The Asset Manager - Market Rate will support the Director of Asset Management by maintaining oversight of all market rate assets in assigned markets, responsible for ensuring asset performance, monitoring market conditions, and business plan execution throughout all stages of investment lifecycle.
Primary Responsibilities:- Manage internal and external stakeholders to execute intended business plan, continually monitoring asset value to maximize investment outcome for all assigned assets.
- Serve as primary relationship point of contact for investment partners on all assets within lease-up, stabilized and disposition stages.
- Monitor ongoing leasing progress to ensure performance is tracking overall expectations for velocity, rents and concessions, and recommend changes to course-correct with stakeholders accordingly.
- Update and maintain valuations for all assets within assigned portfolio, in accordance with NRP's Valuation Policy.
- Maintain internal DCF valuation model, and compile Hold/Sell Analysis for all assets.
- Develop and maintain relationships with investment sales brokers in each assigned market and closely track sales transactions.
- Obtain Broker Opinion of Values (BOVs) and conduct comprehensive broker pitches for all assets nearing potential disposition.
- Execute and maintain comprehensive Disposition Checklist for all pending asset sales, including compilation of all prospective buyer due diligence items, thoroughly assessing all for any potential risk.
- Facilitate successful closing on asset sales by finalizing joint venture waterfall and transaction settlement statement and coordinating all internal review/approval meetings.
- As needed, obtain lender permanent debt quotes and facilitate successful refinancing effort.
- Monitor all loan covenants for compliance.
- Conduct thorough monthly financial reviews for all portfolio assets, including budget variance, income statement, balance sheet, and cash position, and prepare all required investor reporting.
- Assistance in preparation of annual operating and capital budgets to ensure alignment with intended business plan and facilitate final approval from investment partners.
- Review real estate taxes with national tax consultants and evaluate/execute any potential tax appeals.
- Support NRP Group's Investment Committee process for new market rate development projects in assigned markets by researching, analyzing and presenting relevant property sales transactions, recommending exit cap rate metrics, and summarizing key buyer underwriting trends.
- Conduct periodic site visits and market tours based on needs of assets within portfolio.
- Assist with ad-hoc analyses as required by internal and external stakeholders.
Qualifications:- Education: Bachelor's degree required. Finance or Accounting degree is preferred.
- Experience: 5+ years of operational and financial multi-family real estate experience
- Technical Skills: Working knowledge of Microsoft Office Suite; Proficient in Excel
Work Environment: This is a hybrid role for someone based in Cleveland, Dallas, or San Antonio who can work out of one of these offices with flexibility to work remotely. Candidates must be willing to commute into the office at least 3 days/week.
This role has a salary range of $90,000-$110,000 based on experience, along with a discretionary bonus.
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