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The Asset Management Associate will manage all aspects of an institutional-quality multifamily portfolio and associated strategic initiatives. The goal of the Asset Management Department is to contribute to FFO growth by maximizing investment returns and operational performance for each asset by identifying the highest and best use, fulfilling its highest earning potential, reducing expenditures, and mitigating liabilities and risks.
WHAT YOU WILL DO:
- Responsible for asset management of a portfolio containing 15-20 communities in SF Bay Area with the potential to grow. Partner with leaders across Operations/Capital, Transactions, Finance, and Data/Research to prepare, execute, and monitor performance of the annual strategic business plan for each property.
- Responsible for maximization of asset value and NOI, which includes understanding asset position relative to market and asset-specific restraints. Develop asset plans that define clear objectives to drive improvements in asset performance.
- Lead the investment process in discovery, due diligence, underwriting, and submission of investment materials for both internal and external constituents for various revenue-generating capital projects. Identify and underwrite opportunities to increase income and/or reduce expenses. Responsible for all new commercial leases. Identify outliers within the portfolio to redirect resources.
- Reviews annual capital expenditure budget and makes recommendation for changes to proposed annual plan. Monitors ongoing capital projects throughout the year to ensure execution on time and within budget. Works with the Acquisitions team in conducting new property inspections, assisting with due diligence, and working in collaboration on underwriting.
- Maintain strong understanding of local markets (competition, supply pipeline, demand drivers, major points of interest, market absorption).
- Conduct regular physical inspections (at least once a year) of properties to develop a thorough understanding of each property’s competitive position and its unique challenges.
WHAT YOU WILL NEED:
- Bachelor’s degree from four-year college or university in real estate, finance, accounting and/or economics.
- Minimum 3-5 years of experience in financial analysis or business analytics.
- Real estate experience is required; experience in multifamily real estate is highly preferred.
- High degree of business and financial acumen. Highly skilled in working across a heavily matrixed organization which requires significant influencing and collaboration skills.
- Ability to work strategically and with significant financial and project management discipline to ensure flawless execution.
- Strong analytical, organizational, time-management, attention to detail and accuracy, written and verbal communication skills.
WHAT THE JOB REQUIRES:
- Operates in a fast-paced work setting. Requires the ability to multitask and adapt quickly to changing priorities. May involve tight deadlines and high-energy work situations.
- Work is primarily conducted in an office setting. Requires sitting at a desk or workstation for extended periods. Involves the use of standard office equipment such as computers, phones, and printers.
- Requires the ability to work Monday through Friday. Entails in-person office requirements for a minimum of 3 days per week: Mondays, Tuesdays, and Wednesdays, located at Essex’s corporate office in Irvine.
- Requires the ability to sit or stand for extended periods. Minimal physical effort in the day-to-day tasks.
- Regular travel to various locations for meetings, projects, client visits, or on-site work.
WHAT YOU WILL BRING TO THE TABLE:
- Excellent written and verbal communication skills. Strong organizational and analytical skills. Ability to provide efficient, timely, reliable and courteous service to customers. Ability to effectively present information.
- Ability to comprehend, analyze, and interpret documents. Ability to solve problems involving several options in situations. Requires intermediate analytical and quantitative skills.
- Decisions made with thorough knowledge of procedures and company policies to achieve set results and deadlines. Responsible for setting own project deadlines. Errors in judgment may cause short-term impact to co-workers and supervisor.
