Director of Asset Management - Multifamily

MBK Real Estate (MBK) is an industry leader in real estate operations and development. Through its subsidiaries, MBK Rental Living, MBK Industrial Properties and MBK Senior Living, MBK is renowned for building award-winning new home and apartment communities, state-of-the-art distribution facilities and for its reputation in providing exceptional high standards of service throughout its senior living communities. MBK is a privately held real estate development firm with roots dating back to 1996.

About the role

The Director of Asset Management is responsible for leading the day-to-day asset management within the department. Responsibilities include maximizing apartment operating revenue and minimizing expense, while maintaining average occupancy at or above the MBK target for each project, upholding MBK’s quality standards. This role oversees third-party property management companies’ operational activities including budgeting, forecasting, leasing, marketing, maintenance, and capital improvement projects. Responsibilities also include assessing leasing and maintenance personnel performance and employment, leading MBK Rental Living analytics, assisting in acquisition due diligence, organizational strategy, operational planning, project design, and market research.

Responsibilities

• Manage the asset management function of the company's multifamily portfolio to maximize investment returns.
• Aggressively and proactively review operating results to increase revenue and decrease operating costs.
• Oversee monthly matrices and reporting to evaluate each community’s operating results.
• Evaluate and compare rent growth, occupancy, leasing, traffic, operating cost trends, and NOI.
• Review and execute on recommended increased operating efficiencies.
• Guide marketing activities based on budget, market, and historical results.
• Participate in weekly calls with third-party management teams and update operational status reports.
• Lead the preparation of annual operating and capital budgets as well as monthly forecasts between property management and other departments.
• Travel to assets to lead property inspections, monitor performance and compliance with approved business plans and policies, and identify opportunities for improvement and value creation.
• Manage and report on capital improvement projects; update renovation tracking reports.
• Maintain quarterly/year-end fund level reporting for IRR/equity multiples, debt summary, and performance.
• Lead the creation of JV tailored analytics and reporting.
• Present to senior leadership status reports of assets and portfolio.
• Review reporting initiatives for efficiencies and value to the organization.
• Negotiate ancillary contracts and management agreements.
• Champion new technology initiatives.
• Participate in the creation of Board of Director slides each quarter and monthly operating reporting.
• Participate in due diligence on acquisitions such as market and rent studies, new investment submittal preparation, and oversee transition to selected third-party property management.
• Decide resident-facing specification levels at each asset and determine the value it will provide.
• Travel to markets to validate research and operating assumptions upon signature of Letter of Intent on potential acquisitions.
• Periodically perform “hold/sell” analyses on all properties; implement disposition preparation strategies and facilitate onsite disposition activities.
• Attend industry conferences for market updates and vendor connections.
• Handle other ad hoc assignments.

Requirements

• Bachelor’s Degree required; MBA preferred.
• 7-10 years of experience in institutional real estate investment; 5+ years in a multifamily property sector.
• Thorough understanding of institutional real estate.
• Demonstrated track record of value creation.
• Strong analytical skills including complex financial modeling in Excel.
• Strong proficiency in real estate investment concepts and terminology.
• Real Estate/Apartment Operations experience.
• Prefer experience with Yardi, revenue management, and ancillary income software.
• Contracts/negotiating experience.

Skills

• Advanced proficiency in Excel financial modeling, including financial projections and scenario analysis.
• Microsoft Suite competency.
• Extremely well-organized with exceptional attention to detail.
• Highly motivated, solves problems independently, and able to meet firm deadlines.
• High level of professionalism, discretion, and executive presence when interacting with senior leaders, investors, third-party partners, and cross-functional stakeholders.
• Maintain a positive attitude and teamwork in a fast-paced environment.
• Strong writing, quantitative, and communications skills.

Physical Demands & Work Environment

• Must be mobile and able to perform the physical requirements of the job, including bending, kneeling, stooping, pushing, pulling, and repetitive motion.
• Ability to sit and work at a computer for long periods of time.
• Able to move intermittently throughout the workday and between divisions.
• Ability to lift/carry up to 30 lbs. and push up to 20 lbs. as necessary.
• Some travel required; ability to travel on a periodic basis.

Pay

$180,000-$200,000 + Bonus

Schedule

Hybrid: 3 days in-office, 2 days remote

Benefits

• Competitive salaries with opportunities for growth.
• 401(k) retirement plan with up to 4% employer matching.
• Comprehensive industry-leading medical, dental, and vision insurance.
• Company-provided life, disability, and AD&D insurance.
• Flexible spending accounts.
• Generous paid time off including vacation and sick time, holidays, and bereavement leave.
• Leadership development, training, and personal coaching programs.
• Education loan assistance and scholarships.
• Daily living, financial, and legal services.
• Childcare and eldercare assistance.
• Employee discounts.
• Health and wellness resources including virtual yoga, mindfulness, and financial readiness for employees and their family members.