Wood Advisors
Vice President, Multifamily Asset Management
Wood Advisors, Greenville, South Carolina, us, 29610
Overview
Our client is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC, this family-owned firm directly owns and manages a diversified, national portfolio of real estate, renewable energy, and infrastructure assets valued at over $2 billion. The firm applies an institutional quality investment process and governance structure to the management of a permanent balance sheet and seeks to positively impact the communities in which it operates and to be a steward of the environment from a generational perspective. The company possesses in-house development/construction management, asset management, and reporting capabilities to support its investment activities. SUMMARY:
The Vice President, Asset Management will oversee and drive the performance of a portfolio of real estate investments with an initial concentration on multifamily including wholly owned, joint venture, and structured finance investments. The position will have direct purview over 7-10 assets and duties will include monitoring key performance metrics and solving for areas of weakness, leading rental pricing strategy, and reporting on asset performance to senior leadership. Later, other property types may include industrial and self-storage. The position will report to the Managing Director, Head of Asset Management, Real Estate. This is an in-person position located in downtown Greenville, SC. Duties and Responsibilities
Serve as chief fiduciary of each assigned asset; actively managing to performance targets, proactively addressing problem areas and implementing corrective actions, and providing property-level insights to senior leadership. Lead weekly leasing calls with third party management teams for a subset of the multifamily portfolio; making sound decisions based on performance goals and market conditions with and without use of revenue management software. Review monthly property financials and operating reports for performance against plan and original underwriting. Utilize benchmarking across the portfolio to identify operational anomalies and implement changes where needed to meet operational goals. Create multi-year business plans for each asset identifying areas of value maximization including associated capital planning. Provide recurring progress updates. Budgeting and Forecasting – Set annual budgets in accordance with business plan objectives and analysis of historical performance and manage third party management groups’ achievement of those budgets. Reforecast the annual performance outlook quarterly and explain departures from budget and future actions. Compile and regularly track occupancy, pricing, and retention across the multifamily portfolio. Monitor collections, stay abreast of delinquency drivers, and implement courses of resolution. Build Excel models and related sensitivity analyses to analyze property and partner level returns based on performance to date, anticipated future performance, and exit scenarios as needed for hold/sell decisioning, the company’s strategic planning, and general re-underwriting of the portfolio. Participate in the annual valuation of the portfolio including market research on trade activity and cap rates. Maintain list of and monitor lease expirations, debt maturities, major tenant exposures (namely industrial), property tax assessments/appeals, and similar metrics. Work closely with Director of Construction in prioritizing and setting capital improvement needs across the portfolio. Assess efficacy of third-party management groups from time to time and work with Director in identifying replacement and oversee transition efforts. Offer market and benchmarking intelligence to Acquisition Team as part of due diligence efforts on new investments. Assist with investment/divestment activities and special projects as assigned. Required Experience and Education
Significant relevant industry experience Bachelor’s degree in finance or accounting or related field Proven ability to read and draw conclusions from financial reports and other data Ability to define problems, research and establish facts, and outline draft solutions for discussion Experience preparing, reviewing, and approving budgets; understanding of generally accepted accounting principles (GAAP) to analyze financial information Financial modeling skills in Excel Exceptional written, verbal, and financial analysis skills Ability to work on a wide variety of assignments concurrently, self-direct and prioritize, and work flexible hours to meet project deadlines Strong communication and organizational skills Accuracy and attention to detail is critical Demonstrated proficiency in Excel and PowerPoint, Power BI experience a plus Ability to produce top quality presentation materials (MS Word, Excel, PowerPoint) Strong work ethic and strong drive commensurate with in-place high-caliber team Supervisory/Management Responsibilities
No immediate direct supervisory responsibility but this would change as the team grows. The Vice President, Asset Management will be working closely with and indirectly overseeing the Real Estate Accounting Manager (new position on the Real Estate team). Seniority level
Executive Employment type
Full-time Job function
Finance and Sales Industries
Real Estate and Investment Management
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Our client is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC, this family-owned firm directly owns and manages a diversified, national portfolio of real estate, renewable energy, and infrastructure assets valued at over $2 billion. The firm applies an institutional quality investment process and governance structure to the management of a permanent balance sheet and seeks to positively impact the communities in which it operates and to be a steward of the environment from a generational perspective. The company possesses in-house development/construction management, asset management, and reporting capabilities to support its investment activities. SUMMARY:
The Vice President, Asset Management will oversee and drive the performance of a portfolio of real estate investments with an initial concentration on multifamily including wholly owned, joint venture, and structured finance investments. The position will have direct purview over 7-10 assets and duties will include monitoring key performance metrics and solving for areas of weakness, leading rental pricing strategy, and reporting on asset performance to senior leadership. Later, other property types may include industrial and self-storage. The position will report to the Managing Director, Head of Asset Management, Real Estate. This is an in-person position located in downtown Greenville, SC. Duties and Responsibilities
Serve as chief fiduciary of each assigned asset; actively managing to performance targets, proactively addressing problem areas and implementing corrective actions, and providing property-level insights to senior leadership. Lead weekly leasing calls with third party management teams for a subset of the multifamily portfolio; making sound decisions based on performance goals and market conditions with and without use of revenue management software. Review monthly property financials and operating reports for performance against plan and original underwriting. Utilize benchmarking across the portfolio to identify operational anomalies and implement changes where needed to meet operational goals. Create multi-year business plans for each asset identifying areas of value maximization including associated capital planning. Provide recurring progress updates. Budgeting and Forecasting – Set annual budgets in accordance with business plan objectives and analysis of historical performance and manage third party management groups’ achievement of those budgets. Reforecast the annual performance outlook quarterly and explain departures from budget and future actions. Compile and regularly track occupancy, pricing, and retention across the multifamily portfolio. Monitor collections, stay abreast of delinquency drivers, and implement courses of resolution. Build Excel models and related sensitivity analyses to analyze property and partner level returns based on performance to date, anticipated future performance, and exit scenarios as needed for hold/sell decisioning, the company’s strategic planning, and general re-underwriting of the portfolio. Participate in the annual valuation of the portfolio including market research on trade activity and cap rates. Maintain list of and monitor lease expirations, debt maturities, major tenant exposures (namely industrial), property tax assessments/appeals, and similar metrics. Work closely with Director of Construction in prioritizing and setting capital improvement needs across the portfolio. Assess efficacy of third-party management groups from time to time and work with Director in identifying replacement and oversee transition efforts. Offer market and benchmarking intelligence to Acquisition Team as part of due diligence efforts on new investments. Assist with investment/divestment activities and special projects as assigned. Required Experience and Education
Significant relevant industry experience Bachelor’s degree in finance or accounting or related field Proven ability to read and draw conclusions from financial reports and other data Ability to define problems, research and establish facts, and outline draft solutions for discussion Experience preparing, reviewing, and approving budgets; understanding of generally accepted accounting principles (GAAP) to analyze financial information Financial modeling skills in Excel Exceptional written, verbal, and financial analysis skills Ability to work on a wide variety of assignments concurrently, self-direct and prioritize, and work flexible hours to meet project deadlines Strong communication and organizational skills Accuracy and attention to detail is critical Demonstrated proficiency in Excel and PowerPoint, Power BI experience a plus Ability to produce top quality presentation materials (MS Word, Excel, PowerPoint) Strong work ethic and strong drive commensurate with in-place high-caliber team Supervisory/Management Responsibilities
No immediate direct supervisory responsibility but this would change as the team grows. The Vice President, Asset Management will be working closely with and indirectly overseeing the Real Estate Accounting Manager (new position on the Real Estate team). Seniority level
Executive Employment type
Full-time Job function
Finance and Sales Industries
Real Estate and Investment Management
#J-18808-Ljbffr