Position Description

Vice President, Asset Management
Location Chicago
Job Code 339
# of Openings 1
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Position Summary:

American Realty Advisors (ARA) is a private equity real estate firm which acts as the sponsor of various commingled funds which invest in real estate assets throughout the United States. Our strategies include value add, core, structured finance, mezzanine debt and other types of investments. ARA also acts as the investment manager for separate accounts tailored to our investor’s goals. All our institutional investors are tax-exempt.

The Vice President, Asset Management is responsible for assisting with the overall asset management of a portfolio of retail real estate assets, which are a part of the firm’s core and value-added separate accounts and commingled funds. These assets are located throughout the country.

ARA is a registered investment advisor under the Investment Advisers Act of 1940 and an ERISA fiduciary with approximately $10 billion in assets under management. ARA, through its funds and separate accounts, acquires real estate investments throughout the United States. 

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 retail assets through effective coordination of third-party property managers, leasing staff, construction managers, and others.
  • Support the development of strategic business plans for each asset which governs its daily operations and position in the marketplace
  • In partnership with senior and 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.
  • Assist with drafting and presenting material recommendations regarding the property’s operations, capital plan or investment strategy for Investment Committee.
  • Support implementation of capital improvement plans, when appropriate, consistent with Business Plan and market position of the asset.
  • Manage the tenant improvement process in an efficient and timely manner.
  • Work closely with property managers and consultants to develop strong relationships through sound leadership and regular review of property management reports.
  • Track weekly and monthly status reports from property managers.
  • Understand architectural plans and contracts, engineering studies, schedules, and work with senior and executive vice presidents and attorneys to craft language when appropriate to protect the landlord.
  • Review and negotiate contracts for architectural, construction and other consulting services.
  • Develop tracking schedules for new developments, construction projects, and capital improvement projects.
  • Document all decisions consistent with ARA’s policies and procedures.

Financial Analysis/Valuations

  • Complete asset valuations (hold/sell analyses and annual and quarterly valuations) in an efficient and timely manner.
  • Manage general property level analysis functions (i.e., CAM reconciliation’s, property management contracts, RFPs, construction contracts, and vendor contracts).
  • Prepare and review budgets to implement strategic business plans.
  • Perform economic analyses of all potential lease transactions to verify consistency with budget and proforma.
  • Review and comment on third-party appraisals and brokers’ opinions of value.

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 local leasing and investment brokers to facilitate leasing and investment activity.

Due Diligence

  • Conduct review and analysis of assets that are to be acquired by the firm. This work will occur during the initial evaluation of the property and during the due diligence of the asset to ensure that each asset can be managed to the level as outlined in the acquisition, underwriting, and long-term budget.
  • Support the acquisition/due diligence process, including the selection of appropriate property managers and leasing agents, establishing initial capital and operating budgets, and review of acquisition underwriting assumptions.
  • Participate in the evaluation and review of each asset to be acquired by the firm in both the core and value-added space.
  • Work with Investments to develop long-term models to support the acquisition.
  • Work with the Investment Group to create and present purchase recommendations to the Investment Committee.
  • Perform in-depth market research to support all underwriting assumptions incorporated into the acquisition model.
  • Review leases and lease abstracts, capital improvement budgets, and operational budgets.
  • Participate in the physical inspection of the asset to understand the impact of any deficiencies on underwriting including conducting tenant interviews to understand the financial position of the primary tenants.

Leasing

  • Analyze financial terms of lease proposals, using effective lease/rent calculations and net present value for leases. Determine if leases are consistent with current market conditions and meet with long-term asset expectations from a financial perspective.
  • Draft and negotiate real estate lease proposals and leases and make appropriate recommendations to senior management.
  • Maintain an understanding of the property’s position in the context its market and primary competitive set to ensure the property is priced appropriately and are consistent economically with its peer group.
  • Work with the Leasing to create a strategic and tactical marketing plan for each asset.
  • Work with tenants and brokers to attract, qualify and maintain tenants and achieve favorable lease terms.
  • Collaborate with and manage attorneys to resolve legal issues efficiently.

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:

  • Bachelor’s degree in business, real estate, finance, accounting, or equivalent required.
  • Advanced degree preferred.
  • Professional designation preferred (i.e., R.P.A. or C.P.M.).

Experience:

  • Minimum seven years of related real estate and asset management experience.
  • Knowledge of the private equity real estate market and how such investments work and are structured is an essential part of this position.

Skills:

The position requires someone who:

  • Is self-reliant, self-confident, adaptable, and flexible,
  • Must be 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,
  • Is equipped with strong writing and oral communication skills,
  • Has excellent interpersonal skills and the ability to interact with diverse personalities, and
  • Possesses a strong working knowledge of mechanics of real estate, including but not limited to interpreting accounting reports, and
  • Can organize and summarize complex financial and legal information in writing.

Supervisory Responsibilities:

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

Job Specifications:

  • Status: This role 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 occasionally.
  • 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 of employment.

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