Associate, Asset Management

American Realty Advisors•Los Angeles, CA

82d•Onsite

About The Position

Avison Young provides analytical services and support for American Realty Advisors (ARA). The Associate, Asset Management, will be providing financial analysis and related support in executing operational strategies within ARA’s asset management group, working on a national portfolio of commercial and/or multifamily real estate assets. This role will be based in ARA’s downtown Los Angeles office, so the candidate is expected to be a resident of Southern California and commute to the office. ARA expects the selected candidate to be in the office and work in person at least 4 days per week, which may increase to 5 days a week in the office at some point in the future. This position is highly collaborative and requires a high degree of proactive communication and interaction with all members of the ARA team, including senior members of the leadership team. ARA is one of the largest privately held private equity real estate investment managers in the United States, with over $11.0 billion in assets under management. ARA invests on behalf of institutional investors through core and value-add real estate funds and separate accounts, targeting industrial, office, multi-family, and retail assets nationwide through direct equity, joint venture equity, debt (senior and mezzanine) and preferred equity structures.

Requirements

Bachelor’s degree in Finance, Real Estate, or related field required.
At least three (3) years of relevant experience in commercial real estate analysis or asset management; an intermediate understanding of real estate finance associated terms and formulas, as well as the construction/development processes.
Strong financial and mathematical skills including, but not limited to, the ability to calculate and understand discounted cash flows, net present value, and internal rate of return. A thorough understanding of accounting principles, including the ability to comprehend common accounting reports and operating statements, budget analysis, and financial reporting, is required.
Possess general knowledge of lease agreements, joint venture agreements, loan documents, property management agreements, leasing service agreements, development agreements, service contracts, and title documents. Have a broad understanding of the construction process, terminology, and AIA documents.
Ability to solve practical problems in situations where only limited information may be immediately available.
Ability to interpret a variety of instructions furnished in written, oral, or schedule form from multiple managers.
Familiarity with various software for word processing and spreadsheet preparation. Demonstrated proficiency and precision in Microsoft Excel with the ability and understanding of how to build formulas. Proficiency in ARGUS Enterprise models and reviewing and adjusting financial models.
Familiarity with MRI and Yardi reports.
Detail oriented with strong organizational skills and the ability to follow processes.

Nice To Haves

Master’s degree in Finance, Real Estate, or related field preferred.

Responsibilities

Gain proficiency in understanding the firm's property management and asset management policies, procedures, and guidelines.
Understand economic, market, and real estate industry trends impacting the assigned portfolio.
Support asset managers with property leasing and operations, including: Review and evaluation of monthly reporting packages and cash flow distributions/contributions, identifying variances and discrepancies, and ensuring accuracy;
Prepare detailed financial analyses of operating performance, leasing trends, submarket analytics, and competitive property analysis;
Assist in preparing memos and presenting investment committee recommendations and other matters to firm leadership for asset repositioning, major leasing, hold/sell analyses, dispositions, acquisitions, development, large capital projects, and other threshold matters;
Extract metrics from various data sources, including CoStar, MRI, and Argus Enterprise, to support the development of strategic business plans and property operating budgets;
Maintain reputation, relationships, and efficient information flow between asset managers, third-party property managers, leasing teams, joint venture partners, portfolio managers, and leadership;
Conduct periodic physical inspections of assets, touring competitive properties, developing industry knowledge and relationships, and commanding a general understanding of the market and submarket dynamics;
Review common area maintenance reconciliations generated by third-party property managers against tenant leases and property operating expenses. Partner with accounting to ensure amounts billed tie with the general ledger. Submit reconciliation approval worksheets to the asset manager for approval and processing;
Assist with the documentation process, developing an understanding of ARA’s legal forms;
Create Economic Lease Analysis for each new lease proposal utilizing ARA's internal analysis model;
Participate and provide input in negotiations from the lease proposal stage through lease execution;
Participate in operational calls with property managers to discuss asset strategy, vendor engagement, asset performance, capital projects, leasing trends and marketing strategy, and other business matters;
Support quarterly accounting reviews of each asset, including business plan and budget performance;
Review and certify rent roll accuracy to ensure accurate reporting; and
Complete annual budgets and quarterly investment status updates for assets
Conduct thorough market research to: Validate asset acquisition or new development underwriting;
Support the proposed market positioning and asset strategy;
Compile comparable sales data and future development pipeline;
Assist the Investment Group in the overall underwriting, committee recommendation drafting, due diligence, and asset management transition processes, as needed for acquisitions and new developments; and
Support dispositions activities by preparing the assets for sale, drafting the committee recommendation, interfacing with the disposition team, and supporting the overall due diligence and closing processes.
Support asset managers with oversight of the development and construction process, including: Conducting detailed reviews of construction draw packages and related monthly development and financial reports;
Performing periodic site inspections with asset managers and construction services team;
Participating in owner, leasing, property manager and partner status calls;
Preparing development status reports and presentations for leadership;
Developing a general understanding of the construction process, terminology, and AIA documents; and
Preparing wire transfer requests for internal approval.
Support portfolio management to track and report critical issues and handle ad hoc requests from the portfolio management team.
Support quarterly and annual valuations processes for assigned assets, including: Reviewing quarterly asset valuations and follow-up on discrepancies or inconsistencies; interface with appraisers and asset managers to finalize value; and
Verifying the accuracy of the rent roll, tenant recoveries, market lease assumptions, valuation metrics, operating expenses, and capital expenditures.
Based upon needs of ARA, support other analysts and associates in executing the various periodic requests that further department or firmwide initiatives.
Other activities that may be assigned from time to time.