Director of Asset Management - Multifamily

MBK REAL ESTATE LLC•Irvine, CA

6d•$180,000 - $200,000•Hybrid

About The Position

MBK Rental Living is active in the acquisition and development of apartment communities. The company's mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world's largest corporations. MBK Real Estate's companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614. Job Summary: The Director of Asset Management is responsible for leading the day-to-day asset management within the department. The responsibility includes maximizing apartment operating revenue and minimizing expense, while maintaining average occupancy at or above the MBK target for each project, while upholding MBK’s quality standards. This role will oversee third-party property management companies’ operational activities including, but not limited to, budgeting, forecasting, leasing, marketing, maintenance and capital improvement projects. Responsible for assessing leasing and maintenance personnel performance and employment. Responsible for leading MBK Rental Living analytics. Secondary responsibilities include assisting in acquisition due diligence, organizational strategy and operational planning, participating in overall project design and market research.

Requirements

Bachelor’s Degree required.
7-10 years of experience in institutional real estate investment; 5+ years in a multifamily property sector
Thorough understanding of institutional real estate
Demonstrated track record of value creation
Strong analytical skills including complex financial modeling in Excel
Strong proficiency in real estate investment concepts and terminology
Real Estate/Apartment Operations experience
Contracts/negotiating
Advanced proficiency in Excel financial modeling; including financial projections and scenario analysis
Microsoft Suite competency.
Extremely well-organized with exceptional attention to detail.
Highly motivated, solves problems independently and able to meet firm deadlines.
High level of professionalism, discretion, and executive presence when interacting with senior leaders, investors, third-party partners, and cross-functional stakeholders.
Maintain positive attitude and teamwork in a fast-paced environment.
Strong writing, quantitative and communications skills.

Nice To Haves

MBA preferred.
Prefer experience with Yardi, revenue management and ancillary income software

Responsibilities

Managing the asset management function of the company's multifamily portfolio to maximize investment returns
Aggressively and proactively review operating results to increase revenue and decrease operating costs
Oversee monthly matrices and reporting to evaluate each community’s operating results. Evaluate and compare rent growth, occupancy, leasing, traffic, operating cost trends and NOI
Review and execute on recommended increased operating efficiencies
Guide marketing activities based on budget, market and historical results
Participate in weekly calls with third party management teams and update operational status reports
Lead the preparation of annual operating and capital budgets as well as monthly forecasts between property management and other departments.
Travel to assets to lead property inspections, to monitor performance and compliance with approved business plans and policies, as well as identify opportunities for improvement and value creation, along with any issues that may require additional action.
Manage and report on capital improvement projects; update renovation tracking reports
Maintain quarterly/year-end fund level reporting for IRR/equity multiples, debt summary, and performance (as necessary)
Manage the analytics function of MRL:
Lead the creation of JV tailored analytics and reporting
Present to senior leadership status reports of assets and portfolio
Review reporting initiatives for efficiencies and value to the organization
Negotiate ancillary contracts and management agreements
Champion new technology initiatives
Participate in the creation of Board of Director slides each quarter and monthly operating reporting
Participate in due diligence on acquisitions such as market and rent studies, new investment submittal preparation, and oversee transition to selected third-party property management
Decide resident-facing specification levels at each asset and determin the value it will provide
Travel to markets to validate research and operating assumptions upon signature of Letter of Intent on potential acquisitions
Periodically perform “hold/sell” analyses on all properties; Implement disposition preparation strategies and facilitate onsite disposition activities
Attend industry conferences for market updates and vendor connections
Other ad hoc assignments

Benefits

competitive salaries with opportunities for growth
401(k) retirement plan with up to 4% employer matching
comprehensive industry leading medical, dental and vision insurance
company-provided life, disability and AD&D insurance
flexible spending accounts
generous paid time off including vacation and sick time, holidays, and bereavement leave
leadership development, training, and personal coaching
education loan assistance and scholarships
daily living, financial and legal services
childcare and eldercare assistance
employee discounts
health and wellness resources that include virtual yoga, mindfulness, and financial readiness for employees and their family members