What are the responsibilities and job description for the Vice President, Asset Management position at MBK Real Estate Companies?
Vice President, Asset Management
MBK Rental Living is hiring a VP of Asset Management to join our team at our Home Office in Irvine, CA!
This role will be hybrid with 3 days in office and 2 days remote.
Regulatory Disclosures for Senior Living Communities with Medicaid Residents: An “Excluded Party” is a person that the federal or state government found not eligible to provide care and services in a facility that receives Medicare or Medicaid funding. If employed at one of our senior living communities that receives Medicare or Medicaid funding, team members must not be considered an “Excluded Party” as defined by the U.S. Department of Health and Human Services, any state Medicaid Programs, and any additional federal and state government contract programs. If, as a team member, you learn that you are an Excluded Party at any time, you must present your Excluded Party notice letter to your supervisor immediately.
Other Regulatory Requirements: If employed at one of our senior living communities, team members must continually comply with certain laws and regulations that impact the company, including, but not limited to, as applicable, state licensing regulations, the Health Insurance Portability and Accountability Act of 1996 (HIPAA), Resident Rights as defined by the U.S. Department of Health and Human Services, and any other federal or state laws relating to team members’ professional licenses.
All Team Members prior to commencing employment and once employed must not be considered an “Excluded Party” as defined by the Medicare and state Medicaid Programs as well as other federal and state government contract programs. If as an associate you learn you are an Excluded Party, you must present your Excluded Party notice letter to your supervisor immediately. An Excluded Party is a person that the federal or state government found not eligible to provide care and services in a Community that receives Medicare or Medicaid funding. In addition, at all times, during your employment, all associates must be in compliance with certain laws and regulations that affect the company, including but not limited to Resident Rights, HIPAA, State licensing regulations, and those laws relating you an associates’ professional license.
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 Real Estate is renowned for building award-winning new home and apartment communities, state-of-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 in the business dating back to 1996. MBK's extensive activities through its operating divisions, along with the size and scale of our development and building activities represent the continuation and commitment to American enterprise.
Job Description
This role will be hybrid with 3 days in office and 2 days remote.
Job Summary: Responsible for maximizing the financial performance of real estate assets by leading the company’s asset management, analytics and marketing efforts. Responsibilities include maximizing apartment operating revenue and minimizing expense, while maintaining average occupancy at or above the MBK target for each project and upholding MBK’s quality standards. In addition, oversee third-party property management company operational activities including, but not limited to, budgeting, forecasting, leasing, marketing, maintenance and capital improvement projects. Responsible for the management of our Joint Venture reporting and understanding all requirements of each individual Joint Venture and how these interact with construction, design and operations. Responsible for leading MBK Rental Living analytics and marketing including managing associates within the department. The department will also be significantly involved in acquisition due diligence, organizational strategy and operational planning, high-level participation in overall project design, finishes and common area spaces and all related market research.
Duties & Responsibilities:
- Oversee asset management of the Company’s portfolio of operating assets, maximizing financial 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 to monitor performance and compliance with approved business plans and policies, as well as identify opportunities for improvement and value creation and any issues that may require additional action.
- Manage and supervise the Director of Asset Management and the Director of Marketing and Design.
- Maintain quarterly/year-end fund level reporting for IRR/equity multiples, debt summary, and performance (as necessary).
- Provide benchmarks of asset performance versus competitive properties to executive leadership.
- Manage the analytics function of MRL, including the delivery of recurring weekly, monthly and annual reporting.
- Lead the creation of JV tailored analytics and reporting.
- Review reporting initiatives for efficiencies and value to the organization.
- Review and execute contracts, processes, reports, budgets, marketing material, and other related operational information.
- Negotiate ancillary contracts such as voice, video and data and property management agreements.
- Champion new technology initiatives for our communities.
- Participate in the creation of Board of Director slides each quarter and monthly operating reporting.
- Participate in the monthly operations summary report creation and presentation.
- Participate with due diligence on acquisitions such as market and rent studies and new investment submittal preparation.
- Decide resident-facing specification levels at each property’s unit interiors and common areas. Determining the value, it will provide.
- Travel to markets to validate research and operating assumptions upon signature of Letter of Intent on potential acquisitions.
- Attend industry conferences for market updates and vendor connections.
- Provide a high level of transparency to executive management and exhibit collaboration with all executives and staff within MBK Real Estate.
- Manage and develop a top performing team of professionals.
- Other duties as assigned.
Education Requirements:
- Bachelor’s degree required; MBA preferred
Experience Requirements (in years):
- Minimum of 10 years of real estate experience with a focus in oversight of financial performance, property operations and development of new assets.
- Experience in real estate markets throughout the Western U.S.
- Knowledge and experience of financial proformas, due diligence, costs and management of apartment projects.
- Experience creating proforma assumptions and performing due diligence investigations, including market rent studies, other revenue and expense assumptions, purchase agreements, coordinating physical investigations and closing escrow.
- Experience overseeing the purchase and sale of residential and/or commercial real estate and property management.
- Strong financial planning skills, especially related to debt and joint venture relationships.
- Ability to maintain a positive reputation and an intimate knowledge of market conditions.
- Possess strong negotiating skills, business ethics and relationship management.
- Effective and proven leader and team manager.
- Understand the importance of creating and implementing business strategies.
Required Competencies/Licenses/Certifications:
- Microsoft Suite competency
- Computer skills include Excel, Word, Internet Explorer and Google Earth.
- Positive attitude and flexible personality.
Physical Demands (Include lifting, carrying, pushing, pulling, bending, walking, standing, sitting):
- Must be mobile and able to perform the physical requirements of the job, 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 work day and between divisions.
- Ability to lift/carry up to 30 lbs. and push up to 20lbs. as necessary.
- Some travel required.
Pay Range: $230,000-$250,000 40% bonus
We are not currently accepting unsolicited assistance from recruitment agencies for this position. All candidates must apply directly through our careers page or other designated platforms.
MBK is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, disability, age, sexual orientation, gender identity, national origin, veteran status, genetic information, or other protected reason. Our company is committed to providing access, equal opportunity and reasonable accommodation for qualifying individuals in employment, its services, programs, and activities. To request reasonable accommodation, contact talentacquisition@mbk.com.
We offer a rich benefits package comprising of the following: 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; and a variety of programs including leadership development, training, and personal coaching; education loan assistance and scholarships; daily living, financial and legal services; childcare and eldercare assistance; employee discounts; and health and wellness resources that include virtual yoga, mindfulness, and financial readiness for employees and their family members.
If you are ready to meet the challenges of this critical role, we want to hear from you!
MBK is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, disability, age, sexual orientation, gender identity, national origin, veteran status, genetic information, or other protected reason. Our company is committed to providing access, equal opportunity and reasonable accommodation for qualifying individuals in employment, its services, programs, and activities. To request reasonable accommodation, contact
talentacquisition@mbk.com
.Regulatory Disclosures for Senior Living Communities with Medicaid Residents: An “Excluded Party” is a person that the federal or state government found not eligible to provide care and services in a facility that receives Medicare or Medicaid funding. If employed at one of our senior living communities that receives Medicare or Medicaid funding, team members must not be considered an “Excluded Party” as defined by the U.S. Department of Health and Human Services, any state Medicaid Programs, and any additional federal and state government contract programs. If, as a team member, you learn that you are an Excluded Party at any time, you must present your Excluded Party notice letter to your supervisor immediately.
Other Regulatory Requirements: If employed at one of our senior living communities, team members must continually comply with certain laws and regulations that impact the company, including, but not limited to, as applicable, state licensing regulations, the Health Insurance Portability and Accountability Act of 1996 (HIPAA), Resident Rights as defined by the U.S. Department of Health and Human Services, and any other federal or state laws relating to team members’ professional licenses.
HIPAA Disclosure:
All Team Members prior to commencing employment and once employed must not be considered an “Excluded Party” as defined by the Medicare and state Medicaid Programs as well as other federal and state government contract programs. If as an associate you learn you are an Excluded Party, you must present your Excluded Party notice letter to your supervisor immediately. An Excluded Party is a person that the federal or state government found not eligible to provide care and services in a Community that receives Medicare or Medicaid funding. In addition, at all times, during your employment, all associates must be in compliance with certain laws and regulations that affect the company, including but not limited to Resident Rights, HIPAA, State licensing regulations, and those laws relating you an associates’ professional license.
Salary : $230,000 - $250,000
