Associate, Portfolio Management
Asset Management - Cash Flow | Palo Alto, CA | Full Time
About Pacific Urban Residential
Pacific Urban Residential (‘PUR’) is an industry leading multi‐family investment firm and fund manager. Headquartered in Northern California’s Silicon Valley, PUR is focused exclusively on the multi‐family rental space. The firm has profitably deployed investment strategies on the East and West Coasts of the United States for the benefit of its private and institutional partners and stakeholders. Since its inception in 1998, Pacific has completed over $5 billion in apartment transactions for its own account and for its strategic partners. Today, PUR has four offices on the West Coast and an office in New York, over fifty professionals, and an owned apartment portfolio in excess of $4 billion dollars.
Pacific Urban Residential investments include “value-add” and “core-plus” strategies including acquiring and renovating 10 ‐ 30+ year old “vintage” apartment communities. These properties are acquired with the investment objective of current cash flow and appreciation.
Pacific Urban Residential is an affiliate of The Marcus and Millichap Companies. More information can be found at www.purapts.com.
Business Unit: The Associate will be part of the Cash Flow Strategy Business Unit. This business unit acquires and operates portfolios of properties for institutional clients on a long-term basis including one of the largest and most prestigious pension funds in the world. Upon acquisition, some renovation work is completed typically for each community to optimize the property’s position in the marketplace and improve its fit in the portfolio. In addition to maximizing each asset, the business unit brings portfolio-wide improvements and synergies to bear to maximize total cash flow and appreciation.
Job Description: Pacific Urban Residential seeks a capable and skilled candidate to join our multi‐family Portfolio and Asset Management Team as an Associate, Portfolio Management. This is an outstanding opportunity for a talented, high energy, and well versed individual to participate, and add-value immediately in growing and operating the portfolio, and support Asset Managers in hands‐on, practical problem solving associated with day‐to‐ day operations. As such, this position offers the right individual an opportunity to gain broad exposure to the apartment industry with a very experienced and reputable real estate investment manager.
This position will report to the Director of Portfolio Management. The career path for this individual can include becoming a Portfolio Manager and will provide an opportunity to work alongside some of the industry’s most experienced and respected professionals, and work with some of the country’s most sophisticated third-party investors, including pension funds, banks and insurance companies.
Primary Job Duties and Responsibilities: Initially, this position will entail a wide variety of financial and operations-oriented duties associated with optimizing the overall performance of a portfolio of more than 30 apartment properties valued at over $2.5 billion. Secondarily, the position will require the candidate to assist senior executives and PUR Partners in a wide variety of tasks and duties associated with advancing the strategic interest of Pacific Urban as a whole. Thus, the position offers excellent visibility at the highest level of the organization.
A Successful Candidate Will:
- Participate in advancing the overall strategy and execution of the portfolio including acquiring, operating, disposing of, and executing value-add improvements.
- Develop financial models to analyze investment returns and perform analysis (e.g. time weighted returns, IRRs, equity multiples, discounted cash flows, etc.).
- Participate in regular dialogue and reporting to in-house and third-party capital sources, including playing a critical role in preparing annual investment plans and requests for additional capital required to grow the portfolio.
- Participate in the creating monthly, quarterly, and annual reporting for investment clients and senior management.
- Analyze property and portfolio operating data while working closely with Asset Managers, Portfolio Management, third-party property managers and other in-house and third-party vendors and service groups.
- Create and/or review property and portfolio level budgets, income and investment project analyses, variance reports, as well as more granular lease/rent roll analyses and other applicable information for portfolio and asset management use.
- Manage cash flow, distributions and investment projections.
- Other related duties as required.
Personal and Professional Requirements:
- Friendly, team player attitude required as well as excellent personal qualities, high integrity, work ethic, etc. Must be a self-starter with excellent time management skills.
- The ideal candidate will have outstanding educational, and professional qualities with a demonstrated track record of growth and achievement.
- An undergraduate degree is required, preferably with a focus in Economics, Business, Real Estate, Finance, or another relevant area. A strong academic record is required. MBA or relevant post‐graduate degree is desirable but not required.
- Prior experience in multifamily real estate is preferred but not required if the candidate possesses the right combination of ability, drive, other relevant experience and knowledge.
- Must possess excellent financial and analytical skills, including advanced knowledge of Microsoft Office, especially Excel.
- Must be able to multi‐task effectively in a dynamic environment while maintaining accuracy; attention to detail is critical.
- Must be a strong writer and be comfortable speaking clearly and confidently to a wide variety of staff and executive team members.
- The ideal candidate will demonstrate a commitment to real estate investing as a career, ideally with a particular interest in the multi‐family rental space. It will be important to be an active participant in industry organizations.
- Salary and annual bonus commensurate with skills and experience.
- Some travel required.
- Schedule flexibility negotiable however the job will require regular attendance in the Palo Alto, CA home office once current work from home protocols end, expected in 2021.