What are the responsibilities and job description for the Multifamily Asset Manager position at Continental Realty Corporation?
Position : Asset Manager, Multifamily Division
Remote, hybrid and flexible schedules available with telework option. Charleston area preferred, will consider surrounding locations.
Role Overview
Continental Realty Corporation (CRC) is seeking an Asset Manager to join the multifamily Asset Management team. This position will report to the Director of Multifamily Asset Management and will be responsible for managing the financial performance of a portfolio of properties. Flexibility to work at the Corporate office in Baltimore Maryland or remotely from the Southeast.
Essential Duties and Responsibilities
Monitor and report on key performance indicators for both operational and financial performance. Maintain written business plans for a portfolio of properties.
Spearhead the annual operating budget preparation process for an assigned portfolio with assistance from Regional Managers.
Assist with the development of one-year and five-year capital budgets, including specifications for upcoming capital projects. The Asset Manager will also review construction project status, job cost and variances on an ongoing basis.
Run quarterly valuations for a portfolio of properties.
Maintain compliance with loan documents and communicate with Lenders as needed for a portfolio of properties.
Collaborate with Residential Operations to regularly to review property performance, capital projects, review cash flows, balance sheets and actual performance vs. budget and proforma. Implement specific plans and programs which help to achieve the financial, investment and operating goals of the portfolio
Regularly present financial and operational performance results to members of the Leadership Team
Travel to tour properties and meet with onsite staff on a quarterly basis.
Collaborate with Investor Reporting and Investor Relations to draft written updates and investor-focused performance reports
Surface and discuss any issues which threaten portfolio performance.
Develop and lead revenue-enhancing and expense containment initiatives to drive operational excellence and enhance value.
Work with appropriate departments on property acquisitions, dispositions and property financing. The Asset Manager plays a supportive role in underwriting new acquisitions and a lead role in the disposition process.
Involvement with miscellaneous property and portfolio issues, including but not limited to real estate tax appeals, cash management, owner distributions, and owner reporting.
Primary Qualifications
5 years of direct experience in multifamily asset management.
Multifamily operational or construction experience a plus.
A strong understanding of real estate accounting, finance and the overall real estate industry.
Demonstrated ability to analyze financial and operational data and prepare analysis and reports for both ownership and operational managers.
Demonstrated excellence in Excel, database management applications, property management software (preferably Yardi) and rent optimization software (preferably LRO).
Outstanding written, verbal and overall professional presentation skills.
CRC is a 60 year-old company with a best-in-class reputation as investors and operators. The firm is currently $4 billion in AUM. The current multi-family portfolio is roughly 10,000 units and includes Class A new product (30% / -), value-add (50% / -), and workforce housing (20% / -). The portfolio is located throughout the Mid-Atlantic and Southeast, with clusters in Baltimore and the Carolinas. CRC is a vertically-integrated investor / operator and not a services company providing third-party management services for non-CRC properties. With a 60 year history as owner-operators, CRC’s Asset Management function is hands-on. CRC is focused on delivering exceptional investment results through nuanced and thoughtful business strategies, unique to each asset. The organization relies on the Asset Management Team to be the experts on individual assets and on the sub-markets in which they are located. Asset Managers are onsite regularly and in close contact with the Regional Managers and other Operations Team members weekly. Asset Management reports into the Senior Executive Team regularly. Some travel will be required.
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