What are the responsibilities and job description for the Asset Manager position at Mill Creek Residential?
At Mill Creek Residential we are committed to building a diverse, equitable and inclusive workplace where our associates can grow and bring their whole selves to work. This starts with our recruiting and hiring process. We want you to know that we encourage you to apply if this job excites you, even if you don’t meet 100% of the requirements. You may just be the right candidate for this role, or another role and make your mark at Mill Creek.
The Asset Manager is responsible for performing asset management functions for a specific region. This position’s primary responsibility is to act as the Owner’s Representative and execute property strategy, with the goal of maximizing the performance and value of the assets located in a specific region or regions. Asset Management becomes increasingly involved during the lifecycle of a development or acquisition and is directly involved in supporting the investments, working closely with MCR’s Development, Acquisitions, Finance, Operations and Accounting groups.
Essential Functions/Responsibilities
Asset Strategy:
- Coordinate with Development, Acquisitions, and Finance to formulate the overall asset strategy. For Fund and Acquisition deals, asset strategy will have a longer view.
- Act as Owner’s Representative and set goals and strategy for Property Management (in-house and 3rd party managed).
- Work with Property Management to maximize property value and execute strategy.
- Track community performance against pro-forma assumptions.
Operations and Property Reporting:
- Oversee annual budget process, review annual budgets/business plans and review monthly operating reports/forecasts.
- Closely monitor and track financial and operating performance including occupancy, income, collections, expenses, and NOI in order to maximize overall performance.
- Monitor cash management: cash balances, cash projections and ensure timely distributions to the JV.
- Track and assess proposed major capital improvements and renovation programs.
- Conducts site investigations.
National and Portfolio Reporting:
- Gather and provide property data for national reporting.
- Develop portfolio operating performance reports and benchmark performance.
Finance:
- Facilitate and monitor investor relations and ensure that financial reporting is in compliance with investor requirements.
- Track and communicate lender requirements and tests.
- Work with the Finance group to obtain permanent financing on longer term hold assets.
Dispositions:
- Provide key support to Development on asset dispositions and coordinate with Operations, Finance, JV Partner, Accounting and Construction as needed.
Market Information:
- Track regional market and submarket data – rent growth, occupancy, permitting and sales transactions.
- Understand current and future trends in demographics, job growth, economic drivers, product supply and other market forces.
- Gather lessons learned and share best practices to establish consistencies and efficiencies within the company.
Other:
- Participates in Company-provided training such as fair housing, safety, non-discrimination, and harassment prevention.
- Complies with all Company National Standards, applicable health and safety rules and regulations, as well as applicable local, state, and federal laws.
Education and/or Experience
- Bachelor’s degree or equivalent is required for this position and a graduate degree is preferred.
- Minimum 5 years’ experience in management, finance/investment and the multi-family real estate industry is required, with a proven track record of strong leadership ability.
Mill Creek is an Equal Opportunity Employer
Are you ready to contribute to the success of Mill Creek Residential? If so, apply today and become part of an organization that believes in uncompromising integrity, celebrating successes, continuous improvement, and working hard, smart and together!
