Asset Manager, Multifamily

The Sobrato Organization; Mountain View (CA); Hybrid; USD 140,000 - 150,000; Full time

Job summary

The Sobrato Organization is seeking an Asset Manager in Multifamily Asset Management in Mountain View, CA. The successful candidate will oversee a diverse portfolio of multifamily properties, driving financial performance and strategic asset initiatives. With a team-focused approach, you will navigate market challenges and implement effective asset strategies to achieve operational excellence.

Qualifications

• 5-7 years of multifamily asset management experience or property management.
• Ability to prioritize multiple concurrent projects effectively.
• Experience with both market-rate and affordable multifamily assets.

Responsibilities

• Responsible for financial and operational performance of assets.
• Develop and execute asset strategies based on ownership goals.
• Conduct market analysis and support new multifamily development.

Skills

Organizational skills

Analytical skills

Decision-making skills

Collaboration

Education

Bachelor degree in Finance or Real Estate

Tools

Microsoft Office

AIRM

Job description

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Title: Asset Manager , Multifamily Asset Management

Business Unit: Real Estate

Work Schedule: Hybrid

Status: Full-Time

FSLA Status: Exempt

Work Location: Mountain View, CA

Date Submitted: November 2024

Job Summary

The position is part of a team of professionals focused on asset management responsibilities for a portfolio of multifamily assets. The multifamily portfolio comprises 31 assets totaling nearly 6,800 units located along the West Coast. This position will have asset management responsibilities for a portfolio of market rate and affordable properties. The successful candidate will be responsible for understanding ownership’s goals and developing and implementing strategic and operational initiatives to meet those goals. The Asset Manager will have knowledge of strategic planning in a multifamily real estate context along with experience in multifamily asset and property management, asset repositioning, market supply and demand fundamentals, hold/sell assessments, and multifamily accounting concepts. The position also supports TSO’s multifamily development activities through participation in market analysis, feasibility assessment, product programing, and design. This position involves both individual and collaborative team work .

This position reports to the Vice President, Multifamily Asset Management.

Responsibilities And Tasks

• Accountable for all aspects of the financial and operational performance of each assigned asset
• Based on ownership’s goals and objectives, develop and execute asset strategies including re-positioning and programing, renovation, capital improvements, pricing, marketing and leasing
• Become the firm’s in-house expert on assigned local markets. Understand supply/demand characteristics, identify changes and trends in the markets, and assess the related impact on strategic initiatives and real estate values
• Work collaboratively with 3rd Party property management to achieve favorable operating results, identify challenges and execute timely and effective solutions. Troubleshoot capital improvement and renovation execution challenges, including leasing issues, rent performance, excess turn times, etc
• Track property operating results on a weekly, monthly, and quarterly basis to identify trends and opportunities. Complete cash flow forecasts or other analysis as needed for strategic decision making and planning
• Product planning and support for new multi-family developments and assist in the underwriting of new acquisitions
• Establish and maintain relationships with the investment brokerage community and track comparable sales information in assigned markets
• Assist in the preparation of reports onthe portfolio, which will be presented to Senior/Executive Management
• Oversee and coordinate in-house and external resources including consultants, vendors and attorneys
• Participate in the sourcing, evaluating and closing of transactions, including acquisitions, dispositions, and debt financings
• Prepare investment memorandums and presentations for new transactions
• Evaluate, recommend and implement sustainability initiatives that will improve energy efficiencies and reduce carbon emissions
• Monitor legislative actions such as rent control measures and eviction moratoriums that impact operational and financial performance
• Conduct site visits and market tours
• Communicate and collaborate with internal and external team members regarding the details and status of projects
• Work with legal counsel to draft and negotiate agreements and contracts
• Research and analyze new technology platforms/tools that can be adopted to enhance tenant experiences, improve reporting capabilities and/or increase team productivity
• Other responsibilities as assigned
  
  

Qualifications (know How)

Education / Training

• Bachelor degree with emphasis in Finance, Real Estate or related field a plus
  
  

Experience/Technical Skills

• A minimum of 5-7 years of multifamily asset management or regional multi-site property management experience. Pre-development, lease-up and affordable housing experience desired
• Excellent organizational and time management skills. Ability to prioritize workflow, proficient in handling multiple concurrent projects, and able to independently identify and solve key business problems. Must be a true self-starter and self-finisher while working in a team environment
• Effective and timely decision-making ability. Ability to identify, understand and balance key inputs with the experience to balance consensus against authority as appropriate
• Superior analytical skills (both quantitative and qualitative). Strong risk assessment skills with the ability to compile and evaluate various financial and operating reports for accuracy, integrity, and conformance to market and industry benchmarks
• Collaborative approach and respectful relationship style with colleagues, consultants and third-party partners
• Proficient with Microsoft Office (Word, Excel, PowerPoint) and Outlook. Familiarity with multifamily revenue management systems (AIRM) and ability to quickly learn new applications
• Experience with both market-rate and affordable multifamily assets
• Familiarity with major West Coast real estate markets is a plus
• Ability to travel around and outside of the SF Bay Area
  
  

ORGANIZATION

Reports to: Vice President, Multifamily Asset Management

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Contract

Job function

• Job function

  Finance and Sales

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