Asset Management - Value Add | 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 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 Transaction Coordinator 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.
Job Description: Pacific Urban Residential seeks a capable and skilled candidate to join our multi-family Asset Management Team as Transaction Coordinator in our Palo Alto, CA office. This transaction coordinator role is a project-specific assignment that is scheduled for the next two years, in which individual multi-family assets (largely four-plexes) will be sold to retail property investors. The ideal candidate will be responsible for this important firm project and will also have the opportunity to become part of the ongoing Asset Management group within Pacific Urban. If you are looking to use your current transactional skills and parlay them into a broader asset and portfolio management career, then this is the ideal opportunity for you.
This position will report to the Director of Portfolio Management and will have responsibility to assist and support individuals in the Value Add Asset Management group at Pacific Urban Residential.
Primary Job Duties and Responsibilities:
- Oversee and manage sales transactions in connection with the sale of multifamily assets located in Santa Clara County. Responsible for ensuring efficient and timely oversight throughout entire sales process, acting as the owner’s agent to brokers, buyers, escrow, lenders, etc.
- Coordinate and conduct open houses as well as broker and buyer tours.
- Assist with due diligence activities for potential buyers and coordinate property information requests for all sales transactions.
- Prepare all contracts and closing documents, set up escrows, request updated title reports, provide information requested in connection with appraisal or lender requests.
- Regularly update and maintain communication with clients, agents, title officers, lenders, etc.
- Produce weekly and monthly reports monitoring the ongoing sales transactions for the Value Add team and senior management.
- Position will require working on-site out of a sales office as well as working in the Palo Alto office.
- The Asset Management Transaction Coordinator may perform other duties as required.
Personal and Professional Requirements:
- The ideal candidate must have outstanding personal, educational and professional qualities 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.
- Minimum of two to three years of related work experience in real estate investment/sales is strongly preferred, but not required if the candidate possesses the right combination of ability, drive, relevant experience and knowledge.
- Must possess strong financial and analytical skills, including advanced knowledge of Microsoft Office suite, particularly MS Excel.
- The candidate must be able to effectively multi-task while maintaining accuracy in the work product; attention to detail is required.
- 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.
- 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.
- 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.
- Salary and annual bonus commensurate with skills and experience.