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VP, Multifamily Asset Management in Los Angeles – 8+ years leading diverse portfolios with 25-40% travel.
Join Ares, a culture of collaboration, responsibility, and entrepreneurship, and shape profitability across a national portfolio.
Job Description
Over the last 20 years, Ares’ success has been driven by our people and our culture. Today, our team is guided by our core values – Collaborative, Responsible, Entrepreneurial, Self-Aware, Trustworthy – and our purpose to be a catalyst for shared prosperity and a better future. Through our recruitment, career development and employee-focused programming, we are committed to fostering a welcoming and inclusive work environment where high-performance talent of diverse backgrounds, experiences, and perspectives can build careers within this exciting and growing industry.
Position Summary
The Vice President will work within the Multifamily Asset Management Group; with oversight and reporting responsibilities on a diversified, national portfolio consisting of core, value-add, and opportunistic multifamily assets. The position will work on wholly owned and JV held assets and will focus on ensuring all asset management initiatives are structured to maximize profitability and value creation for the applicable fund. The position will work closely with Portfolio Management and adjacent internal teams to ensure business plan execution and strong investment performance.
Essential Job Duties
(Vice President may be directly responsible for overseeing or work closely with a JV partner to oversee)
- Oversee the operational and financial performance of a diverse portfolio of multifamily assets.
- Develop and implement comprehensive asset management strategies to maximize asset value and drive investment performance.
- Foster strong relationships with third party property management, as well as, internal and external teams, to ensure alignment with organizational goals.
- Working with senior management to ensure business plans are executed to maximize profitability while minimizing risk through financial modeling and analysis relative to underwriting, budget, and market conditions. Such analysis includes the comprehensive review of financial statements including P&Ls, balance sheets, and statements of cash flows.
- Performing Argus and Excel based financial analysis (with an asset management focus).
- Responsible for accuracy and timeliness of reporting on the portfolio: review of monthly third-party reports as well as assisting in the compilation of internal portfolio reporting.
- Review and approval of capital expenditures within the portfolio, including oversight of, and guidance to, internal and third-party construction managers.
- Managing and executing the annual budget process. This includes overseeing the timeline, preparation, and completion of annual business plans, including revenue and expense budgets, marketing plans, and valuation models.
- Maintaining and applying strong local market knowledge (i.e., competition, supply pipeline, demand drivers).
- Collaborate with cross-functional teams to support the company's growth and investment objectives, working closely with deployment/acquisitions to evaluate and underwrite new assets.
- Work closely with FP&A and Portfolio Management conducting ongoing, monthly/quarterly property and portfolio level valuation, occupancy, and NOI re-forecasts.
- Active participation in the due diligence efforts performed during the acquisition phase: specifically, underwriting assumptions (market rent, lease up timing, leasing costs, and capital improvements).
- Work closely with the disposition team on the sale of any of the assets, including valuations of the assets, due diligence materials and collection of any documents pertinent to the sale (i.e. estoppels, etc.).
Required Knowledge, Skills, And Abilities
A minimum of 8-10 years direct experience in multifamily equity asset management required, with additional experience in the leasing, operations, finance, or transactional real estate, preferably with an owner or operator.
The ideal candidate will possess a strong operational and financial acumen, coupled with a proven track record of success in managing a diverse portfolio of multifamily assets and steering property management teams towards excellence.
Strong leadership skills with the ability to manage and motivate teams with a focus on creating accountability and driving results.
Team-oriented individual with strong verbal and written communication skills who is comfortable working in a very entrepreneurial environment.
Demonstrated financial analysis and budgeting skills.
Bachelor’s Degree or equivalent experience required.
Demonstrated ability to effectively manage transactional details required.
Ability to effectively manage internal and external relationships.
Ability to travel 25%-40% domestically.
Reporting Relationships
Compensation
The anticipated base salary range for this position is listed below. Total compensation may also include a discretionary performance-based bonus. Note, the range takes into account a broad spectrum of qualifications, including, but not limited to, years of relevant work experience, education, and other relevant qualifications specific to the role.
$180,000.00 - $225,000.00
The firm also offers robust Benefits offerings. Ares U.S. Core Benefits include Comprehensive Medical/Rx, Dental and Vision plans; 401(k) program with company match; Flexible Savings Accounts (FSA); Healthcare Savings Accounts (HSA) with company contribution; Basic and Voluntary Life Insurance; Long-Term Disability (LTD) and Short-Term Disability (STD) insurance; Employee Assistance Program (EAP), and Commuter Benefits plan for parking and transit.
Ares offers a number of additional benefits including access to a world-class medical advisory team, a mental health app that includes coaching, therapy and psychiatry, a mindfulness and wellbeing app, financial wellness benefit that includes access to a financial advisor, new parent leave, reproductive and adoption assistance, emergency backup care, matching gift program, education sponsorship program, and much more.
There is no set deadline to apply for this job opportunity. Applications will be accepted on an ongoing basis until the search is no longer active.