COMPANY
AAA Management is a fast-growing multifamily real estate development group with a passion for quality and an eye for detail. We apply our creativity to build living environments characterized by refinement and comfort. Since 2007, we have built a widely diversified portfolio of assets across California and Washington State, and we aim to expand to other regions soon.
We have assembled a dedicated team of professionals specialized in the acquisition, market selection, and development of multifamily real estate and are well-known for building strong relationships with our builders, architects, interior designers, sustainable consultants, landscape artists, and technologists.
Our developed apartment communities incorporate a wide array of amenities, modern finishes, and design with today’s renter in mind. AAA Management has been involved in a broad range of apartment community developments with a strong track record. Our mission is to continue inspiring and reinvigorating our industry with a strong emphasis on smart design, value, and high quality.
The Company’s current portfolio is valued at 2 billion and includes 1,061 units across 7 assets, and 2,564 units upcoming across 9 new developments in California and Washington.
ROLE
Multifamily Asset Manager
REPORTING
VP of Real Estate Development
LOCATION
San Diego, California
JOB
The selected individual will join an experienced team of real estate investors and developers and will design and execute comprehensive asset-level business plans for an assigned portfolio of multifamily assets. Specific responsibilities include:
- Act as the owner’s representative in a direct asset management role on a portfolio of 7 to 16 multifamily assets located across 2 states to protect and promote the physical and financial health of each portfolio asset
- Analysis of property and market fundamentals to develop and implement project level asset management strategy in accordance with the asset’s investment thesis
- Provide oversight of lease-ups to ensure property and property management meet timelines and expectations of development and asset management
- Work closely with and manage 3rd party property management partners to implement asset strategy, realize efficiencies and improve property performance, including monthly / quarterly site visits as needed
- Review weekly, monthly and quarterly reporting as to sales and marketing, property operations and financial reporting for each of the portfolio assets
- Prepare monthly profitability analysis and report internally on proforma, budget and same store property performance
- Develop annual operating and capital budgets for each portfolio asset and analysis of budget to prior year and proforma performance
- Negotiate contracts and manage capital improvement programs to budget and in accordance with lender requirements; maintain renovation tracking and ROI analysis across multiple projects and assets
- Know each asset’s market and submarket and its competitive positioning relative to rents, occupancy and product
- Work collaboratively with operating partners, including 3rd party management, lenders, insurers and adjusters, real estate tax consultants, property vendors and contractors, to effectively communicate and achieve investment objectives and owner requirements
- Conduct regular site visits to evaluate property management, property marketability and market positioning, and physical condition of properties
- Manage property level risk to minimize property or casualty loss and to protect both the physical plant of the portfolio assets and the Company's reputation
- Assist with disposition process from valuation analysis and broker selection through due diligence and closing
- Interface with AAA Management Accounting and Investor Relations teams to address investor questions and provide asset highlights for quarterly / other investor reporting
- Additional responsibilities include, but are not limited to, the following: review of underwriting provided by development and property management, annual business planning, monthly operating deficit forecasts, coordinate/oversee real estate tax appeals and estimates, development programming input and budget review
QUALIFICATIONS
- BA or MBA in real estate, finance, economics or other related degree
- 5-10+ years of relevant real estate or finance experience, preferably in multifamily asset management and operations
- Demonstrated success evaluating, designing and / or re-engineering strategies and procedures to improve property level / portfolio performance for existing assets and lease-ups.
- Demonstrated eagerness to learn and work both within a team and independently
- Strong financial modeling and accounting skills with a high level of attention to detail and accuracy
- Excellent written and oral communication skills
- Ability to independently manage projects and responsibilities across multiple assets, skill sets and timelines
- Ability to prepare financial feasibility analyses and strategic plans, conduct research, review portfolio related documents/agreements
- Strong analytical and execution abilities including analyzing problems, identifying multiple resolution scenarios, evaluating recommendations and implementing solutions
- Collaborative team player with the ability to work responsively in a swiftly evolving marketplace and an entrepreneurial environment
- Skilled to expert proficiency across MS Excel and Word
- Construction management experience desired but not mandatory
- Financial and real estate accounting experience desired but not mandatory
- Ability to Travel (10%)
- Knowledge of Section 8, MHA, MFTE desired but not mandatory
- Proficient in Microsoft Excel and financial modeling
If interested, please reach out to rmerks@aaamanagementllc.com
No recruiters.
