Advisory Services: Multifamily Asset Manager - Chicago, IL

B. Riley Financial; Chicago (IL); On-site; USD 55,000 - 85,000; Full time

Job summary

An established industry player is seeking a dedicated Multifamily Asset Manager to join their team in Chicago. This full-time role offers the opportunity to stabilize and maximize the value of distressed multifamily properties. You will analyze financial challenges, implement turnaround strategies, and collaborate with various stakeholders to enhance property performance. The ideal candidate will have a strong background in asset management and a keen understanding of the multifamily real estate market. Join this innovative firm and make a significant impact in the real estate sector.

Benefits

401(k) profit-sharing retirement plan

Paid holidays

Vacation and sick leave

Voluntary group medical insurance

Dental and vision insurance

Company paid life and disability coverage

Qualifications

• 3+ years of experience in commercial real estate investment or asset management.
• Strong understanding of multifamily real estate market and leasing practices.

Responsibilities

• Manage a portfolio of distressed multifamily assets during receivership.
• Work with property management to improve occupancy and rental income.

Skills

Asset Management

Property Management

Financial Analysis

Communication Skills

Data Analysis

Education

Bachelor's degree in finance

Bachelor's degree in real estate

Bachelor's degree in business administration

Tools

Microsoft Excel

Yardi

Job description

Advisory Services: Multifamily Asset Manager - Chicago, IL

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Advisory Services: Multifamily Asset Manager - Chicago, IL

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B. Riley Advisory Services is a subsidiary of B. Riley Financial (NASDAQ: RILY) and a trade name for GlassRatner Advisory & Capital Group, LLC.

B. Riley Advisory Services provides a full variety of specialty financial services and solutions that works with lenders, law firms, private equity sponsors and various companies that provides clients with a unique mix of valuation and appraisal services including asset-based lending valuations, restructuring and turnaround management, forensic accounting, litigation support, and transactional support services.

We are seeking a full-time Multifamily Asset Manager with experience in receiverships to work in Chicago, IL.

Overview

The Asset Manager is responsible for stabilizing, repositioning, and maximizing the value of a distressed portfolio of real estate comprised primarily of multifamily properties. This role involves analyzing financial and operational challenges, implementing turnaround strategies, and executing asset management plans to improve occupancy, revenue, and overall performance. The Asset Manager collaborates with property management teams, lenders, and the court-appointed receiver to drive financial recovery and value creation.

Responsibilities

• Work with the proposed receiver (internal person at B. Riley) to assess potential issues at a property that may include discreetly visiting the property to document deferred maintenance and potential life safety issues.
• In cooperation with the court-appointed receiver, take control of the property and related bank accounts, confirm GL/Property/Umbrella policies are in place, and retain third-party property management.
• Oversee and manage a portfolio of distressed multifamily assets during receivership, primarily focused on resolving deferred maintenance/life safety issues and improving the property's operating performance to maximize the sales value of the property.
• Prepare a report for the lender detailing findings following the takeover of a property to include a vacant unit condition report and pricing to turn units, exterior property condition assessment, and a summary of key operating performance issues such as delinquent tenants, bad debt, and accounts payable.
• Work with third-party property management to improve occupancy, tenant retention, and rental income.
• Identify and prioritize capital improvement projects to maintain property value and enhance tenant satisfaction.
• Conduct regular site visits to assess property conditions and management performance.
• Be available to the lender and lender's counsel, to provide guidance on the status of the property.
• Develop an exit strategy for the asset that typically involves positioning the asset for sale.
  
  

Required Skills And Qualifications

• Bachelor's degree in finance, real estate, business administration, or a related field.
• 3+ years of experience in commercial real estate investment, property management, or asset management.
• Prior experience working as an asset manager or in a similar role.
• Strong understanding of the multifamily real estate market and leasing practices.
• Comprehensive knowledge of commercial real estate market trends, lease structures, property management practices, and legal considerations.
• Ability to analyze data, identify trends, and make informed investment decisions.
• Ability to manage and motivate property management teams to achieve performance goals.
• Familiarity with receivership procedures and court regulations.
• Excellent communication and interpersonal skills with stakeholders including investors, property managers, tenants, and internal teams.
• Proficient in Microsoft Office applications including Excel, PowerPoint, and Word as well as Adobe Acrobat.
• General knowledge of property management software systems including Yardi.
  
  

B. Riley Financial, Inc. employees enjoy competitive salaries, access to our 401(k) profit-sharing retirement plan and our other benefits including paid holidays, vacation, and sick leave, voluntary group medical, dental, and vision insurance, and company paid life and disability coverage.

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Contract

Job function

• Job function

  Finance and Sales

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