Manage the lease-up phase for multifamily properties to ensure performance goals are achieved.
Monitor portfolio to ensure achievement of targeted financial results per approved annual asset strategy. Participate in quarterly Operations Review with property management personnel. Report on and develop strategies for properties operating below budget.
Direct revenue-enhancing and expense containment initiatives with third party managers, while monitoring resident turnover and satisfaction indicators, and identify opportunities to drive operational excellence within the communities to maximize performance.
Prepare periodic internal reports and respond to information requests from senior management.
Maintain knowledge of current multifamily trends and individual property markets and submarkets.
Conduct market research, analyze findings and make well thought out recommendations.
Understand each property’s competitive positioning relative to rents, occupancy, common and unit amenities, unit finishes, and any other property attributes and recommend initiatives to maintain a competitive edge.
Essential Skills and Qualifications:
Bachelor’s degree (B.A. or B.S.) in Business, Finance or related field from a four-year college or university. Master’s in Business Administration (M.B.A.) preferred.
Minimum of at least 3 years of experience in the multifamily industry, including experience with multifamily properties totaling 1000 units or more.
Minimum of at least 2 years of lease-up experience.
Thorough knowledge of:
Asset management for multifamily assets as evidenced by a minimum of 3 years of relevant experience, including significant experience in lease up of newly-developed projects.
Real estate concepts such as revenue management, concessions, incentives, retail leases, net leases, gross leases, contracts, rents, percentage rents, operating expenses, capital expenditures, recovery of expenses and property types as evidenced by a minimum of 5 years in a related function.
Financial concepts such as NOI returns, cash flow returns, internal rate of return, present value/discounted cash flow and capital markets as evidenced by a minimum of 5 years in a related function.
Travel may be required up to 25% of time on the job.
Shorenstein is one of the country’s oldest and most respected real estate organizations active nationally in the ownership and management of high-quality office and residential properties. Due to its success over many years and multiple real estate cycles, Shorenstein has established its reputation as a creative and knowledgeable investor. The company is privately owned and is headquartered in San Francisco. The company’s current portfolio totals 25 million square feet (including 2.3 million square feet under development) in 20 markets, with a gross value of $9 billion.
Shorenstein is an Equal Opportunity and Affirmative Action Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex (including pregnancy, gender identity, and sexual orientation), national origin, age (40 or older), status as a protected veteran, disability, genetic information, or any other statuses protected by law.