Senior Asset Manager
Asset Management - Cash Flow | Los Angeles, CA | Full Time
About the Company
Pacific Urban Residential (“PUR”) is an industry leading multifamily investment firm and pension fund manager. Headquartered in Northern California’s innovative Silicon Valley, PUR is focused exclusively on the multifamily 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 $3.5 billion.
Pacific Urban Residential investment strategies include the acquisition and repositioning of 10 to 50-year-old “vintage” apartment buildings, as well as the acquisition of multifamily 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.
Pacific Urban Residential seeks a Senior Asset Manager who will oversee and direct operational, leasing and acquisition aspects of a Western United States portfolio of apartment communities. The position reports to the Director of Portfolio Management, and will be based in the firm’s southern California region, preferably in the firm’s west Los Angeles office.
The Senior Asset Manager will be responsible for “running the business” of a portfolio of multifamily apartments in the Western United States, including formulating and executing short-term and long-term asset management strategies, running property operations, and managing the additions to, and sales from the portfolio.
The Senior Asset Manager will:
- Provide strategic direction for a diverse multifamily portfolio in the Western United States. Your portfolio will be based in Southern California, including assets primarily in Los Angeles, Ventura, and Orange Counties.
- 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 multi-family investment opportunities to add to your portfolio. Manage takeover of new assets and ensure a smooth and successful transition into the portfolio.
- Develop and communicate strategic recommendations regarding optimal exit strategies; work with the disposition team to coordinate and execute successful asset dispositions.
- 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 operations and on-site staff.
- 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.
- Perform asset-level valuation reviews as needed, including the following: gathering 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.
Education and Experience:
- Minimum five years of multifamily real estate experience in the Western United States; preferred candidate will have overseen a portfolio of diverse multifamily communities
- Bachelor’s degree required
- Advanced degree, in a directly applicable discipline, preferred
- 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
- Detailed understanding of the due diligence process; experience in real estate; acquisitions is a plus.
- Proficiency with spreadsheets and other financial/presentation software including Microsoft Excel and Word
- Ability to effectively and professionally communicate complex issues both verbally and in writing to senior management and clients
- 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
- Highly self-motivated, and extremely driven
- Ability to work effectively in a fast moving, yet collegial environment
- Strong intellect and a 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
- Executive presence enabling effective interaction with existing clients, colleagues, and prospective clients
- Impeccable integrity, trustworthiness, and reputation within the real estate industry
The compensation plan will be commensurate with the skills required of the position, and will be comprised of a base salary, and an annual incentive cash bonus based upon individual and portfolio performance.