Asset Manager, Multifamily Real Estate

4 weeks ago

Boston, United States 2020 Foresight Executive Talent Solutions Full time

Company

Our client is a boutique real estate investment and management firm specializing in value-add multifamily properties in growth oriented and opportunistic markets throughout the southeastern US.


Position

Reporting to the Principal, the Asset Manager, Multifamily, position provides an opportunity to oversee and optimize a portfolio of multifamily properties (2k Class A/B units throughout the southeast), working closely with senior leadership and property management teams to maximize returns and ensure exceptional resident experiences. The Asset Manager is responsible for the development and strategic implementation of all initiatives within the business plan as well as driving the NOI through the oversight of leasing, property management, operating budgets, and capital projects for a growing multifamily portfolio.


The ideal candidate will be driven and will bring a proactive attention to detail across all asset management processes, including construction management, property management and financial management and reporting.


The ideal candidate will be based in the Boston metro area. Candidates located in NC who are willing to relocate to Boston will be considered.


Responsibilities

Daily responsibilities include, but are not limited to:

  • Maintain comprehensive oversight of existing operating assets. Direct the development of business plans and objectives, marketing, leases and sales plans along with investment strategies for each asset’s operation and capital improvements.
  • This includes budgets, forecasts, monthly performance reports, timelines and management plans. Conduct frequent site visits.
  • Responsible for the execution and implementation of each asset’s business plan.
  • Create and execute strategy with property management to establish the revenue, expenses, NOI, and, if appropriate, renovation, capital expenditures, and the subsequent rent lift associated with the overall business plan at underwriting and any approved changes to the original business plan, in the form of an annual capital and operating budget.
  • Develop and implement cutting-edge asset management strategies to enhance portfolio performance, driving both immediate results and long-term value.
  • Lead in-depth financial analysis, including budgeting, forecasting, stress testing, and variance analysis, to uncover revenue opportunities and optimize expenses.
  • Closely monitor all elements of financial performance; analyze financial statements and make necessary operating adjustments; hire, direct, and supervise third-party management; oversee leasing/marketing teams. Oversee monthly financial reviews.
  • Oversee all third-party property management teams (currently two different firms) to ensure streamlined operations, outstanding resident satisfaction, and alignment with company objectives.
  • Responsible for creating, documenting and implementing asset management systems (KPIs, Standard Operating Procedures) and processes for a growing firm.
  • Monitor market trends, demographics, and competitor activity to identify opportunities and mitigate risks within the portfolio.
  • Proactively analyze economic trends for each specific asset sub-market, and the region as a whole, and forecast trends that affect the property in regard to long/short term disposition and exit strategy changes indicated by market info.
  • Track and analyze key performance indicators (KPIs) and financial metrics to assess the effectiveness of asset management initiatives.
  • Build and maintain strong relationships with investors, lenders, and third-party service providers, serving as the company's trusted representative.
  • Collaborate with the acquisitions and dispositions team on due diligence, underwriting, and negotiation processes for multifamily assets.
  • Prepare and present insightful reports on portfolio performance to senior management and investors, ensuring transparency and strategic alignment.
  • Spearhead capital improvement projects and renovations that preserve and elevate property value while enhancing the living experience for residents.
  • Ensure all properties meet or exceed regulatory standards and industry best practices, particularly in senior housing and fair housing laws.
  • Stay informed on industry trends, market conditions, and legislative developments to address challenges and capitalize on opportunities proactively.


Qualifications

  • Bachelor’s degree in finance, real estate, business administration, or a related field; an MBA or advanced degree is a plus.
  • At least 5 years’ experience in asset management, with a strong focus on multifamily real estate.
  • Established track record of business plan development, execution and value creation across residential asset class.
  • Demonstrated proficiency in financial analysis, modeling, and valuation, with a proven ability to drive financial and operational performance.
  • A working knowledge of southeastern and sunbelt markets by working with regional property management, construction/landscaping vendors, and local governance.
  • Expertise in property management systems like Yardi and advanced Microsoft Office skills. Experience with other real estate software is a bonus.
  • Comprehensive understanding of federal, state, and local regulations governing senior housing and multifamily operations.


Personal Skills & Attributes

  • Strong interpersonal and communication skills, with the ability to influence and engage stakeholders at all levels.
  • A proactive and innovative approach to asset management, with the ability to think strategically and execute tactically.
  • High level of professionalism, with a customer service orientation.
  • Strong multi-tasking, time management and decision-making skills.
  • Ability to set personal and project priorities and demonstrate strong organizational skills in day-to-day and long-term planning and execution.
  • Strong analytical skills, problem analysis, project budget modeling and project scheduling. Ability to see big picture.
  • Excellent written and oral communication skills.
  • Ability to effectively delegate and negotiate.

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