Director of Asset Management

My team is currently partnered with a reputable real estate investment management firm looking to grow their asset management team. They specialize in the multifamily, retail, and mixed-use property types. Founded in the 1970's, they have deployed over $4b of capital.

Essential Duties and Responsibilities:

• Maximize value at the assets through discernment and driving PM firms to increase revenue and manage expenses wherever possible, while maintaining a high standard of car for the assets in your portfolio.
• Maintain best-in-class working knowledge of the region/market, including asset class performance, capital markets, and the competitive environment. The knowledge should be driven by direct contact with actual market participants (e.g., tenants, managers, lenders, owners, etc.) in addition to 3rd party research reports.
• Actively participate with the investment and development teams during the initial analysis of potential acquisitions and development projects. Provide feedback regarding key assumptions based upon market data as well as utilizing prior experience to lead 3rd party service providers such as PM firms, leasing, etc.
• For acquisitions (as distinguished from development projects): Assist the asset management team in (a) coordination of the due diligence process, working with internal teams and external professionals; (b) ensuring that potential acquisitions are thoroughly vetted and that the results of the pre-acquisition analysis are included in final underwriting; (c) creating the business plan and investment committee (ICOM) material; and (d) presenting to ICOM.
• Primary driver of the business plan for acquisition/value-add projects at inception. Engage design and marketing professionals, and direct internal construction project management team (where applicable).
• For development projects (as distinguished from acquisitions):
• (a) participate as a key team member in the due diligence and pre-development process; and (b) endorse, or challenge, as the case may be, the key assumptions prior to ICOM review.
• Participate as part of the team at project inception. Maintain active dialogue with the development team during the construction process to ensure compliance with major business plan objectives. For example, the asset manager will approve (with the developer) potential scope changes (i.e., value engineering).
• Upon substantial completion of development projects, assume direct responsibility for business plan execution, focused initially on successful lease-up and stabilization.
• Engage and manage 3rd party service provider relationships, including property management, leasing, legal, and other professionals. Maintain active and consistent dialogue, challenge key operating assumptions, monitor performance, provide direct feedback, and where necessary, resolve conflict.
• Asset managers are expected to visit their properties and be in the market on a frequent basis. Travel required.
• Actively monitor changes in the local property markets, capital markets, and/or asset level issues and recommend modifications to the business plan. Changes may include, by way of example, requests for additional capital, a shorter (or longer) holding period, modified financing, etc.
• Prepare (or supervise preparation by an analyst) quarterly asset reviews, valuation models, and other content for external fund reporting.
• Review and approve annual operating budgets and multi-year capital plans. Monitor financial performance, including review of monthly financial reports (provided by property management) and compliance with lender requirements and loan covenants (in conjunction with VP - Finance).
• Complete execution of the business plan through the ultimate sale of the asset, including recommended timing of disposition, engagement of investment sale professionals (i.e., brokers), coordination of sale and buyer selection process, contract negotiation, and management of due diligence and closing process.
• Make periodic presentations to internal teams, lenders, and investors regarding asset performance and progress against original (or revised) business plan.
• Facilitate communication across departments (both internal and external), as well as across regions and asset types (exchange of ideas). The asset manager is responsible for ensuring that the Ram subject-matter experts (regardless of location or department) are actively engaged in the relevant component(s) of the business plan.

Requirements

• Bachelor's Degree (master's degree preferred with an emphasis on real estate) from an accredited four-year college or university.
• A minimum of 5 years of relevant experience, preferably including at least three years directly asset managing more than one asset simultaneously.
• Proficiency with Microsoft Office suite of software, specifically including extensive experience with Excel.
• Past experience acting as an analyst involved in real estate joint ventures and/or direct acquisitions preferred.