Asset Management - Cash Flow | Palo Alto, CA | Full Time
About the Company: Pacific Urban Residential (‘PUR’) is an industry leading multi-family investment firm and pension fund manager. Headquartered in Northern California’s innovative Silicon Valley, PUR 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 Western United States. Since its inception in 1998, Pacific has completed over $5 billion in apartment transactions on behalf of its own account and those of its strategic institutional partners. Today, PUR has four offices along the West Coast, with over forty professionals and an owned apartment portfolio in excess of $3 billion.
Pacific Urban Residential investment strategies include the acquisition and renovation of 10 - 30 year old “vintage” communities, as well as the acquisition of multi-family investments for current cash flow and long-term appreciation.
Pacific Urban Residential is an affiliate of The Marcus and Millichap Companies. More information can be found at www.purapts.com.
Job Description: Pacific Urban Residential seeks an Asset Manager who will oversee and direct the operational, leasing and capital improvement aspects of a portfolio of apartment communities in the Western United States. Working out of the Palo Alto, CA office, the Asset Manager will be responsible for “running the business” of a portfolio of properties including formulating and executing short-term and long-term asset management strategies and running property operations. The Asset Manager will be a confident, dynamic and sophisticated investment professional with a thorough understanding of institutional real estate, significant multi-family experience and a demonstrated track record of value creation. This position will report to the Director of Portfolio Management.
Primary Job Duties and Responsibilities: The Asset Manager will be part of a small team of portfolio and asset managers who are responsible for a 28-property portfolio, valued at over $2 billion and located throughout the Western U.S. This position will report to the Director of Portfolio Management.
The position will provide strategic direction and implementation for a portfolio of multi-family assets. Initially, the portfolio will include 5-10 assets in Silicon Valley and the East Bay regions of the San Francisco Bay Area. Typically, each asset has 100-500 units per property. Over time, the Asset Manager’s portfolio may change as properties are added to or sold from the portfolio.
The Asset Manager, with support from various team members will be responsible for optimizing property performance in his or her portfolio. This will require assisting with the management of the construction aspects of rehab projects and regular site visits to engage with on-site staff and regional property managers. Other duties include reviewing weekly and monthly resident and financial reports, and monitoring performance via a host of available analytical tools, etc. This position requires a clear focus on, and dedication to, residents’ satisfaction including the monitoring and optimizing of each property’s online reputation.
An essential element of the position is developing and managing both operating and capital budgets. The candidate will review financial reporting and variance analyses and coordinate with accounting personnel to ensure that financial statements are accurately presented. The Asset Manager will provide direction to third-party property managers regarding the development and successful execution of operating budgets, capital investment plans, leasing/marketing plans, cost control strategies, risk management strategies, and other significant operational items with the goal of increasing and maximizing value. The Asset Manager will be responsible for working closely with the team to develop and recommend future CAPEX programs, as needs arise. Furthermore, the Asset Manager will be directly involved and responsible for timely execution of construction projects associated with capital plans and will work closely with in-house and third party construction Project managers.
The Asset Manager will become the local expert in each market where he or she manages properties, along with gaining knowledge of competitive apartment communities, the development pipeline and other economic drivers which may impact asset performance. The Asset Manager will be involved in new property acquisitions and/or dispositions and will spearhead the development of new property budgets, and ensure a smooth transition during takeover or sale. Active participation in local industry organizations is encouraged.
Finally, this position offers the right candidate an opportunity to participate in evaluating and implementing various new products and services (e.g., marketing and ancillary resident services) to the overall portfolio. Please note the Asset Manager may perform other duties as required.
Personal and Professional Requirements:
- The ideal candidate must have outstanding personal, educational and professional qualities, along with a demonstrated track record of growth and achievement.
- Undergraduate degree is required, preferably with a focus in Business, Real Estate, Finance, or other relevant area; a strong academic record required.
- MBA or relevant post-graduate degree is desirable, but not required.
- At least 3 full years of asset management experience. Must have strong skills and demonstrated experience in multi-family asset management and/or operations.
- Ideally, the candidate will have experience supervising construction projects.
- The candidate must have a detailed understanding of the due diligence process; experience in real estate acquisitions/construction/project management is a plus.
- Solid understanding of financial statements and reporting. Knowledge of property valuation techniques and practices is a plus.
- Must possess excellent financial and analytical skills, as well as advanced knowledge of Microsoft Office Suite, particularly MS Excel.
- It is essential to have the ability to effectively and professionally communicate complex issues both verbally and in writing to senior management and clients.
- The candidate must have superior interpersonal skills and presence; must be able to lead people.
- Must be a clear, concise writer and be comfortable speaking clearly and confidently to a wide variety of staff and executive team members in different functional areas and geographies.
- Must be able to effectively multi-task, while maintaining accuracy in the work product; attention to detail is required.
- Must want, and be able to work in a fast paced, dynamic environment with multiple priorities and deadlines. It is essential to be self disciplined and motivated.
- Travel is required throughout the Bay Area.
- Salary and annual bonus commensurate with skills and experience.