Director of Asset Management

Bell Partners Inc•Alexandria, VA

1d•$145,000 - $180,000

About The Position

The Director of Asset Management provides regional oversight for multi-family Asset Management functions. This role involves working with Investments and Operations to review underwriting of acquisition candidates, conducting on-site due diligence, and providing independent evaluations of market conditions and rental income/expenses. The Director will also lead asset teams for recent acquisitions to execute repositioning plans, facilitate bi-weekly asset team calls, review performance reports, and address special situation assets that adversely affect cash flow. For stabilized assets, responsibilities include approving annual operating and capital budgets, identifying value-add opportunities, approving major capital expenditures, and coordinating with internal resources to address property-specific issues and ensure ongoing innovation.

Requirements

Demonstrate Bell Core Values and work and fit well within the company culture
Demonstrate financial acumen, research and analytical skills; strong problem-solving skills and quantitative abilities
Must be able to absorb large amounts of data quickly and be capable of reaching sound business decisions after reviewing available information
Must be resourceful, possess excellent organizational skills (i.e. handling multiple priorities and coordinating large teams) and strong written/oral communication skills
Demonstrate solid judgment and strong interpersonal skills (lead teams from multiple disciplines, often without direct authority, ability to motivate and work with difficult individuals as well as get the deal done without offending team members or buyers/sellers)
Must be able to work effectively across departments and functional groups, using influencing skills
Flexibility in working hours and travel as required to accomplish the work
Must be proficient in MS Excel, Word, Powerpoint, and Outlook
BA or BS required
Minimum 8 years of experience
At least 5 years of real estate related experience

Nice To Haves

BBA / MBA preferred
Preference for multi-family experience (asset management, operations, construction/rehab)
Knowledge of DC, Boston, Florida, North Carolina, and/or East Coast multi-family markets

Responsibilities

Work with Investments and Operations to review underwriting of acquisition candidates prior to final bid, as well as conduct on-site due diligence after winning acquisition bid.
Provide independent evaluation of market and complete a market study of recommended rents, both pre- and post-renovation, if planned.
Work with the due diligence team to create value proposition and vision for asset upon acquisition.
Lead asset teams (Asset Management, Operations, Construction) created to complete renovations and/or focus on property-specific issues for recent acquisitions (6-18 months).
Execute the 90-day asset plan, create the Final Asset Plan for renovations (as applicable) and ensure the repositioning plan is completed and the asset is stabilized.
Run bi-weekly asset team calls; provide follow-up notes and action plans.
Coordinate within the team to facilitate progress and drive results.
Review weekly and monthly reporting (occupancy, action plans, financial statements) to identify concerns and work with Operations to address issues impacting revenues and NOI.
Be involved in Special Situation (SS) issues (either property level or capital structure) that adversely affect cash flow and potentially require communication with owners/lenders.
Complete additional evaluations (e.g., independent market survey, financial analysis) to more deeply and independently understand SS issues, as needed.
Work with Financial Services, Operations, and Construction Services to provide guidance and final approval for yearly operating and capital budgets for all Bell assets.
Identify, analyze and work with Operations and Construction Services (where applicable) to recommend opportunities to add value (e.g. interior unit renovation programs, expense reductions, etc.).
Complete cap ex walks if a significant major/capital plan is being proposed (e.g., >$800 per unit) and/or a renovation is recommended.
Approve Major/CapEx and/or provide design recommendations per Bell policy.
Work with Investor Relations and Fund Accounting to address owner/investor inquiries and provide property highlights for the quarterly fund report and year-end investor letters.
Reach out to internal resources (Accounting, Financial Services, Risk Management, Revenue Management, Purchasing, Marketing, Utility Management, IT) to address property specific issues, improve income and expense control and ensure on-going innovation in design and rehab implementation.
Additional duties and projects as assigned.