Vice President Asset Management
In the role of Vice President Asset Management, you are a part of the Harbor Group International’s Asset Management Group, which manages all of the company’s direct equity, preferred equity, and debt portfolio investments.
- Work collaboratively with the Transactions, Property Management, and Investor Relation teams on new acquisitions. Participate directly in development of strategic business plans for new investments and be responsible for the asset management elements of the acquisition process including vetting and sign-off on all operating and capital improvement underwriting assumptions, developing scope of work for renovation and capital improvement projects, establishing target rent and operating expense levels, finalizing operational and capital budgets, documenting operational plans and investment goals/objectives, and on-boarding new acquisitions into the portfolio.
- Review weekly and monthly property data for owned properties including leasing reports, traffic reports, construction progress reports, and aged delinquencies, etc., and work with Property Management to improve operational performance. Identify and troubleshoot issues relating to occupancy and turnover, opportunities to improve rents and implement other income initiatives, controlling expenses, and addressing renovation program challenges including leasing issues, scope of work, rent premiums, excess turn times, etc. Stay abreast of micro, local, and regional market trends and meet or exceed market-based performance benchmarks.
- Monitor, review, and evaluate financial operating results and work with Property Management to implement changes as needed to enhance cash flow and profitability. Manage capital improvement and other reserve balances. Ensure that quarterly and annual cash distribution targets to investors are met.
- Conduct site visits on a regular basis and meet with Property Management to review and assess operations, capital improvement programs, and property physical condition.
- Manage the annual budget review and approval process for the assigned portfolio and for new acquisitions.
- Oversee tax appeal issues and ensure regulatory and lender compliance requirements. Working with Property Management and the finance team, implement initiatives as needed to ensure compliance
- Support the Transactions team on disposition and refinancing efforts. Participate in sell/hold/refinance decision making, assist with review of broker BOVs and capital transaction analysis, and monitor/address operations during the sale/refinancing process to ensure a successful outcome.
- Effectively present information to and respond to questions from groups of executives, investors, lenders, and partners.
Primary Requirements Include:
- The successful candidate will have a strong academic background with a college degree. An MBA or a Masters in Real Estate or other relevant fields is strongly preferred.
- A minimum of 7 to 10 years of experience in relevant multifamily redevelopment, asset management, property management and/or acquisition work experience in the multifamily industry. Multifamily or attached residential experience is required, though another sector experience is appreciated.