate changes to the external appraiser. * Work with development accountants to reconcile capital spent in ledger with the development asset s discounted cash flows. Ensure valuation assumptions (i.e. discount rates) are appropriately adjusted to reflect project progress and appropriate profit recognition based upon milestones achieved. Further, ensure concluded values are approved and shared with accounting in a timely fashion, in advance of the ledger s quarter-end close, to strike the programs net asset values (NAVs) upon which capital transactions (i.e. contributions and redemptions) are based. * Upon review of each property s quarterly appraisal, utilize the quarterly valuation analytic tool to isolate drivers in quarterly valuation changes, along with trends, anomalies, issues and the resolution thereof. Share results with stakeholders in advance of the quarterly valuation meetings. In addition, conduct the quarterly valuation presentation to executive management. * Working closely with the accounting department and external valuation provider, oversee the valuation of outstanding property-level debt and related hedging instruments on behalf of the portfolio of properties. Additional Responsibilities * Create a control environment, document and implement critical processes and procedures necessary to effectively administrate all aspects of the quarterly valuation of platform s portfolio of properties. * Work with acquisitions, portfolio management and portfolio analytics departments to review prospective deals and conduct research to determine valuation impact. * Collaborate with the research, portfolio analytics, acquisition and disposition departments in the analysis of property and debt valuations, attribution analysis, performance measurement, market analysis, underwriting guidance, etc. * Periodically attend NCREIF sponsored events and conferences; interacting with peers at prominent valuation management firms, while keeping abreast of industry best practices for the valuation of institutional real estate. Professional Experience/Qualifications * Familiarity and prior or current involvement with NCREIF and the NFI-ODCE constituent funds and valuation practices * Strong real estate valuation and financial modeling skills in both Argus and Excel * Ability to work in a highly collaborative team environment to achieve organizational goals * Strong project management skills, attention to detail and the ability to multi-task under recurring time constraints * Self-starter who is well-organized, self-motivated, efficient, responsible, dependable with strong interpersonal skills * Excellent analytical, quantitative and problem-solving skills Education * Bachelor s degree from an accredited college/university (master s degree preferred) * 7-10 years of relevant commercial real estate valuation experience in an institutional setting * MAI designation, CFA Charterholder and/or CPA or other related credentials preferred
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