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The Los Angeles Regional Office Equity Real Estate Asset Management Associate will support the Asset Management team for MIM Real Estate’s institutional clients. The regional portfolio includes office, industrial, multifamily, retail, and land holdings.
Key Responsibilities:
- Support Asset Management team in establishing and executing asset investment strategy, financial forecasts and budgets, valuation analysis, management and leasing efforts and capital analysis for the regional equity portfolio.
- Fully manage a portfolio of real estate assets, potentially including office, retail, industrial, multifamily and development properties, for a diverse set of clients, including modeling complex transactions and reviewing/maintaining venture waterfalls.
- Develop property operating budgets, capital budgets, income projections and annual business plans.
- Coordinate with acquisitions group regarding new investments to assist in sourcing, underwriting, due diligence and on-boarding, including minimizing operational or financial issues following closing.
- Work with third-party developers and joint venture partners to oversee all aspects of new developments and major renovations.
- Manage third-party leasing and property management teams to maximize property performance (income/value), including overseeing the RFP process for new leasing and property management teams.
- Evaluate leasing opportunities, negotiate lease documents and provide concise recommendations for client approval.
- Negotiate various legal documents and contracts. Coordinate and manage various internal/external resources and consultants (i.e., attorneys, environmental, construction).
- Oversee the valuation process for assigned portfolio, including preparing/maintaining valuation/waterfall models, and reviewing quarterly third-party property valuations. A strong understanding of evaluating hold/sell analysis and advanced Excel modeling skills is required.
- Lead the sales process of designated assets including engaging brokers, evaluating bids, negotiating contracts, managing due diligence, and closing. Manage property transition process by working with internal bank relations, insurance, and accounting departments.
- Regularly communicate with stakeholders including senior asset managers, portfolio managers, joint venture partners, and MIM clients about the performance of assigned portfolio.
- Participate on internal committees, manage database applications, and ensure timely and accurate reporting and financial data.
Essential Business Experience and Technical Skills:
Required:
- 5+ years relevant experience with demonstrated understanding of commercial real estate valuation and discounted cash flow analysis, and exposure to relevant property types including office, industrial, multifamily, and retail preferred.
- Strong quantitative and computer skills, specifically Excel and Argus Enterprise; knowledge of MRI – Budgeting & Foresight software and familiarity with the leading commercial real estate market data resources (i.e.-CoStar, CBRE Econometric Advisors, Real Capital Analytics, etc.) a plus.
- Well organized and results-orientated team player with the ability to work independently under pressure while handling multiple assignments. Emphasis on communication skills (both oral and written) with ability to interact with and make recommendations to senior team members.
- Knowledge of standard real estate legal documents, such as leases, management agreements, joint venture agreements, loan documents, construction contracts and appraisals.
- High level of initiative, strong work ethic, attention to detail and willingness to work across teams.
Preferred:
- Bachelor’s degree in an applicable business-related field. MBA or Master’s in Real Estate equivalent preferred
Source: MetLife Real Estate Career Page
