Job description
The Opportunity
Position Title: Director of Asset Management
Reports to: Vice President of Asset Management
Position Purpose
The Director of Asset Management will actively work with the asset management and operations teams in the oversight and management of an ultra-luxury, strategic high-rise multifamily asset with the overall goal of optimizing asset value. The Director will be responsible for oversight of the 3rd party property manager, overseeing value-add capital projects, and implementation of income producing or expense reduction initiatives. The Director will also play a key role in developing and executing on property specific strategies, evaluating operational performance against relevant industry benchmarks, analyzing capital investment decisions and how they impact value, and facilitating preparation of required reporting deliverables to Senior Management.
Essential Functions
- This position will represent Northland with direct oversight of third-party management partner to maximize the asset’s full potential in revenue optimization, net operating income, capital investment planning, and asset preservation.
- Drive investment strategy, value creation and outperformance through direct oversight of property operations, leasing, capital deployment, and capitalization.
- Incorporate a value-oriented approach to the asset by analyzing revenue opportunities and providing direction supported by financial analysis to justify major capital investments and financial decisions.
- Help shape the strategic annual business plan, lead the execution of that business plan, and monitor property performance against original underwriting, annual plans, and any applicable reforecast.
- Regularly tour the market to become an expert on competitive set, market dynamics, and market participants, and to understand and proactively manage operational concerns.
- Maintain open and effective lines of communication with Senior Management regarding management of this investment including the physical, financial, and leasing performance through approved reporting and communication formats.
- Review and approve the various documents pertaining to operating and marketing the assets, including management agreements, leasing agreements, service contracts, etc.
- Develop and maintain knowledge regarding capital markets activity in the region. Establish credibility as Northland’s Los Angeles market expert.
- Develop and foster productive working relationships with property management companies, brokers, and industry peers.
- Establish a strong working relationship with the HOA and HOA management company to advocate for this asset and advance strategic priorities that require HOA approval.
About You
Qualifications and Requirements
- A Bachelor’s Degree in Business Administration, Finance, Engineering, or related field, plus 4-7 years of real estate experience in multifamily real estate analysis, asset management, or operations with some direct experience in asset management OR an equivalent combination of education and experience is required. Graduate degree a plus.
- Working knowledge of in Real Estate Investments, Multifamily Property Management, and Asset Underwriting.
- Proficient technical understanding with the ability to demonstrate moderate to advanced knowledge of MS Excel in financial modeling capabilities.
- Ability to create and implement strategic business plans for real estate assets.
- Self-starter with a strong sense of ownership, professional excellence, and assertive follow-through with ability to effectively communicate with Senior Management and internal business partners.
- Strong analytical and organizational skills with a passion for attention to detail.
- Excellent verbal and written communication skills.
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