Description
Development Asset Manager
Firm Overview:
Platform Ventures, LLC (“Platform”) is a firm that, through certain asset management subsidiaries, manages and invests in real estate, real estate-related assets, real estate technologies, and real estate-focused companies located throughout the United States. Platform’s experienced team seeks to add value to client portfolios by applying its knowledge of the long-term cycles and macro-economic trends that shape the real estate market to create price-to-value dislocations.
Position Summary:
Platform is seeking a candidate for a full-time Development Asset Manager. The Development Asset Manager will be responsible for the strategic decision making, operations, and execution of strategy for Platform’s opportunity zone portfolio. This position will operate and manage the portfolio as the “owner” of multiple opportunity zone projects primarily focused on multifamily and student housing communities. The Development Asset Manager will report to the Senior Vice President of Asset Management and have daily interactions with the entire Development and Operations Team for each asset. Areas of focus include value creation, risk management, valuation, variance analysis, business relationship management, and asset-specific projects.
Position Responsibilities:
- Manage and evaluate all aspects of due diligence for new development opportunities, including obtaining third-party reports, performing rent and expense analyses and market comparable studies, and reviewing any due diligence materials received from the seller.
- Manage complex development projects under construction to ensure developments remain on time and on budget; interact with construction team members and third-party general contractors to achieve business plan goals on specific assets.
- Negotiate or assist in the negotiation of complex legal instruments, including contracts, easements, term sheets, loan documents, joint venture agreements, municipal agreements, and joint development agreements.
- Manage third-party development (JV) partners.
- Facilitate the transition from development to operations as the construction of projects is completed.
- Responsible for all aspects of the operations and asset management of a complex opportunity zone portfolio.
- Coordinate the services of project management, property management, and accounting to successfully integrate the assets with the existing portfolio
- Determine and implement value creation initiatives for the portfolio to drive consistent year-over-year growth.
- Provide guidance and ensure that the opportunity zone portfolio meets and exceeds quarterly performance and proforma return metrics.
- Oversee and manage the third-party management companies and JV partners to ensure profitable operations and optimal value creation.
- Monitor tax rates and ongoing assessment management and impact on operations and financial performance.
- Create standard operating procedures for opportunity zone operations and ensure ongoing maintenance for all assets.
- Develop and maintain 10-year cash flows for asset-level business planning.
- Identify, analyze, and implement immediate and long-term CapEx planning with Operations, Engineering, Construction and Asset Management groups for asset-level business planning.
- Willingness and aptitude to comprehensively understand the complexities of opportunity zone regulation and tax-advantaged structuring related to each property and the overall portfolio.
- Assist with negotiation and closing of debt financing with construction and permanent lenders.
Qualifications:
Education, Training, Registrations, or Certifications
- Bachelor’s degree in Business, Finance, or a related field
- 7-10 years of work experience as an asset manager at a public or private real estate company or investment firm, or in a related industry.
- Multifamily and/or student housing experience is a plus.
- Experience with operations in urban neighborhoods is a plus.
- Ground-up development experience is a plus.
Knowledge, Skills, and Abilities
- Understanding of real estate fundamentals, operations, and multifamily developments.
- Demonstrate excellent mathematical skills and calculate yields and internal rates of return to develop project proformas, regional financial forecasts, budgets, and other fiscal reporting information.
- Demonstrate high proficiency in real estate modeling and underwriting, as well as a strong understanding of real estate finance and structured finance concepts.
- Demonstrate management and supervisory skills sufficient to lead, direct, evaluate, and mentor subordinate and peer employee staff, as well as consultant teams.
- Demonstrate the ability to comprehend legal contracts, partnership documents, loan documents, financial spreadsheets, and human resources documents, and to create and make presentations to board members, executive members, partners, lenders, and staff.
- Ability to read and comprehend architectural, structural engineering, and civil engineering plans.
- Ability to be effective with complicated negotiations and implementations.
- Effective oral and written communication skills.
- Ability to work independently and as a team member.
- Ability to multi-task effectively.
- Proficient in Microsoft Office.
Job Sector
Not specified
Experience
7+ to 10 years
This job is no longer active.