Vice President, Asset Management

Job Summary

The Vice President, Asset Management will provide oversight to specific assets within the firm’s multifamily portfolio. This position will provide extensive oversight on new acquisitions of assets that require a significant renovation or development plan, joint venture relations or assets that require significant changes to their strategic business plan. The Vice President will support Portfolio Management on asset strategic business plan objectives in conjunction with Fund/Venture investment strategy and guidelines.  

Your Impact and Job Responsibilities  

Management:

• The overall requirement is to implement the investment strategy for a select group of the firm’s multifamily assets with a goal to optimize the portfolio’s performance and maximize their value.
• Manage the execution of the asset’s investment strategy by working alongside various functions including the Acquisition Team, Property Operations, Design and Construction, Portfolio Managers, Accounting, Investor Reporting and Capital Markets.
• Manage the approval process for all Major Decisions at the property level.
• Work closely in managing lender and joint venture obligations and implementing the terms of any joint venture and loan agreements.
• Provide oversight with capital program management in implementing capital renovation programs.
• Strategically evaluate and make recommendations on new value add opportunities at each asset to drive ROI.
• Perform property site inspections to ensure compliance with property and portfolio level business plans.
• Monitor effectiveness of Property Management team and assess property conditions, challenges and opportunities; partner with Sr. Operations team members to develop action plans to drive investment performance.
• Work closely with property management and design & construction to oversee effective execution of capital business plans.
• Develop and maintain a complete understanding of each asset for which responsible.
• Coordinate resolution of insurance and legal matters associated with the lenders and/or investments in partnership with risk management & legal counsel.
• Ensure compliance with investor and venture operating agreements and guidelines, management agreements, property purchase agreements and loan documentation.
• Maintain tracking schedules for assets pertaining to status of achieving asset business plan objectives; particularly lease ups, construction projects, debt requirements, etc.
• Negotiate commercial leases when a component of mixed-use investments. Work with listing brokers to retain tenants for commercial space in multi-family properties and coordinate with property management and capital program management.

Financial Analysis:

• Monitor monthly property financial operating statements and variances from budget, cash flow and funds available for distribution. Work with property management and capital program management to meet or exceed budget expectations.
• Supervise the completion of asset internal valuations (hold/sell analyses and quarterly valuations) in an efficient and timely manner.
• Review and approve third party appraisal reports and internal valuations for recommendation to the Valuation Committee.
• Provide guidance and approval to property management in preparing operating and capital improvement budgets to meet strategic business plan objectives and ensure appropriate return on costs.
• Track property metrics comparing to business plan budget, acquisition pro forma, effective rent and capital renovation goals and return on costs; identify trends, monitor success, and identify areas for improvement.
• Review financial performance returns, including IRR, equity multiples, cash returns and time-weighted returns.
• Work alongside the transaction team and property management to underwrite, initiate and execute effective disposition strategies.

Market Analysis:

• Analyze market research in order to understand the position of each asset in its respective market from a leasing and investment perspective and underlying factors which may influence it such as new construction and sales comps, governmental initiatives, public infrastructure, employment and education bases, rental comps, etc.
• Gain understanding of competitive rental market and factors driving growth in submarkets. Maintain hold sell analyses for each asset which support the account/fund objectives.

Investor Relations:

• Contribute to the reporting process (business plans and monthly and quarterly reports) in an efficient and timely manner.
• Prepare annual asset review materials including delivering reviews to the portfolio managers and investor relations.
• Establish and maintain good relationships with investors, joint venture partners, lenders, brokers and co-workers.
• Capable of touring and presenting asset strategies to investors, lenders, consultants, appraisers and other third parties.

Requirements:

• Bachelor’s Degree Required preferably in Business, Real Estate, Finance or other relevant field. MBA strongly preferred.
• Approximate seven (7) to ten (10) years of progressive related real estate and portfolio/asset management experience required. Must have a portfolio of assets in which a value-add strategy that was led and executed by this individual can be demonstrated.
• Experience in a multi-family real estate highly preferred.  
• Extensive experience in real estate asset management within a real estate setting, ability to continually demonstrate the ability to add value to assets.
• Act independently of, yet partner with, both the acquisitions team as well as the operations team, to ensure an unbiased approach to maximizing the value of each asset within their portfolio.
• Working at a faster than average pace for most of workday. Must be able to adapt/adjust to continual changes and variety.
• Strong written/verbal communication skills. Present ideas and information in a professional, concise, and well-organized way.
• Interpersonal skills with an ability to interact with external and internal clients required.
• Most tasks are performed independently. There is limited direct supervision, must be a self-starter.
• Strong analytical and investigative skills, strong attention to detail.
• Travel is required up to 25%.

At Waterton, we recognize that compensation and benefits are important not only to our associates but to their families as well. We offer a wide variety of benefits including:

• Competitive compensation and incentive program participation
• Full suite of benefits including Medical, Dental, Life, Disability, and even pet insurance
• 401K match
• Generous paid time off, volunteer time off, and paid holidays
• 12 weeks paid parental leave
• A commitment to life-long learning through learning plans that include internal and external trainings, as well as consideration for tuition reimbursement.
• Hybrid work environment & Nomad Work from Anywhere 1 (one) week a quarter or up to 2 (two) consecutive weeks 

About Waterton

Waterton has grown from very humble beginnings with one phone and two desks to the successful, nationally recognized real estate investment and management firm it is today. As Waterton has evolved and grown, one thing has remained constant - the drive to achieve results by exceeding expectations.  For 25 years Waterton remains passionate about delivering an incredible Resident Experience, which we believe is made possible by offering an extraordinary experience for our talented associates.  We value performance that delivers experiences that exceed expectations, coupled with an unwavering commitment to Investor, Guest, and Resident service excellence.  Overall we are a collection of people who strive daily to “find the good and leave it better”. 

Waterton welcomes all.

Waterton is an equal opportunity employer.  Qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender perception or identity, national origin, age, marital status, protected veteran status, or disability status.