Vice President, Asset Management

American Realty Advisors•Los Angeles, CA

16h•$200,000 - $225,000•Onsite

About The Position

The Vice President, Asset Management leads and directs asset management for a portfolio of commercial real estate assets, with critical experience in retail shopping centers as well as office and industrial properties. Working under the Executive Vice President for the commercial sectors, the Vice President supports an industry-leading approach to asset management. The role oversees third-party property managers, leasing staff, construction managers, and other professionals involved in managing assets, and supervises strategic planning, leasing, financial analysis, budgets, valuation, performance measurement, and reporting. The Vice President also works with the Executive Vice President, Portfolio Management, and the Investment Group to evaluate prospective acquisitions and conduct due diligence. The position is responsible for assessing whether target assets can be managed in line with underwriting assumptions, business plans, and long-term budgets, and for advising investment team members and the Investment Committee on proposed investments. The position is based in ARA’s downtown Los Angeles office. The candidate must reside in Southern California and commute to the office; employees are currently expected to work in person at least four days per week. Expected hours are 8:30 a.m. to 5:30 p.m., Monday through Friday, with occasional weekends. Business travel, including overnight trips, may be required, and occasional use of a personal vehicle for business may be necessary.

Requirements

Undergraduate degree in Finance, Real Estate, Accounting, or a related field.
At least 10 years of direct commercial real estate asset management experience from an asset management perspective.
At least 3 years of direct oversight of analytical professionals.
Strong financial and mathematical skills, including the ability to calculate and understand discounted cash flows, net present value, and internal rate of return.
Thorough understanding of accounting principles and ability to understand standard accounting reports and statements.
Knowledge of the private equity real estate market and how investments are structured.
General knowledge of joint venture agreements, loan documents, lease agreements, property management agreements, development agreements, service contracts, and title documents.
Broad understanding of the construction process, terminology, and AIA documents.
Ability to solve practical problems in situations with limited standardization and interpret written, oral, or schedule-based instructions.
Familiarity with word-processing and spreadsheet software.
Demonstrated proficiency and precision in Microsoft Excel, including formula building.
Familiarity with creating ARGUS Enterprise models and reviewing and adjusting Altus valuation models.
General knowledge of accounting and financial reporting and basic understanding of MRI and/or Yardi reporting.
Strong organizational skills and ability to follow processes.
Ability to articulate concepts and strategies effectively to different stakeholders.
Ability to reside in Southern California and commute to ARA’s downtown Los Angeles office.
Ability to travel on business, including overnight trips, and occasionally drive a personal vehicle for business.
Ability to work expected hours of 8:30 a.m. to 5:30 p.m., Monday through Friday, with occasional weekends.

Nice To Haves

Master’s degree and/or professional designation, such as RFA or CPM.
Additional expertise in capital projects, property management, acquisitions, dispositions, and leveraged assets.
Development experience.
Experience with retail shopping center assets, in addition to office and industrial sector experience, is critical for this role.

Responsibilities

Develop and drive the implementation of strategic business plans for portfolio commercial assets.
Lead asset management, strategic planning, and leasing for an assigned portfolio.
Identify, develop, and implement value-added strategies for existing assets and potential acquisitions, including renovations and ground-up development.
Oversee property operations, including reviewing property management reports, tracking weekly and monthly status reports, and building relationships with property managers and onsite staff.
Collaborate with joint venture partners on existing investments and new opportunities, ensuring compliance with agreements.
Manage debt encumbering real estate assets and ensure compliance with loan obligations and covenants, including payments, reporting, and financial requirements.
Supervise, train, and motivate property managers, leasing staff, and other personnel.
Conduct site visits to review curb appeal, capital improvement projects, model inspections, expense approvals, and personnel matters.
Understand architectural plans, contracts, and engineering studies, and work with attorneys on lease language.
Work with onsite leasing teams to attract, qualify, and retain tenants, and develop marketing strategies to maximize effective rents.
Lead commercial letters of intent and lease negotiations for ownership in collaboration with leasing teams and counsel.
Oversee property-level analysis functions, including property management contracts, requests for proposals, construction, and vendor agreements.
Conduct market research and update demographic and market information to assess each asset’s position.
Review potential acquisitions with the Investment Group, develop long-term models, and support underwriting assumptions.
Conduct market research to support acquisition underwriting assumptions.
Develop and maintain relationships with investment brokers.
Oversee physical inspections of assets and assess how deficiencies affect underwriting.
Advise investment team members and report to the Investment Committee on proposed investments from an asset management perspective.
Manage timely preparation of business plans and monthly and quarterly reports.
Prepare annual portfolio review materials and present reviews to trustees, consultants, and client staff as applicable.
Review effective lease rates, capital improvement budgets, and operating budgets.
Participate in investor calls and presentations to help shape the asset management team’s direction and investments.
Review operations for compliance with joint venture agreements, development management agreements, loan documents, and related documents.
Supervise timely completion of asset valuations, including hold/sell analyses and quarterly and annual valuations.
Perform financial and hold/sell analyses, and report quarterly and annual asset performance on internal rate of return and time-weighted bases.
Communicate promptly and transparently with ARA leadership, the Investment Committee, and teams across the platform.
Create and update business plans and operating budgets.
Develop and execute capital improvement plans on time and within budget.
Coach and mentor team members.
Assist stakeholders and outside counsel with reviewing and negotiating architectural, construction, and other consulting services contracts.
Support acquisition due diligence for value-add and core assets by reviewing and auditing pro forma models, operational resources, and relevant documents; validating underwriting assumptions, budgets, and leasing assumptions; conducting market research; and participating in physical inspections.