Our client is a vertically integrated real estate investment, development and management firm that leverages over five decades of experience, the strength of its leadership team and employees and a diversified portfolio to deliver maximum value for its investors and tenants. Headquartered in Boston and investing across the United States, the firm prides itself on taking a nimble, collaborative approach to delivering best-in-class results from complex opportunities. With $12.8 billion in gross asset value invested through real estate equity, debt and fixed-income securities, the firm today owns a real estate portfolio of approximately 15.2 million square feet of healthcare and life science, industrial, retail, office and hospitality properties and more than 5,800 residential units across the United States.
Position Overview:
This Senior Associate, Asset Management will help to drive the financial performance and asset management needs of the for-sale and rental residential assets of the firm.
Working with and reporting to the Senior Vice President, Asset Management, this role is expected to assist with implementation of an asset management program for the residential portfolio helping to grow the Residential Vertical by working across functional teams of the firm's employees, including key personnel within the Investments, Development, Finance, Accounting, Legal and Investor Relations groups. The select individual will be responsible for business plan execution and analytical oversight of certain assets within our client's residential portfolio.
This individual is expected to institute best practices and systems to obtain the highest possible return on the owner's investment by timely consultation and approval of all projects from acquisition to implementation to disposition of the asset(s). The Senior Associate will review operating and capital budgets, assist with market gathering information and develop the necessary collateral, review financial and performance metrics, monitor asset valuations as required as well as participate in advising on the development of new projects. The position will help drive major capital transactions of multifamily assets starting with input on acquisition and refinancings and orchestrating asset dispositions.
This role is viewed as a catalyst (on a growing team) in helping to grow and institutionalize our client's multifamily platform.
Responsibilities: • Manage properties across full asset life cycle with an ownership mentality, focusing on value creation through diligent management of approved business plans • Analyze operational performance and recommend adjustments to meet budgeted goals; alert team members to issues as they arise and work with the team to evaluate and implement solutions • Develop and execute value-enhancing initiatives spanning redevelopment, renovation, property management, leasing, and reporting • Provide management and analytical oversight of third-party team's execution of extensive property renovation programs • Oversee third-party relationships with property managers, joint venture partners, vendors, select tenants, and counsel, which includes regular travel to out of state investments to monitor business plans • Collaborate with counterparts in Investments and Development to identify and pursue new acquisitions • Guide all major transactions post-acquisition, including all refinancings or debt modifications as well as the ultimate disposition of assets, working with Finance, Legal, and other internal departments on such efforts • Work with Investments, Property Management, and Development groups to coordinate due diligence efforts on new investments and ensure consistency and quality of underwriting assumptions • Coordinate key risk mitigation efforts internally, including working with the Finance team to understand insurance programs, debt hedging strategies, real estate tax abatement and assessment process, and other key risk mitigation tools • Work the Senior Vice President, Asset Management to advance the multifamily reporting • Develop budget projections and coordinate reforecasts and other reports as applicable • Lead the quarterly valuation and review efforts for a portfolio of multifamily assets focusing on understanding asset performance and determining key assumptions for re-forecasting • Ensure consistent, meaningful communication and coordination among stakeholders with particular focus on routine project updates to senior leaders • Perform various fund management and administration activities including coordinating rollup of property financials to portfolio level
Qualifications: • Bachelor's Degree and a minimum of five (5) to seven (7) years of real estate experience, with a preference for experience within the multifamily asset class • Understanding of multifamily industry (supply/demand, revenue and expense drivers, forecasting, reporting, leasing and marketing) • Ability to create detailed financial models demonstrating exceptional proficiency with Excel; proven comprehension of complex analyses (e.g. different debt structures, ground leases, waterfalls, etc.) • Ability to synthesize information, create structure for analyses, draw informed conclusions, and present to senior leaders • Ability to solve practical problems and manage multi-variable situations with limited standardization • Exceptional written and oral communication skills, with acute attention to detail • Project management skills and the ability to multitask and prioritize workload efficiently and effectively with little direction • Experience managing complex capital/redevelopment projects for an ownership group preferred • Ability and willingness to travel up to 20% of the time