Director, Asset Management

Position Overview;

The Director, Asset Management will work closely with the VP of Asset Management and Hospitality to oversee the team and job responsibilities of the Asset Management Department. The ideal candidate will need an understanding of how market conditions are affecting the portfolio and must have the ability to recommend operational strategies that will continuously create value. Provides Financial Management and Operational Oversight for assets including, but not limited to, preparing and implementing annual operating budgets, compiling and analyzing financial information, monitoring cash balances, preparing cash forecasts, assisting in preparing and organizing closing statements related to recapitalizations, refinances, acquisitions, and property sales, management of partner equity, preferred return schedules, and owner distributions, tax and insurance escrow management internally and with lending institutions, production of operating property income and expense analytics, property and partnership level payable management, assist with asset transitions from under construction to operating, and organize recommendations for NOI growth to the ownership group.

• Assists in creating annual and budgets, forecasts, and business plans to maximize the value and cash flow of the portfolio, including acquisitions and disposition recommendations;
• Develops repositioning strategies to maximize the value and cashflow of assets and capitalize on market opportunities;
• Oversees benchmarking exercises to ensure that we are managing our assets in an optimal manner and create strategies to ensure that the financial performance of the assets is being maximized;
• Consults with leasing teams regarding leasing activity and strategies for increased physical and economic occupancy;
• Partners with property and project manager to effectively manage capital programs, and control capital expenditure budgets;
• Provides recommendations to ensure optimal management of assets;
• Prepares proformas for all value-creation opportunities;
• Reviews and assists with internal property valuations;
• Assists with due diligence and underwriting modeling;
• Analyze capital improvement project proposals to determine profitability and consistency with owner strategy.
• Coordinate and monitor property tax appeals.
• Prepare asset management meeting agendas, key performance indicator reports and other analyses.
• Maintain and, where appropriate, abstract documentation for all assets, including operating, purchase and sale & management agreements, loan documents (including any guaranties), tax credit compliance and prepare closing memorandums.
• Performs annual reviews and prepares quarterly and annual reporting packages including cash flows, executive summaries, etc.;
• Completes monthly reviews of financial statements to ensure that the assets are tracking to budget and devise strategies to address areas or trends that are impacting the financial performance of the assets; and
• Tracks economic trends and assess the likely economic impact on the performance of the real estate.

• Bachelor’s degree in Real Estate, Finance, Accounting, or related field;
• Minimum five (5) years’ experience in real estate asset management or related field, including knowledge of property accounting, operations, valuation and lender obligations
• 3+ years of multifamily residential property/asset management experience.
• Communicates and presents at a professional and educated level of English, verbally and written;
• Excellent organizational and time management skills.  Able to work with time sensitive, detail-oriented material and meet multiple deadlines across various markets.
• Advanced skill and thorough understanding of real estate operations, including property/project management, leasing and marketing
• Strong analytical and problem-solving skills, with a demonstrated track record of providing creative and innovative solutions to real-time challenges.
• Previous experience in negotiating lease contracts with tenants
• Ability to read, analyze, and interpret common business and technical journals, financial reports, market studies, annual operating budgets, appraisals, hold/sell analyses, and legal contracts
• Demonstrated a hands-on approach to capital, operations, financing, leasing, marketing, and ownership issues in managing challenging real estate properties and meeting/exceeding ambitious investment/return performance objectives; and a
• Sound background in accounting and financial principles.
• Proficient in Microsoft Office applications (Excel, Word, Outlook, and PowerPoint)
• Ability to travel up to 25%, or when necessary.