Asset Manager

New Urban Residential is seeking a Multifamily Asset Manager who maximizes property value and return on investment throughout the real estate investment life cycle from acquisition, investment plan execution, and NOI maximization through to disposition. A successful Asset Manager will assist in sourcing attractive real estate investments, reduce operational and maintenance expenses, identify opportunities to increase revenue, and forecast and mitigate risks. He will work with the Head of Asset Management to construct a sound investment plan for each asset in the portfolio, and partner with the Property Management, Investments, and Construction Department to ensure properties track the investment plan. The Asset Manager will also report investment performance to his/her supervisor and other stakeholders while recommending ways to improve performance.

Reports to: Head of Asset Management

Job Responsibilities: The responsibilities listed here are not all-inclusive; they indicate the types of activities normally performed by this position. Additional responsibilities may be added as needs arise within the portfolio.

Leadership Responsibilities

▪ Serve as the company’s market research expert. Keep the leadership team aware of changing market factors and economic factors affecting or with the potential to affect the performance of the properties, financial developments that can lead to alterations in the physical or financial structure of the properties, and knowledge of capital markets and financing opportunities.

▪ Develop and participate in weekly market pricing meetings to determine rental rates, specials, and concessions and ensure all Community Policy Documents and websites are updated appropriately

▪ Communicate with investors, lenders, city representatives, and other stakeholders as determined by the company President and ensure all Critical Projects for these stakeholders are completed timely

▪ Responsible for maintenance of entity tax status and compliance with the Secretary of State and other regulatory agencies. Maintain database of entity status, oversee dissolution of entities no longer in use, and work with the Head of Investments to form new entities as necessary.

▪ Oversee required quarterly financial and annual reports, audits, and annually certified rent rolls and other submissions to government agencies, investors, lenders, and other necessary stakeholders according to each property's sources, use, and regulatory requirements.

▪ Maintain project reserve spreadsheet and work with Accounting to submit operating and replacement reserve requests to appropriate lenders according to their protocols.

▪ Work with the Head of Operations & Investments, Ascent partners, and contracted CPAs to provide documentation required to complete annual tax returns for all entities on time.

▪ Gather and Review revenue and expenses with the Head of Operations and prepare annual operating budgets for entities as required. Review internal budget to actual reports monthly. Monitor and discuss expenditures with the Head of Operations.

▪ Review the portfolio's lender and insurance policy requirements with the Head of Operations and provide proof of insurance as required to lenders and other agencies. Oversee the response to our insurers for insurance claims/suits against the entities with adjusters and agents for damage claims from storms, floods, fire, wind, etc.

▪ Guide the company President on various matters including but not limited to organizational structure, compensation and benefit structures for employees, employee reviews, performance and training

▪ Conduct regular physical, and operational audits of the properties alongside department heads to continue driving improvements

▪ Work with the department heads to create and deliver training as requested

Acquisition Phase Responsibilities

▪ Assist in finding the highest/most consistent revenue sources.

▪ Mitigate investment risk including through the preparation of contingencies

▪ Strategically expand and diversify the company’s real estate investment portfolio with the Head of Investments

▪ Assist as necessary or as requested by the President in the purchase of properties

▪ Determine ways in which property may be upgraded to increase its value and returns

▪ Carefully study and present market data to help the company make sound investment decisions

▪ Develop initial budget predicting income, expenses, NOI, and the net cash flow of prospective properties

▪ Develop a strategy to achieve financial goals the investors desire

▪ Conduct due diligence including organizing bids for planned projects

▪ Support the Operations team (as needed) to transition utilities from the seller to our ownership

NOI Maximization Phase Responsibilities

▪ Ensure the real estate investment’s returns are maximized

▪ Identify and support the implementation of the most consistent and highest sources of revenue

▪ Reduce expenditures while mitigating liability and risk

▪ Identify vendor partners that the company should consider working with

▪ Determine ways in which portfolio properties may be upgraded to increase its value and returns

▪ Carefully study/analyze and present market trends and competitor data to ensure rental prices are set to yield the highest possible returns

▪ Analyze and present the data on all properties in the portfolio to identify strengths, weaknesses, threats, and

opportunities.

▪ Serve as the accountability partner for the Head of Operations by analyzing property performance in efforts to highlight and predict potential areas of concern working together as necessary to take corrective or preventative action

▪ Together with the Head of Operations share problems or anticipate potential problems and identify corrective/preventative actions which can be taken

▪ Develop a budget for all properties in the portfolio in partnership with the Head of Operations

▪ Predict the net cash flow of each entity

▪ Ensure compliance with contractor agreements as well as other regulatory and lender requirements

▪ Oversee the operation team’s correction of issues and written responses to all building and unit inspections

including HQS, insurance, and lender as well as tenant file reviews to ensure legal compliance, accurate and

complete record-keeping and subsidy filing as required

▪ Oversee the operation team’s corrections of violations such as code, elevator, boiler, and sprinkler violations

issued by government agencies

▪ Ensure construction projects progress as scheduled and on budget. Work with Head of Construction to solve issues in an ad-hoc manner and during weekly scheduled meetings

Disposition Phase Responsibilities

▪ Develop and implement in partnership with the Head of Operations the strategies and tactics that will provide ownership the highest disposition price once a portfolio property has been identified for disposition

▪ Assist as necessary or requested by the President in the disposition of property

Essential Job Experience & Capabilities:

▪ Experience with Class A, B, and C properties preferable

▪ Minimum of one year of property management or asset management experience in multifamily

▪ Possess excellent attention to detail

▪ Strong leadership, team development, and motivational abilities

▪ Exceptional communication skills both verbal and written as well as the ability to interact with a wide range of people including investors, partners, bankers, employees, and customers

▪ Demonstrate ability to apply principles of logical thinking to define problems, collect pertinent data, establish

facts, draw valid conclusions and initiate an appropriate course of action

▪ Effectively convey ideas, images, and goals to a diverse group of personalities

▪ Competence in personal computer skills including MS Office, Smartsheet, and Yardi Suite of products

▪ Knowledge of OSHA laws and regulations

▪ Participate in training to comply with new or existing laws

▪ Be able to work evenings and weekends as needed

▪ Present self in a neat, clean, and professional manner at all times throughout the workday and/or whenever

present at the communities

▪ Comply with expectations as demonstrated in the Associate Handbook

▪ Successfully pass a drug test

▪ Ability to respond to multiple obligations, prioritize, and discern what is important

Core Values:

• It is expected that all associates exhibit what many other organizations consider as their core values, which include integrity and honesty. We expect more from our Associates. To remain aligned and ensure there is trust, it is expected that all associates embrace our core values:

1. Plan Ahead and See it Through
2. Take Ownership
3. Be Self-Driven and Get Better
4. Be Humble but Confident
5. Balance Creativity with Company Process