Senior Asset Manager
Asset Management - Value Add | Palo Alto, 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 located along the West Coast, with over forty professionals and an owned apartment portfolio in excess of $2 billion dollars.
Pacific Urban Residential investment strategies include the acquisition and renovation of 10 - 30 year old “vintage” communities, 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.
Business Unit Overview
Business Unit: The Senior Asset Manager will be part of the Value Add Business Unit; this unit acquires properties, renovates them, and positions them for sale to the market. The ‘value’ is added by conducting rehab work on older unit interiors, repositioning common area amenities, and changing the feel and livability of the community. Once the operations, physical plant and strategy have been improved, then the asset is positioned for sale as a new and improved community.
We are also hiring for an Asset Manager, in an alternate business unit: Cash Flow. If you have interest in that opportunity, please check the website for more information.
Job Description: Pacific Urban Residential, a leading private real estate investment firm, 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 headquarters office in Palo Alto, California.
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. Additionally, the Senior Asset Manager 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 in the Western United States. Your portfolio will be largely based in the San Francisco Bay Area, but also includes properties in Oregon and Washington.
- Develop, present, and execute comprehensive annual business plans for each asset.
- Be the prime point of contact with third party finance and joint venture partners on each deal.
- Develop relationships with their asset management personnel and senior management and coordinate our operations according to their specific reporting and management needs.
- 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.
- 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 the operations and on-site staff. This will entail occasional travel to other, out of the area, markets (primarily Seattle and Portland).
- 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 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.
- 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
- Executive presence enabling effective interaction with existing clients, colleagues and prospective clients
- Impeccable integrity, trustworthiness, and reputation within the real estate industry
Education & Experience:
- Minimum ten 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 real estate 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
- Strong interpersonal skills with a demonstrated ability to work with internal and external business partners, consultants, and clients
- Ability to effectively and professionally communicate complex issues both verbally and in writing to senior management and clients
- The compensation plan for this individual 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.