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VP - Asset Management (New York)

Salary
$125,000-$149,999
Employment
Full Time
Work Place
Office
Real Estate Field
Location
New York
 NY
Postal Code
10001
Country
United States

This job is no longer active.

Description


LivCor, a Blackstone portfolio company, is a real estate asset management business specializing in multi-family housing. Formed in 2013 and headquartered in Chicago, LivCor is currently responsible for a portfolio of over 300 Class A and B properties comprising more than 100,000 units in markets across the United States.

 

Our business is focused on making real estate more valuable. But for us, it’s more than that. It’s people first, community always. It’s a life-filled career, not just a career-filled life. It’s doing good work, with good humans, and making a difference. It’s excellence in all its forms. Ultimately, we create great places to work, live, and grow. We do that by focusing on leaving people – and places – better than we found them.

 

Whew! Still with us? Cool. Let’s talk about where you’d fit in:

 

The VP - Asset Management will be responsible for maximizing the value of the firm's assets. This individual will develop and execute an asset management strategy for their assigned portfolio. It should encompass property operations, capital expenditures, and renovation/redevelopment programs. The role will also collaborate as necessary with Blackstone representatives on investment activities, including due diligence efforts, investment market assessments and property underwriting assumptions. He/she will be a member of the asset management team and will have a significant responsibility for, and impact on, the portfolio's financial performance.

 

Only read further if you are:

  • Kind
  • Humble
  • Honest
  • Relentless
  • Smart with Heart

You should be:

  • Authentic. You do you. Together, we’ll do something amazing.
  • A passionate person with a love for real estate and investing; and believes that helping others win is a noble cause, essential to our success.
  • An excellent team player who enjoys working with others and has strong interpersonal skills.
  • Highly motivatedenergetic, and organized
  • Gumby. Things change.

 

What you will do:

  • Be responsible for the performance of a 15k+ unit multifamily portfolio currently located in New York with potential to expand into other northeast markets
  • Work closely with Beam Living, a Blackstone portfolio company with management responsibilities of the real estate portfolio
  • With a thorough knowledge of market performance and real estate operations, collaborate with various external partners and internal departments to formulate and execute strategies intended to maximize portfolio value and report performance results to leadership.
  • In collaboration with Beam, communicate asset and portfolio strategy, performance, and opportunities to key stakeholders including ownership.
  • Review monthly and quarterly financial statements, business intelligence software, and analytical tools to identify property and portfolio underperformance to budget and/or market benchmarks and correct issues.
  • Incorporate a value-oriented approach to each asset by analyzing revenue opportunities and providing direction supported by financial models to justify major capital investments and financial decisions.
  • Closely collaborate with operating partner teams to work through challenges and communicate concerns to internal and external stakeholders.
  • Conduct frequent physical inspections of each property in assigned portfolio to develop a thorough understanding of each property and its challenges, assess implementation of strategic initiatives, assess operational and management performance, and identify opportunities for improvement and communicate those opportunities among relevant internal and external teams.
  • Seek opportunity to maximize underutilized square footage – whether that be for resident amenities, conversion to retail space, etc. & review performance of and interface with existing operators in various retail space throughout the assigned portfolio.
  • Assess the capital needs/expenditures of each property and work with operating partner to develop a long-term cap ex plan for the portfolio that corresponds to stated strategy.
  • Identify and oversee repositioning opportunities. Monitor market trends for opportunities to add value through renovation, expansion or repositioning of the assets and make recommendations accordingly. Supervise scope development, including opining on rent premiums, and ongoing implementation to ensure ROI expectations are consistently met.
  • Take active role in creation of annual operating and capital budgets. Collaborate with teams and impart property and market knowledge to create comprehensive budgets that meet targeted investment strategies and objectives.
  • Maintain market expertise through on-site visits, in-depth analysis of industry trends and economic drivers, and maintenance of industry network then collaborate with executives to implement adjustments to property strategy to account for market shifts.
  • Support Blackstone on acquisition underwriting, providing market and leasing assumptions and participating in other due diligence activities, as necessary.
  • Involvement with the Capital Investment and the Renovation Investment Strategy of each community.
  • Participate in evaluating, and make recommendations for the implementation of, various new products and services intended to grow ancillary income, reduce operating expenses, or create operational efficiencies.
  • Identify opportunities, initiatives, and projects to continue to drive performance of the larger asset management department.
  • Mentor and develop analysts, associates, and managers in the department and across supporting teams.
  • Active participation in local real estate industry organizations is encouraged.
  • Maintain an extensive network of industry relationships to say current on regional and local market trends
  • Monitor all government legislation and action which will affect real estate in the assigned markets and collaborate with operations teams to adjust asset strategy as needed.
  • 50% travel required.

 

What you should have:

  • Bachelor’s degree, preferably in Business, Finance, Real Estate, or other relevant area.
  • 7+ years of asset management experience for a multifamily regional portfolio of 10,000 – 12,000+ units, preferably in and around the New York City market.
  • People management experience – may have direct reports.
  • Familiarity with the general principles of real estate, including operations and analysis, budgeting, financial reporting, cash management and general accounting.
  • Ability to communicate complex issues effectively and professionally, both verbally and in writing.
  • Effective interpersonal, communication and listening skills necessary to form strong working relationships with all levels of management and throughout the various cross functional teams.
  • Strong understanding of general construction and redevelopment terminology and understanding of standard multifamily capital enhancement/improvement projects.
  • Ability to understand and interpret market trends, third party market reports, and operator market competitor surveys.
  • Ability to define, develop, and execute asset management strategy, by leveraging and partnering with property management teams.
  • Familiarity with investment due diligence process along with the ability to provide local market leasing assumptions and competitive intelligence.
  • Strong self-starter with the ability to work without much daily direction that thrives in a fast paced, dynamic environment with multiple and evolving priorities and deadlines.

What we offer:

We know that if we take care of our team everything else will fall into place. We aren’t perfect, but we will try to set very clear expectations, always let you know where you stand, and do everything in our power to help you get where you want to go.

 

Our culture and values matter to us. A lot. We’re definitely not serious but we take this stuff seriously, if you get what we mean. We want a place that is an ego-free zone. A place where good people do good things together. It shouldn’t be rocket science in workplaces, but for some reason it still is? We’re absolutely determined to be different, and we think we’re doing a pretty good job at it. We have a CEO who makes fun of himself, and who will encourage you to tell him when he is wrong. In fact, he needs people to – we all do. Supportive challenge is good, it’s how we get better. We like getting better. We also love diversity, of all kinds. We need people who look, sound, speak, love, and exist differently from one another. This isn’t at the end of this paragraph because it’s an afterthought. It’s SO important to us we want it to stand out.

 

Right. On to the technical stuff that we know matters to you. We offer competitive pay that is commensurate with the market and relevant experience, and a full slate of benefits that even includes things like paid parental leave.

  

If any of this sounds interesting, then maybe we are a fit. Life is too short to work with people you don’t like. So whatever you do, don’t make that mistake.

 

The LivCorian Values

  1. Be you. Be Real. Be Open. You do you. Together, we will do something amazing.
  2. Care, Always. We don’t want to let anyone down.
  3. Courageously Curious. We love to learn, even when it hurts.
  4. Help Others Win, Be A Good Neighbor. This is about ‘We, not Me.’
  5. Relentless Hustle, Heart & Humility. Work hard. Be Kind. Make Better.

 

A few of the people you will work with:

  • Brian Killinger
  • Rei Moya
  • Alison Brown
  • Yulia Yutsis
  • Keith Dodds
  • Kelly Vohs

 

EEO Statement

Our company is proud to be an equal opportunity employerWe celebrate diversity and are committed to creating an inclusive environment for all employees. Our employment decisions are based on individual qualifications, job requirements and business needs without regard to race, color, marital status, sex, sexual orientation, gender identity and/or expression, age, religion, disability, citizenship status, national origin, pregnancy, veteran status and or any other legally protected characteristics. We are committed to providing reasonable accommodations, if you need an accommodation to complete the application process, please email us.

Job Function


 

Job Sector


Not specified

 

Experience


7+ to 10 years


This job is no longer active.

Asset / Portfolio Management New York Full Time NY Asset Management Asset Manager other