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Carmel Partners, one of the nation’s leading specialists in real estate investment management, with expertise in the investment, development, and construction of multi-family real estate, is seeking an Asset Management Director in our Santa Monica Regional Office.
The Director's primary responsibility is to manage the financial performance, business strategy, and operations of a West Coast portfolio. The position will lead and support the full life cycle of the properties from the initial acquisition, operational enhancements, renovations, stabilization, through to disposition. The key objectives driving the business plan is to identify high-value decisions and recommendations to maximize returns and enhance operations.
A place for you
Here at Carmel, we don’t just invest in buildings, we invest in careers. If you don’t meet every qualification listed in this job posting, we encourage you to apply anyway. We are building diverse teams of unique talent and strongly encourage people from underrepresented groups to apply. Everyone takes their own path to get here. Join us!
What you’ll do
- Interact with operating partners to oversee the full scope of operations, including regular site visits to the properties in the portfolio
- Partner with the Asset and 3rd party property management teams to identify short- and long-term business plans (90 Day – 1 year, 3 -7 year)
- Maintain and manage relationships as the Owner Representative with the third-party property management companies which includes:
- Ensuring staffing is appropriate and effective
- Lead representative for LRO/Rent/Marketing Operations calls and planning
- Developing and approving 3rd party provided annual operating budgets
- Ensuring all accounting is complying with lender requirements
- Ensuring working capital and cash balances are tracked, and cash flow projections are completed and reported monthly
- Evaluating quarterly GL allocations and vendor contract compliance
- Working closely with the property management company and utility management company to ensure RUBS are being optimized at each asset
- Act as Carmel representative with the local community and with the local government officials
- Partner with Compliance, Tax, and third-party real estate tax consultants to ensure all property level requirements are met, review real estate tax assessments and tax appeal strategies
- Prepare and present Quarterly Asset Reviews (QAR’s), Asset Level Business Plans (ALBP’s) and other required reporting to the Investment Committee
- Partner with Investor Relations on Investor and Fund reporting, questions, tours, and communications
- Support internal finance and investment teams with Proforma modeling and inputs, lender reporting, loan requirements, refinancing efforts, cash management analyses for the lender when required, and is the key point of contact for all asset level inquires and business plan related items
- Coordinate with internal and external stakeholders regarding the lease-up, pricing and marketing of the property
- Perform regular and ad-hoc financial analysis and ongoing review of revenue data, forecasts, and performance metrics including reviews of prelims on a quarterly and annual basis to ensure accurate financials
- Partner with the property operations team and the dispositions point person to ensure property strategy and operations are followed during the dispositions process to maximize ultimate sales price of asset
- Contribute to team and company projects and initiatives including reporting and special projects as needed
Who you are
You understand the value of building great relationships and consider it a strength of yours. You’re a pro at communicating on and off the page, and your presentation skills are unparalleled. You know how to prioritize and manage your time effectively, and when it comes to making decisions, you’re efficient and effective. You’re a leader that effectively communications and delegates. You consider your organizational and analytical skills a key part of your success.
What you’ll bring
- Bachelor’s degree in business, accounting, or finance; MBA preferred
- At least 5 years’ real estate investment and asset management experience in multifamily; retail/commercial leasing experience a plus
- Excellent analytical, financial, and quantitative skills, with highest level of attention to detail
- Knowledge of real estate investments, real estate financial modeling; cash flow valuation and underwriting a plus
- Demonstrated interpretive knowledge of property level financial statements and financial analysis including ROI analysis, market share assumptions, property appraisal & valuation processes, and forecasting
- Strong presentation skills enabling the ability to make robust written and oral recommendations to the Investment Committee and interact effectively with stakeholders
- Effective people and project management skills, including experience managing teams and/or direct reports
- Team player with a commitment to excellence and a high level of integrity
- High proficiency to advanced skills with Microsoft Office Excel, Smartsheet and project management software
Compensation and Benefits
Compensation and Benefits play a key role in your choice of employer, and our goal is to invest in you and your experience here. You’ll find a competitive compensation and comprehensive benefits package at Carmel.
Base salary range for this position is $165,000 to $190,000. The Company provides this compensation range and general description of other compensation and benefits that it, in good faith, believes it might pay and/or offer for this position. Total compensation for this role also includes a bonus incentive in addition to the base salary. The Company reserves the right to ultimately pay more or less than the posted range and offer additional benefits and other compensation, depending on circumstances not related to an applicant’s sex or other status protected by local, state, or federal law.
Choose Carmel
At Carmel Partners, our mission is to create exceptional multifamily communities that enrich lives and neighborhoods.
Founded in 1996, Carmel is one of the nation’s leading specialists in real estate investment management, focusing on U.S. multifamily development and construction, renovation, and debt investments. Through its vertically integrated platform, Carmel seeks to achieve superior risk-adjusted returns across varying market cycles by investing in relatively supply-constrained, high barrier-to-entry markets in the United States.
DEI Statement
We are committed to equitable hiring and promotion practices. We lead with integrity and believe in building a diverse and inclusive workplace, rooted in a culture of mutual respect. By welcoming varied backgrounds, perspectives, and ideas, we cultivate engagement and a sense of belonging that creates community within, so Carmel can build communities that thrive.
Carmel Partners is an Equal Opportunity Employer, committed to providing employees with a work environment free of discrimination and harassment. Employment decisions are based on business needs, job requirements, and individual qualifications without regard to race, color, religion or belief, gender, gender identity, gender expression, sexual orientation, pregnancy and reproductive decisions, family or parental status, national origin, age, disability, veteran status, or any other status protected under local, state, or federal laws.
Notice to Third-party Agencies: Carmel Partners does not have any standing offers to pay any referral compensation or recruitment fees for any open positions. Unless there is a signed agreement providing otherwise, Carmel Partners will not pay any compensation to any employment firm, staffing agency, recruiter, or other third party for any resumes or candidate profiles that are provided, even if the individual is hired by Carmel Partners. In the event a recruiter or third-party agency/firm submits a resume or candidate profile without a signed active agreement, Carmel Partners explicitly reserves the right to pursue, and hire said candidate without any notice or financial obligation to the recruiter or agency/firm. Carmel Partners reserves the right to retain, use, transfer and distribute any resumes and candidate profiles that are submitted, including those submitted to hiring managers.
