Our client is a real estate private equity firm with a strong history of successful real estate investment, management and development. The firm is based in the Financial District of Boston, with regional offices in Metro New York and Metro Washington, D.C. Our client is a vertically-integrated firm. The company’s primary investment vehicles are the client’s Fund II, a $250 million closed end value-add fund, Fund III, a $360 million closed end value-add fund and pending Fund IV, a $550M closed end value-add fund. The client focuses primarily on select multifamily, industrial, life science, medical office, and mixed-use investments where they can create value, provide increased margins of safety, and maximize risk-adjusted returns. The client invests in both existing assets and development opportunities across the whole range of the capital stack/joint venture spectrum, as sole investor, as an operating partner and as an equity partner.
The VP of Asset Management is responsible for maximizing real estate value by developing and executing business plans on all real estate projects across a variety of asset classes in the Boston market. This team member’s primary purpose is to contribute to the development and implementation of the firm’s asset management, financial and portfolio strategies, with a goal of achieving superior performance for each asset and the portfolio as a whole. This role is instrumental in providing market insights and recommendations to our investors to maximize value from the current portfolio and considerations for future investment in Boston. The successful candidate will be a commercial real estate professional adept in sophisticated and complex asset management, leasing, transactions, capital projects, and commercial real estate investment. Candidates will also possess superior communication skills and exceptional leadership and people management abilities, as this role will be leading several cross-functional teams to holistically support the firm’s Boston portfolio.
- Drive all leasing activities for certain assets from start to finish including engaging third-party leasing brokers and architects, identifying prospects, touring prospects, responding to RFPs, drafting letters of intent, spearheading lease negotiation efforts, managing required transaction consents, negotiating lease amendments, managing required notifications related to tenant encumbrances, etc.
- Identify and analyze various scenarios for all assets to ensure the company is maximizing value in acquisition and leasing transactions. This includes identifying possible outcomes, providing economic assumptions, reviewing transaction models and documenting a proposed business case for the desired outcome based on financial metrics.
- Interface with the Investment team, regarding new acquisitions and dispositions process (including due diligence) as requested.
- Participate in all and lead selective joint venture, financing, purchase and disposition negotiations.
- Support management with financial reporting at the property and investor levels.
- Participate in quarterly assessments/evaluations of current performance and future outlook for each property including hold/sell analyses.
- Conduct and oversee financial and lease analysis and asset underwriting to determine asset value, upside potential, and key risk factors.
- Evaluate all aspects of the asset value creation process, with emphasis on growing net operating income through leasing efforts, careful management of operating expenses, and executing capital projects that result in a meaningful return on cost.
- Understand asset-specific debt and equity sources seeking opportunistic refinancing, and/or recapitalization.
- Play a role in implementing the “value add” on all acquisitions and existing assets with ground up development and redevelopment potential.
- Participate in regular asset and portfolio management reviews and assume primary responsibility for asset managing a portfolio of properties as determined by the Head of Asset Management.
- Collaborate with property management, senior management, legal, and finance to achieve goals from a cross functional perspective.
- Work with finance, accounting, property management, investment, and development teams to create property and development budgets as part of the annual business plan for each asset.
- Work closely with financial reporting team to prepare quarterly investor reports, valuations, and property reforecasts.
- Approve waterfall calculations and cash management strategies.
- Provide analytical and operating support for potential acquisitions and development opportunities including supporting the diligence & preparation of offering memoranda for investors, partners and lenders.
- Approve closing statements for all capital transactions working closely with investments team and Title company.
- Be a driving force towards improving the asset management reporting process.
- Manage joint-venture partner and lender relationships through regular communication, property site visits, and reporting.
- Identify operational challenges that could impact investment values and recommend solutions to senior management and equity partners.
- Work with internal and third-party accounting and portfolio analytics groups in strategic planning and valuations.
- Implement and oversee capital improvement plan for each asset
- Manage real estate tax assessment and appeal efforts along with third-party consultants
- Understanding of financial analysis
- Transaction experience is a requirement
- 7-10+ years of experience
- BA/BS required; relevant major/coursework preferred
- Strong familiarity with and established relationships within the Boston CRE market
- Must be computer savvy and have familiarity with related software programs (Argus, etc.) however analysis and input will be performed by analyst staff
- Ability to make frequent site visits
- Highest work ethics and sound judgment
- Ability to respond real time and to work under pressure and deadlines
- Prior experience with third party investors; building successful relationships, managing expectations, and unique reporting
- Excellent interpersonal skills with the ability to work in a team environment
- Strong written and verbal communication skills
- Excellent organizational skills, strong attention to detail and the ability to manage multiple priorities, while meeting deadlines
- Ability to communicate recommendations to Senior Management and make decisions
- High degree of personal integrity and ability to work effectively in a fast-paced team environment
- Adaptability to changing demands
- Effective problem-solving skills