Director of Asset Management - Multifamily

Salary: $180,000-$200,000 + Bonus
Hybrid: 3 days in-office, 2 days remote

Job Summary:

The Director of Asset Management is responsible for leading the day-to-day asset management within the department. The responsibility includes maximizing apartment operating revenue and minimizing expense, while maintaining average occupancy at or above the MBK target for each project, while upholding MBK's quality standards. This role will oversee third-party property management companies' operational activities including, but not limited to, budgeting, forecasting, leasing, marketing, maintenance and capital improvement projects. Responsible for assessing leasing and maintenance personnel performance and employment. Responsible for leading MBK Rental Living analytics.

Secondary responsibilities include assisting in acquisition due diligence, organizational strategy and operational planning, participating in overall project design and market research.

Supervisory Responsibilities:

• N/A

Duties & Responsibilities:

Managing the asset management function of the company's multifamily portfolio to maximize investment returns:

• Aggressively and proactively review operating results to increase revenue and decrease operating costs
• Oversee monthly matrices and reporting to evaluate each community's operating results. Evaluate and compare rent growth, occupancy, leasing, traffic, operating cost trends and NOI
• Review and execute on recommended increased operating efficiencies
• Guide marketing activities based on budget, market and historical results
• Participate in weekly calls with third party management teams and update operational status reports
• Lead the preparation of annual operating and capital budgets as well as monthly forecasts between property management and other departments.
• Travel to assets to lead property inspections, to monitor performance and compliance with approved business plans and policies, as well as identify opportunities for improvement and value creation, along with any issues that may require additional action.
• Manage and report on capital improvement projects; update renovation tracking reports
• Maintain quarterly/year-end fund level reporting for IRR/equity multiples, debt summary, and performance (as necessary)

Manage the analytics function of MRL:

• Lead the creation of JV tailored analytics and reporting
• Present to senior leadership status reports of assets and portfolio
• Review reporting initiatives for efficiencies and value to the organization
• Negotiate ancillary contracts and management agreements
• Champion new technology initiatives
• Participate in the creation of Board of Director slides each quarter and monthly operating reporting
• Participate in due diligence on acquisitions such as market and rent studies, new investment submittal preparation, and oversee transition to selected third-party property management
• Decide resident-facing specification levels at each asset and determin the value it will provide
• Travel to markets to validate research and operating assumptions upon signature of Letter of Intent on potential acquisitions
• Periodically perform "hold/sell" analyses on all properties; Implement disposition preparation strategies and facilitate onsite disposition activities
• Attend industry conferences for market updates and vendor connections
• Other ad hoc assignments

Education Requirements:

• Bachelor's Degree required.
• MBA preferred.

Experience Requirements (in years):

• 7-10 years of experience in institutional real estate investment; 5+ years in a multifamily property sector
• Thorough understanding of institutional real estate
• Demonstrated track record of value creation
• Strong analytical skills including complex financial modeling in Excel
• Strong proficiency in real estate investment concepts and terminology
• Real Estate/Apartment Operations experience
• Prefer experience with Yardi, revenue management and ancillary income software
• Contracts/negotiating

Required Competencies/Licenses/Certifications:

• Advanced proficiency in Excel financial modeling; including financial projections and scenario analysis
• Microsoft Suite competency.
• Extremely well-organized with exceptional attention to detail.
• Highly motivated, solves problems independently and able to meet firm deadlines.
• High level of professionalism, discretion, and executive presence when interacting with senior leaders, investors, third-party partners, and cross-functional stakeholders.
• Maintain positive attitude and teamwork in a fast-paced environment.
• Strong writing, quantitative and communications skills.

Physical Demands & Work Environment:

• Must be mobile and able to perform the physical requirements of the job, bending, kneeling, stooping, pushing, pulling and repetitive motion.
• Ability to sit and work at a computer for long periods of time.
• Able to move intermittently throughout the workday and between divisions.
• Ability to lift/carry up to 30 lbs. and push up to 20lbs. as necessary.
• Some travel required; ability to travel on a periodic basis.

We offer a rich benefits package comprising of the following: competitive salaries with opportunities for growth; 401(k) retirement plan with up to 4% employer matching; comprehensive industry leading medical, dental and vision insurance; company-provided life, disability and AD&D insurance; flexible spending accounts, generous paid time off including vacation and sick time, holidays, and bereavement leave; and a variety of programs including leadership development, training, and personal coaching; education loan assistance and scholarships; daily living, financial and legal services; childcare and eldercare assistance; employee discounts; and health and wellness resources that include virtual yoga, mindfulness, and financial readiness for employees and their family members.

If you are ready to meet the challenges of this critical role, we want to hear from you!