Position Description

Senior Vice President, Asset Management
Location Los Angeles
Job Code 302
# of Openings 1
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The Senior Vice President, Asset Management responsible for overall asset management of a portfolio of multifamily real estate assets, which are a part of the ARA’s core and value-added separate accounts and commingled funds. The assets are located throughout the country.

This position oversees multifamily asset management operations and supervises the multifamily asset management team.

Essential Functions:

Asset Management

  • Oversee management of property operations by supporting the strategic planning, management, leasing, financial analyses, operating and capital budgets, returns on an IRR and time-weighted basis, and reporting on a quarterly and annual basis with regards to the performance of each asset.
  • Oversee management of property operations for multifamily assets through effective coordination of third-party property managers, leasing staff, construction managers, and others.
  • In partnership with senior management, oversee the multifamily asset management team, including leading evaluation of performance, review of work, and approval of various documents and other work product.
  • Support the development of strategic business plans for each asset which governs its daily operations and position in the marketplace.
  • In partnership with executive vice presidents, identify, develop and implement a value-added strategy on existing assets as well as potential acquisitions by maintaining a thorough understanding of each assigned asset. Strategies may include but are not limited to, renovations relating to repositioning, and lease up as well as ground-up development.
  • Implement capital improvement plans, when appropriate, consistent with the business plan and market position of the asset.
  • Work closely with property managers to develop strong relationships through sound leadership and tracking status reports from property managers.
  • Understand architectural plans and contracts, engineering studies, schedules, and work with counsel to craft lease language when appropriate to protect the landlord.
  • Assist in the review and negotiation of contracts for architectural, construction, and other consulting services in partnership with the team and outside counsel.
  • Review and negotiate contracts for architectural, construction, and other consulting services.
  • Evaluation of property management, retention (and replacement where necessary) of property management firms and negotiation of property management agreements.
  • Develop tracking schedules for new developments, construction projects, and capital improvement projects.

Financial Analysis

  • Complete asset valuations (hold/sell analyses and annual and quarterly valuations) in an efficient and timely manner.
  • Manage general property level analysis functions (e.g., construction and vendor contracts).
  • Prepare and review budgets to implement strategic business plans.
  • Track effective rents to identify trends.
  • Review financial performance returns, both IRR and time-weighted returns.

Market Analysis

  • Conduct in-depth market research to fully understand the position of each asset in its respective market from a leasing and investment perspective and all underlying factors which may influence it.
  • Update demographic and market information for each asset area for strategic planning and reporting purposes.
  • Develop and maintain strong relationships with investment brokers to facilitate investment activity.

Due Diligence

  • Support the acquisition/due diligence process for multifamily assets, including the selection of appropriate property managers, initial capital and operating budgets as well as review and approve acquisition underwriting assumptions.
  • Participate and review each multifamily asset to be acquired by the firm in both the core and value-added space.
  • Work with the Investment Group to develop long-term models which will support the acquisition.
  • Perform in-depth market research to support all underwriting assumptions incorporated into the acquisition model.
  • Review effective lease rates, capital improvement budgets, and operational resources.
  • Participate in the physical inspection of the asset to understand the impact of any deficiencies on underwriting.

Leasing

  • Collaborate with onsite leasing teams to attract, qualify and maintain residents and achieve favorable effective lease rates.
  • Work with attorneys to resolve legal issues.
  • Develop marketing strategies and concession packages to maximize effective rents.

Client Relations

  • Assist with the reporting process (business plans and monthly and quarterly reports) in an efficient and timely manner.
  • Prepare annual portfolio review materials including preparing and delivering written and oral reports to trustees, consultants, and client staff.
  • All other responsibilities which may be assigned from time to time.

Education:

  • Undergraduate business degree required.
  • Advanced degree or professional designation preferred (i.e., RPA and/or CPM).

Experience:

  • A minimum of fifteen years of related real estate and asset management experience.
  • Prior experience working directly with institutional clients and consultants preferred.
  • Experience with multiple acquisition and disposition transactions preferred.
  • Demonstrated success in implementation of leasing strategies and tenant retention in all market cycles.
  • Experience in managing numerous successful capital improvement projects, including major renovations and tenant improvements (i.e., tracking conditional and unconditional lien releases, capital payment approval and processing, variance analysis).

Skills:

The position requires someone who:

  • Is self-reliant, self-confident, adaptable and flexible,
  • Must able to work effectively in teams and individually,
  • Must be open to critical feedback, learn from it, and adjust course,
  • Thrives on challenge and significant responsibility,
  • Can work well under pressure with compressed project time frames,
  • Is an exceptionally well organized and detail oriented individual,
  • Is analytical and resourceful with the ability to monitor and adhere to detailed processes and procedures strictly,
  • Is equipped with persuasive writing and oral communication skills, and
  • Has excellent interpersonal skills and the ability to interact with diverse personalities.
  • Possesses solid working knowledge of the mechanics of real estate, market cycles, asset behavior, performance within cycles, and the proven ability to act strategically to effect superior returns.
  • Understands the impact of the capital markets and the private real estate market and understand how this impact and interrelates to the on-going business of the organization and individual assets.
  • Understands how the institutional real estate business functions within the context of the private real estate market.
  • Can interpret cash flows, financial reports, market and demographic information, and their impact on asset value and performance.
  • Can conduct market research, solicit feedback from brokers, property managers, reporting institutions, websites, and other published and unpublished sources to gather market data impacting an asset (including zoning, legislation, demographics, migratory patterns, construction, net absorption, trends, past performance, tenant preferences, etc.), and as required for strategic planning and reporting purposes.
  • Understands architectural plans and contracts, engineering studies, schedules, and how to craft lease language when appropriate to protect the landlord.
  • Possesses working knowledge of multifamily-specific management software, including reporting (Yardi) and revenue optimization (Yieldstar)
  • Has exceptional computer skills in the operation and functioning of all programs used by the organization, such as Argus Enterprise, Excel, Word, PowerPoint, Access, email, and standard internet research tools.

Supervisory Responsibilities:

  • Vice Presidents.
  • Assistant Vice Presidents.
  • Associate(s).
  • Analyst(s).
  • Executive Assistant(s) and Office Assistant(s).
  • Property management and leasing personnel.

Job Specifications:

  • Position type: This position is considered exempt under the Federal Labor Standards Act.
  • Expected work hours: 8:30 to 5:30, Monday through Friday with occasional weekends.
  • Travel: May be required to drive a personal vehicle for business (on occasion).
  • Work environment and physical demands: General office environment includes but not limited to periods of sitting at a computer, standing at a copier and carrying files.

 

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that are required of the employee for this job.  Duties responsibilities and activities may change at any time with, or without, notice.

 

American Realty Advisors is committed to equal employment opportunity. We do not discriminate based on an individual's race, sex, religion, color, national origin, ancestry, physical or mental disability, medical condition, marital status, registered domestic partner status, veteran status, sexual orientation, age, gender identity, genetic characteristics, or any other basis prohibited by law. This policy governs all aspects of employment at American Realty Advisors, including hiring, assignments, training, promotion, compensation, employee benefits, employee discipline and discharge, and all other terms and conditions of employment.

 

ARA considers for employment qualified applicants with criminal histories in a manner consistent with the requirements of the Los Angeles Fair Chance Initiative for Hiring Ordinance No. 184652.

 

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