Director of Asset Management - Multifamily

MBK Rental Living • Irvine, CA

4d • 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.

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.
• 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.
• Must be mobile and able to perform the physical requirements of the job, bending, kneeling, stooping, pushing, pulling and repetitive motion.
• Ability to sit and work at a computer for long periods of time.
• Able to move intermittently throughout the workday and between divisions.
• Ability to lift/carry up to 30 lbs. and push up to 20lbs. as necessary.
• Some travel required; ability to travel on a periodic basis.

Nice To Haves

• MBA preferred.
• Prefer experience with Yardi, revenue management and ancillary income software.
• Contracts/negotiating.

Responsibilities

• Leading the day-to-day asset management within the department.
• 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.
• Overseeing third-party property management companies’ operational activities including, but not limited to, budgeting, forecasting, leasing, marketing, maintenance and capital improvement projects.
• Assessing leasing and maintenance personnel performance and employment.
• Leading MBK Rental Living analytics.
• Assisting in acquisition due diligence, organizational strategy and operational planning, participating in overall project design and market research.
• Managing the asset management function of the company's multifamily portfolio to maximize investment returns.
• Aggressively and proactively reviewing operating results to increase revenue and decrease operating costs.
• Overseeing monthly matrices and reporting to evaluate each community’s operating results.
• Evaluating and comparing rent growth, occupancy, leasing, traffic, operating cost trends and NOI.
• Reviewing and executing on recommended increased operating efficiencies.
• Guiding marketing activities based on budget, market and historical results.
• Participating in weekly calls with third party management teams and updating operational status reports.
• Leading the preparation of annual operating and capital budgets as well as monthly forecasts between property management and other departments.
• Traveling 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.
• Managing and reporting on capital improvement projects; updating renovation tracking reports.
• Maintaining quarterly/year-end fund level reporting for IRR/equity multiples, debt summary, and performance (as necessary).
• Managing the analytics function of MRL.
• Leading the creation of JV tailored analytics and reporting.
• Presenting to senior leadership status reports of assets and portfolio.
• Reviewing reporting initiatives for efficiencies and value to the organization.
• Negotiating ancillary contracts and management agreements.
• Championing new technology initiatives.
• Participating in the creation of Board of Director slides each quarter and monthly operating reporting.
• Participating in due diligence on acquisitions such as market and rent studies, new investment submittal preparation, and overseeing transition to selected third-party property management.
• Deciding resident-facing specification levels at each asset and determining the value it will provide.
• Traveling to markets to validate research and operating assumptions upon signature of Letter of Intent on potential acquisitions.
• Periodically performing “hold/sell” analyses on all properties; Implementing disposition preparation strategies and facilitating onsite disposition activities.
• Attending 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

What This Job Offers

• Job Type: Full-time
• Career Level: Director