Vice President, Multifamily Asset Management
Asset Management - Cash Flow | Palo Alto, CA | Full Time
About the Company:
Pacific Urban Investors (‘Pacific’) is an industry leading multifamily investment firm and pension fund manager. Headquartered in Northern California’s innovative Silicon Valley, Pacific has expanded nationwide with additional offices in Washington, Colorado, New York, and Washington DC. Pacific is focused exclusively on the multi-family rental space. The firm has successfully deployed well-timed strategies to the benefit of its institutional partners and stakeholders throughout the United States.
Since its inception in 1998, Pacific has completed over $7 billion in apartment transactions on behalf of its own account and those of its strategic institutional partners. Today, Pacific has over seventy professionals and an owned apartment portfolio in excess of $5 billion.
Pacific Urban Investors is an affiliate of The Marcus and Millichap Companies. More information can be found at www.purapts.com.
Job Description: Pacific Urban Investors, a leading private real estate investment firm, seeks a Vice President, Multifamily Asset Management who will oversee and direct operational, leasing and acquisition aspects of a Western United States portfolio of apartment communities.
The employee will report to the Director of Portfolio Management and will be based at the firm’s headquarters office in Palo Alto, California. This location also seats the Vice-Chairman & Chief Executive Officer of Pacific.
Responsibilities for the Vice President, Multifamily Asset Management include “running the business” of a portfolio of multifamily apartments in the Western United States, such as formulating and executing short-term and long-term asset management strategies, running property operations, and working with the Investment team to facilitate growth of the portfolio.
The Vice President, Multifamily Asset Management will be a confident, dynamic, and sophisticated investment professional with a thorough understanding of institutional real estate, significant multifamily experience, and a demonstrated track record of value creation.
Primary Duties & Responsibilities:
- Provide strategic direction for a diverse multifamily portfolio.
- Develop, present, and execute comprehensive annual business plans for each asset.
- Work in partnership with Pacific’s acquisition team on underwriting and due diligence efforts for new multifamily investment opportunities to add to your portfolio.
- Manage takeover of new assets and ensure a smooth and successful transition into the portfolio.
- Become the local expert in each market where you manage properties, with a focus on knowing competitive apartment communities, the development pipeline, and other economic drivers that could impact asset performance.
- Manage our third-party property management firms, including working with property leasing staff, regional managers, and marketing personnel.
- Manage consultants, internal construction resources, and outside contractors to renovate and improve individual assets.
- Visit all properties within the portfolio on a regular basis to oversee the operations and on-site staff, and occasional travel to other, out of the area, markets. Expenses for such travel will be reimbursable to employee.
- Provide direction to third-party property managers regarding the development of and successful execution on operating budgets, capital investment plans, leasing/marketing plans, cost control strategies, risk management strategies, and other significant operational items with the goal of increasing/maximizing value.
- Review financial reporting and variance analyses and coordinate with accounting personnel to ensure that financial statements are accurately presented.
- Perform property inspections to monitor performance and compliance with approved business plans and policies, as well as identify opportunities for improvement and value creation and any issues that may require additional action.
- Assist with asset-level valuation reviews as needed, including: the gathering of market data, reviewing property performance and measuring each asset against its budgets and goals.
- Develop positive working relationships both internally and externally (co-workers, clients, third-party property managers, consultants, and other service providers); be an active participant in local industry organizations.
Desired Education and/or Experience:
- Bachelor’s Degree required; advanced degree in real estate preferred.
- Minimum five years of market rate multifamily real estate experience in the Western United States; preferred candidate will have overseen a portfolio of diverse multifamily communities.
- Strong skills and demonstrated experience in multifamily asset management and/or operations.
- Thorough understanding of financial statements and reporting.
- Solid knowledge of property valuation techniques and practices.
- Excellent working knowledge of building systems and ability to understand architectural plans.
- Detailed understanding of the due diligence process; experience in real estate acquisitions is a plus.
- Strong interpersonal skills with a demonstrated ability to work with internal and external business partners, consultants, and clients.
- Ability to communicate complex issues effectively and professionally both verbally and in writing to senior management and clients.
- Highly self-motivated, confident, and driven.
- Ability to work effectively in a fast moving yet collegial environment.
- Strong intellect and strategic thinker with solid quantitative, financial, and analytical skills.
- Exceptional interpersonal skills including the ability to develop strong relationships with clients, finance partners and colleagues.
- Proficiency with spreadsheets and other financial and presentation software, such as Microsoft Excel and Word is required. Experience with Yardi accounting system, and YieldStar pricing software is a plus.
- Executive presence enabling effective interaction with existing clients, colleagues, and prospective clients.
- Impeccable integrity, trustworthiness, and reputation within the real estate industry.
- Pacific would like to thank you for applying; for efficiency in evaluating candidates, please provide information to the contact noted herein and do not contact staff members, directly.
- Due to the volume of responses received, only qualified candidates will receive a response.
- Local candidates only, no relocation expenses provided.
- Pacific is currently following a hybrid model until further notice.