Asset Management Associate

Job Description

PRESERVE Partners – Asset Management Associate

Position Summary   

PRESERVE Partners (PRESERVE) is a private real estate investment firm with a primary focus on multifamily investments and outdoor hospitality. The firm was founded in 2015 and is headquartered in Salt Lake City, UT. The firm currently has approximately $650MM in assets under management. PRESERVE is seeking an Asset Management Associate to integrate into their operations of multifamily projects. The Asset Management Associate will be based in Columbus, OH.

Position Prerequisites

• Bachelor’s Degree from an accredited institution, preferably in finance or real estate
• 5-8 years of relevant real estate or finance experience with experience on principal side preferred
• Excellent underwriting experience and skills
• Any combination of education, training and experience that provides the required knowledge, skills and abilities to reposition real estate assets and maximize asset value
• Proven leadership skills and ability to delegate work

Position Responsibilities

• Responsible for overseeing direct reports that provide operating budgets and financials for assigned assets across the multifamily portfolio, verifying assumptions, understanding value drivers, and comparing performance to underwriting on a monthly, quarterly, and annual basis
• Direct responsibility for 3^rd party management oversight
• Coordinate with Senior Management to develop and execute leasing, management and operational strategies for assets in the portfolio
• Coordinate and oversee execution of capital improvement plans with 3^rd party contractors and Senior Management
• Proactively manage cash position for each asset and monitor capital and operating budgets to ensure there are no shortfalls
• Manage team to ensure all draws, capital improvement reforecasting and status is on target and communicate any variances to Senior Management
• Responsible for reporting to joint venture partners, investors and lenders for each asset in their portfolio
• Responsible for driving strategy on annual Strategic Asset Plans including future cash flow projections, updated business plans, comparing results to budget and underwriting and understand deviations, while identifying opportunities to improve performance
• Responsible for deal level financial performance
• Responsible for financial review calls with 3^rd party managers and proactively communicates variances and solutions to rest of the Asset Management team
• Responsible for reporting to Senior Management on financial status of each asset and recommendations on strategy to improve performance
• Responsible for leasing strategy including outreach to tenants, marketing schemes and oversight of third-party management team
• Oversee property manager’s preparation of financial reports, ongoing collection of rent and cash position (including preparation of post-close reconciliations)
• Produce consistent and accurate updates and strategic recommendations to the Asset Management team on key deals and recommendations on strategy
• Proactively communicate with Acquisitions during due diligence to provide high-level feedback on market assumptions, operating expenses, staffing and business plan
• Have a full understanding of capital improvements and status across the portfolio and recommend strategic adjustments throughout the value add stage of the investment

Candidate Profile

• High level of proficiency in Excel and PowerPoint
• Experience with complex financial modeling, including cash flow models, sensitivity tables, debt and equity waterfall structures
• In-depth understanding of real estate investment factors and valuations, coupled with general understanding of financing, accounting, leasing and capital market terms and concepts
• Ability to develop and cultivate business relationships with consultants and other team members
• Excellent analytical, interpersonal, writing and communication skills with ability to work independently, prioritize and multi-task
• Maintain composure and effectiveness under pressure and changing conditions
• Ability to work in a fast-paced, self-directed, entrepreneurial environment
• Values humility and resourcefulness
• Periodic travel required across the country.

About our Benefits

This is a FULL-TIME position and offers a benefit package that includes the following:

• Salary ranging from $110,000 - $130,000 commensurate with experience and bonus opportunities
• Health and dental insurance. Comprehensive healthcare plan that includes full coverage of the employee’s healthcare premiums, and coverage at 100% of the dependent’s premiums
• 401(k) savings plan
• 20 days of PTO and 12-holidays per year
• Opportunities for professional development and advancement

Salary will be commensurate with experience. PRESERVE Partners, Inc. is an equal opportunity employer.