Director, Asset Management
LivCor - Chicago, IL
Employment Type : Full-Time
Overview:LivCor is a real estate asset management firm headquartered in Chicago, Illinois. Formed in 2013, LivCor specializes in hands-on asset management of multi-family assets throughout the U.S. In collaboration with its operating partners, LivCor oversees the management of its assets furthering a mission of maximizing return for investors while offering best in class service to residents.
The Director - Asset Management will be responsible for maximizing the value of the firm's assets. This individual will develop and execute an asset management strategy for their Regional portfolio. It should encompass property operations, capital expenditures, and renovation/redevelopment programs. The role will also collaborate as necessary with Blackstone representatives on regional investment activities, including due diligence efforts, investment market assessments and property underwriting assumptions. He/she will be a member of the asset management team and will have a significant responsibility for, and impact on, the portfolio's financial performance.
This role can be located in/open to candidates interested in relocating to any of the following areas: Charlotte, NC; Raleigh, NC; Greensboro, NC; Charleston, SC; Greensville, SC; Columbia, SCResponsibilities:RESPONSIBLITIES:- With a thorough knowledge of market performance and real estate operations, collaborate with marketing, revenue management, accounting, financial planning & analysis, capital investment, renovation, and income strategy departments to formulate and execute strategies intended to maximize portfolio value and report performance results to senior management.
- Leverage monthly and quarterly financial statements, business intelligence software, and a host of analytical tools to identify property and portfolio underperformance to budget and/or market benchmarks and collaborate with the relevant team members to correct issues.
- Incorporate a value oriented approach to each asset by analyzing revenue opportunities and providing direction supported by financial models to justify major capital investments and financial decisions.
- Forge strong relationships with operating partners and can work through challenges and communicate concerns up internal and external chains of command when expectations are not being met.
- Conduct frequent physical inspections of each property in assigned portfolio to develop a thorough understanding of each property and its challenges, assess implementation of strategic initiatives, assess operational and management performance, and identify opportunities for improvement and communicate those opportunities among relevant internal and external teams.
- In collaboration with the CapEx team, assess the capital needs/expenditures by property and work with capital investment team to develop a long-term cap ex plan for the portfolio that corresponds to stated strategy.
- Identify and oversee repositioning opportunities. Monitor market trends for opportunities to add value through renovation, expansion or repositioning of the assets and make recommendations accordingly. Supervise scope development, including opining on rent premiums, and ongoing implementation to ensure ROI expectations are consistently met.
- Take active role in creation of annual operating and capital budgets. Collaborate with teams and impart property and market knowledge to create comprehensive budgets that meet targeted investment strategies and objectives.
- Become an expert on assigned markets through on-site visits, in-depth analysis of industry trends and economic drivers, and maintenance of industry network then collaborate with executives to implement adjustments to property strategy to account for market shifts. Support Blackstone on acquisition underwriting, providing market and leasing assumptions and participating in other due diligence activities as necessary.
- Develop recommendations regarding timing of dispositions to maximize value and then execution of the disposition strategy in conjunction with the disposition group.
- Involvement with the Capital Investment and the Renovation Investment Strategy of each community.
- Participate in evaluating, and make recommendations for the implementation, of various new products and services intended to grow ancillary income, reduce operating expenses, or create operational efficiencies.
- Active participation in local industry organizations is encouraged.
Qualifications:QUALIFICATIONS:- Bachelor’s degree, preferably in Business, Finance, Real Estate, or other relevant area.
- 5 years minimum of acquisition or asset management experience, preferably in multifamily real estate.
- Familiarity with the general principles of real estate, including operations and analysis, budgeting, financial reporting, and general accounting.
- Ability to communicate complex issues effectively and professionally, both verbally and in writing.
- Effective interpersonal, communication and listening skills necessary to form strong working relationships with all levels of management and throughout the various cross functional teams.
- Strong understanding of general construction and redevelopment terminology and understanding of standard multifamily capital enhancement/improvement projects.
- Ability to understand and interpret market trends, third party market reports, and operator market competitor surveys.
- Ability to define, develop, and execute asset management strategy, by leveraging and managing 3rd party property management teams.
- Familiarity with investment due diligence process along with the ability to provide local market leasing assumptions and competitive intelligence.
- Ability to think and act strategically along with a track record demonstrating sound business judgment when delivering an asset’s peak market value Strong negotiation, analytical and interpersonal skills are essential as is the ability to work independently.
- Ability to effectively multi-task, while maintaining accuracy and quality of work product.
- Strong self-starter that thrives in a fast paced, dynamic environment with multiple and evolving priorities and deadlines.
Work Environment
EEO StatementOur company is proud to be an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. Our employment decisions are based on individual qualifications, job requirements and business needs without regard to race, color, marital status, sex, sexual orientation, gender identity and/or expression, age, religion, disability, citizenship status, national origin, pregnancy, veteran status and or any other legally protected characteristics. We are committed to providing reasonable accommodations, if you need an accommodation to complete the application process, please email talent@revantage.com.
#LI-MS1