Asset Manager

$85,000 - $105,000/Yr

Next Wave Property Management - Portland, OR

Full-time - Senior

Portland, OR

Real Estate

About the position

Next Wave Investors is seeking a qualified candidate for the position of Real Estate Asset Management Associate, based in San Clemente, CA, with substantial travel required. This full-time role is integral to the oversight of a diverse portfolio of high-quality multifamily assets. The Associate Asset Manager will be responsible for driving investment strategies based on company models, ensuring value creation, and overseeing property operations and capital deployment for each asset. The position requires a detail-oriented individual who can prepare business plans, develop cash flow and investment return projections, and engage in both internal and external reporting. The role also involves conducting market research, overseeing capital plans, and participating in new transactions. Regular interaction with firm principals, acquisition teams, accounting teams, and property operating teams is expected, along with communication with external partners such as vendors and contractors. The Associate Asset Manager will oversee property renovations and construction, prepare construction draws for lenders, and monitor overall portfolio performance, including net operating income (NOI), cash flow, and asset values. The role includes participation in quarterly and monthly operations reviews, reporting on property operations, and developing strategies to maximize asset values. The individual will also direct revenue-enhancing initiatives, monitor resident turnover and satisfaction, and identify opportunities for operational excellence. Additionally, the Associate will prepare periodic internal reports, ensure senior management is informed of significant market-level issues, and maintain relationships with key industry players. The position requires regular market visits and property inspections, necessitating travel to property sites as needed to evaluate performance and ensure accountability of on-site management teams.

Responsibilities

• Oversee property renovations and construction associated with each property business plan.
• Prepare construction draws for lenders to ensure availability of property funds.
• Monitor overall portfolio performance: NOI, cash flow, asset values and progress towards achieving asset strategies.
• Participate in quarterly and monthly Operations Review with property management personnel.
• Report on and develop strategies for property operations to maximize asset values.
• Direct revenue-enhancing and expense containment initiatives with managers, while monitoring resident turnover and satisfaction indicators.
• Identify opportunities to drive operational excellence within the communities to maximize performance.
• Prepare periodic internal reports and respond to information requests from senior management.
• Ensure that the senior management team is aware of significant market-level issues and opportunities that will materially impact the business plan and asset strategy.
• Proactively establish and maintain visibility and relationships among key industry players including establishing a network with peers, competitors, and vendors.
• Thoroughly understand the dynamics of the portfolio, including market characteristics, supply/demand trends and participants.
• Support in the vetting, underwriting, due diligence investigation and onboarding of new portfolio acquisitions.
• Develop and implement best practices as needed.
• Measure and monitor asset performance against a variety of benchmarks including company objectives, Pro-forma metrics, budget and market comparables, return on invested capital, etc.
• Perform regular market visits and property inspections for assigned assets; travel required.
• Develop and foster productive working relationships with property management team, vendors and industry peers.
• Work with internal peers to improve internal and external communication regarding portfolio assets, data management, and workflow process improvements.
• Prepare, maintain, and deliver monthly, quarterly, and annual reporting pertaining to asset performance in relation to each asset's strategic plan.
• Make strategic recommendations as needed to improve and maximize asset performance.
• Analyze and report updated valuations based on updated underwriting on a quarterly, semi-annual and annual basis.
• Work closely with property managers to improve operating efficiency and to control operating expenditures.
• Evaluate and make recommendations and negotiate potential lease terms, concessions, and specials for new and renewing tenants.
• Assess and manage risks associated with current assets.
• Work to maximize returns and minimize losses on assets and investments.
• Stay abreast of market trends and patterns and adjust asset strategies accordingly.

Requirements

• Bachelor's Degree or equivalent work experience in related field preferred.
• Minimum of 5 years of hands-on commercial real estate experience preferred in one or more of the following disciplines: Asset Management, Acquisitions, Underwriting, Appraisal, Financial Analysis or Property Management.
• Detail-oriented and organized.
• Excellent written and verbal communication skills.
• Ability to interact effectively with all team members and external stakeholders.
• Strong financial background with knowledge of real estate and real estate proformas.
• Experience and passion for working with quality multifamily investments.
• Broad understanding of the operational and investment fundamentals of institutional real estate.
• Highly computer literate and proficient in Microsoft Suite and Excel.
• Excellent project management skills.
• Analytically and strategically minded.
• Results driven and growth oriented.
• Ability to think and act strategically with experience analyzing investment decisions.
• Strong negotiation, analytical and interpersonal skills are essential.
• Ability to be self-motivated with the ability to work independently are essential.
• Background in reviewing, analyzing and sensitizing financial reports and communicating results.
• Ability to make recommendations to senior management in an objective and logical manner.

Benefits

• Health insurance
• Dental insurance
• 401(k)
• Paid time off
• Vision insurance
• 401(k) matching