Asset Management Director

3 weeks ago

Étreux, Hauts-de-France, United States AvalonBay Communities Full time

Job Summary

The Director of Asset Management is responsible for analyzing multiple aspects of long-term asset performance, including identifying, tracking, and managing asset preserving and value adding opportunities to drive key performance indicators.

AvalonBay's Asset Management team builds on our core mission by creating a better way to live by sustaining and enhancing the value of our communities.

Essential Job Functions:

  • Support and drive asset management activities related to a portfolio of multifamily communities owned by AvalonBay and its joint venture investors.
  • Work cross-functionally with AvalonBay's Property Operations, Construction, Investments, Market Research, Strategic Initiatives, Engineering, Corporate Responsibility, New Development, Design, Corporate Finance and Legal Groups to support the regional Asset Management leader with the identification of value creation opportunities across AvalonBay's portfolio.
  • Analyze asset operating performance to identify NOI-enhancing opportunities in the portfolio, such as supporting the development of strategies to further monetize amenities, identifying revenue generating and expense mitigating opportunities, and enhancing the value and cash flow performance of AvalonBay's parking assets.
  • Analyze asset performance and evaluate competitive positioning to develop asset strategies including value-add investment to either enhance or maintain asset values.
  • Prepare performance projections and assess future capital investment opportunities, including redevelopment, CapEx, value-add and expense savings investments that could impact investment hold strategies and timing.
  • Oversee approval, and execution of identified capital investment programs.
  • Evaluate feasibility of value creation opportunities including assessing jurisdictional requirements, property physical attributes, and preliminary design and cost factors critical to success.
  • Collaborate with cross-functional teams to identify key performance indicators (KPI) for portfolio performance.
  • Model scenarios to understand asset performance versus the portfolio and submarket and portfolio performance versus competitors and the submarket using KPIs and/or other metrics.
  • Monitor asset and portfolio performance to identify opportunities to improve long-term performance.
  • Analyze market data to identify opportunities and develop strategies for the assigned portfolio.
  • Serve as the key business owner for assets with HOA's or complex ownership issues.
  • Asset Investment Planning:
Essential Duties:
  • Develop and maintain 10-year cash flows for asset level business planning through cross-functional collaboration with AvalonBay's Property Operations, Construction, Investments, Market Research, Corporate Finance, and Development groups.
  • Coordinate immediate and long-term CapEx planning with Operations, Engineering, Construction and AM for asset level business planning.
  • Present 10-year cash flow models and asset level business plans to AVB leadership for internal buy-in.
  • Maintain proficiency in cash flow modeling, perform/update analyses as required.
  • Collaborate with AM, Investments and Operations to identify hold strategies and potential disposition candidates.
  • Participate in the development of asset business plans including accounting for impacts from value-add capital investment and the creation of plans for portfolio capital investment.
Minimum Qualifications:
  • Bachelor's degree required.
  • MBA in Finance, Real Estate, or related field is preferable.
Experience:
  • 7-10+ years of experience in asset management, acquisitions, underwriting, or property management, preferably in the multifamily sector.
  • Knowledge, Skills and Abilities:
  • Demonstrates an investment mindset with a thorough understanding of financial calculations/metrics, valuation, and possesses strong analytical skills.
  • Fundamental understanding of real estate valuation, including creating value and variance analysis.
  • Demonstrates a strong, working knowledge of Excel.
  • Excellent oral and written communication skills are essential. This position involves extensive interaction with internal AvalonBay stakeholders, as well as external partners.
  • Self-starter, thought leader, resourceful, thrives in team setting.
  • Demonstrates good business judgement and decision making.
  • Strategic thinker with hands on approach to asset management.
  • Ability to manage through influence.
  • Navigates through ambiguity to drive process, builds consensus, makes timely decisions and achieves vision.
  • Knowledge of real estate property management operations and financials.
  • Knowledge of entitlement process to assess value creation opportunities and mitigate risks.
  • Strong communication skills, verbal and written, including presentation skills.
  • Prioritization and organization skills, with a strong ability to multi-task.
  • Project management skills.
  • Ability to manage external consultants and vendors towards quality and timely submittals.
  • Ability to work autonomously to achieve established goals.
  • Computer literacy, including MS Word, Excel and PowerPoint.
AvalonBay Supports You:
  • We know that our teams are the beating heart of our success and we're committed to showing our appreciation.
  • We offer comprehensive benefits - health, dental and vision, 401(k) with company match, paid vacation and holidays, tuition reimbursement, an employee stock purchase plan and more.
  • Growth based on achievement and promotion from within.
  • Associate recognition (a company-wide recognition program that celebrates associate efforts and successes in contributing to the overall success of the organization).
  • A 20% discount on our incredible apartment homes.
  • A culture built on purpose and our core values - A Commitment to Integrity, A Spirit of Caring, and A Focus on Continuous Improvement.

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