What are the responsibilities and job description for the Asset Manager position at Confluent Development?
Asset Manager- Commercial Portfolio
Organizational Description:
Confluent Development excels in all phases of commercial real estate development, successfully delivering custom and complex projects significant to their respective communities. Confluent is active in ground up developments across multiple asset classes including senior living, office, industrial, retail and mixed use.
Based in Denver, Confluent is organized around real estate specialists in each asset class as well as a shared services group including entitlement, construction management, accounting, finance and legal. We foster an environment of respect, collaboration and trust in each person’s capabilities to deliver value to the Company all while promoting a healthy work-life balance and having fun while we do it.
Position Focus
The role of Asset Manager is to assist in ensuring the optimal performance of an assigned portfolio of commercial properties (including office, retail, industrial and multifamily) and senior living. This is accomplished by implementing the company’s strategic plan for each building including property and financial management, internal and external reporting, and ongoing administration of all relevant legal agreements.
Key Responsibilities
- Lead preparation of annual operating budgets and business plans for assigned properties to achieve investor return expectations and maximize cash flow and evaluate market conditions for each property and real estate investment climate. Develop strategies to mitigate vacancy risk
- Assist with the development and implementation of leasing strategies including identifying and contracting with brokerage agencies or directly leasing
- Review monthly operating statements for assigned properties; understand detailed line-item performance and reforecasts; take responsibility for each assigned asset and proactively raise and solve problems to meet or exceed performance targets
- Prepare variance reports, cash distribution spreadsheets and quarterly reforecasts on assigned properties
- Complete periodic owners’ reports and read, analyze, and interpret leases; including the ability to compare multiple lease scenarios based on several financial metrics including NPV, IRR, ROC
- Evaluate, on a continuing basis, operating costs by monitoring each property’s performance and results against approved budgets, recommending necessary adjustments to achieve the scheduled cash flow or asset value objectives
- Work with internal Design & Construction team on oversight of tenant finish coordination activities. Assure compliance with lease agreements, construction schedules, tenant expectations, lender requirements, and construction guidelines for the project
- Monitor third-party management contracts and performance under those contracts
- Assist with property transitions from development into asset management
- Assist in the acquisition due diligence process as well as with the transition of properties upon closing
- Assist with any dispositions
- Supervision of third-party managers and, eventually, a direct report
- Lead property asset status operating calls with property managers
- Work with property managers on capital improvements, reviewing progress, and correctly representing status on financials
- Perform light property management on smaller retail assets
- Review CAM reconciliations
- Prepare capital expense amortization schedules for various building improvements as allowed per leases
- Other miscellaneous tasks as may be assigned
Skills, Knowledge and Expertise
- Bachelor's Degree in accounting, finance, economics, real estate, business administration, or related field
- 3-5 years experience in Real Estate asset management
- Intermediate computer skills (Microsoft Office Suite, Adobe Acrobat)
- Proficiency with Excel, Yardi
- Analytical and organizational skills
- Superior interpersonal and communication skills