About the RoleCBRE Investment Management is seeking a Director to join our residential asset management team. The position could be based in New York City, Boston or Dallas. As an Asset Management Director, you will act as the Regional Asset Manager and work with a team of analysts and associates.
The Portfolio will consist of approximately 12 - 14 properties. The properties will span the risk spectrum - including Core, Core-Plus and Value-Add - and may include multifamily, student housing, build-to-rent (BTR) and scattered-site single-family rental (SFR) assets. This position reports to the Head of Asset Management for the Residential sector.
The Director will develop the overall investment strategy for the Portfolio. This role is integral to the continued growth of CBRE IM's residential platform by maximizing asset value through optimizing occupancy, growing revenue, reducing expenses, managing capital and driving other value-add initiatives.
What You'll Do - Oversee and monitor performance of an assigned portfolio. Develop strategy for the properties and work with the third-party managers or JV partners to ensure timely execution of the plan.
- Partner with the transaction team on underwriting and due diligence for new acquisitions. Manage the takeover of new acquisitions.
- Prepare Budgets, Business Plans and Reporting: Directly responsible for the portfolio's leasing, NOI, AR and other performance. Create annual budgets and business plans for the properties in accordance with different portfolio strategies (three CBRE IM funds and various separate accounts). In conjunction with property management, accounting and analysts, responsible for financial reporting, reforecasts, and variance analysis on ad hoc, monthly, quarterly and annual basis.
- Leasing: Lead operations and leasing strategy calls with on-site team. Work with applicable pricing managers to develop new lease and renewal pricing for properties. Work with management companies to ensure plan for marketing and leasing strategies are successful.
- Third Party Oversight: Oversee third party property management, project management and tax consultants, including the review of operating expenses and completing capital expenditure plans.
- Capital Improvements: Create and lead value-add capital improvement plans across a diverse portfolio of residential assets, and conduct periodic site visits to review physical condition and compliance standards.
- Valuation, Disposition and Financing Collaboration:
- Valuations: Collaborate with Portfolio Management on valuations using income, sales comparison, and replacement cost approaches. Assist in the review of quarterly appraisals and provide feedback to portfolio management.
- Dispositions: Analyzing BOVs, running hold-sell analysis, and gathering due-diligence information. Assist with the Investment Committee disposition presentation.
- Financing: Collaborate with internal capital markets team and assisting with data requests.
- Documentation: Negotiate purchase and sale agreements, operating agreements and property management agreements.
- Operating Partner Accountability: Supervise and drive operating partners, holding them accountable for maximizing value and profitability.
- Cross-Functional Coordination: Interact effectively with in-house departments - including the transactions, capital markets, accounting and legal - to ensure a consistent understanding of performance expectations and efficient use of resources.
- Market Leadership: Establish credibility both internally and externally as a residential asset management expert.
- Develop, train and mentor junior members of the team.
What You'll Need - Undergraduate or graduate degree in real estate, accounting, finance, economics, or related field preferred.
- Minimum of 10 years of direct experience in residential asset management.
- Highly organized with ability to lead multiple tasks in a dynamic, team environment.
- Strong knowledge of asset and property management, leasing, marketing, financial reporting and financial concepts.
- Present information effectively to other employees, senior management, and client groups in private and public settings.
- Travel 30-50% of the time, including overnight.
- Experience successfully implementing and overseeing significant value-add capital projects to achieve targeted ROI.
- Experience in managing JV relationships as well as experience in the student housing sector.
- Prior property management and construction oversight experience.
- Strong modeling and analytical skills, including regular use of Excel and the MS Office suite.
- Experience working with Yardi, AIRM and industry related research and operating platforms.
- Acute attention to detail, ability to multitask, and strong organizational skills.
- Outstanding written and verbal communication.
- Self-starter, able to work independently or in a team environment.
- Demonstrated flexibility to handle multiple projects in a fast-paced environment.
- Unquestionable integrity and ethics.
- Applicants must be currently authorized to work in the United States without the need for visa sponsorship now or in the future
CBRE Investment Management carefully considers multiple factors to determine compensation, including a candidate's education, training, and experience. The minimum salary for this position is $200,000 annually and the maximum salary for the position is $225,00 annually. The compensation that is offered to a successful candidate will depend on the candidate's skills, qualifications, and experience. Successful candidates may also be eligible for a discretionary bonus based on CBRE's applicable benefit program.
