Director of Asset Management
New York, New York
Position Type: Full Time
State: New York City: New York
Zip Code: 10019
AvalonBay Communities, Inc. is one of the nation's leading Real Estate Investment Trusts (REIT's), in the business of developing, redeveloping, acquiring and managing quality apartment communities in high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Southeast, Pacific Northwest and Northern and Southern California regions of the country. We currently own and operate approximately 82,000 apartment homes in the US and employ approximately 3,000 associates.
Creating a better way to live is the purpose that binds AvalonBay associates. We take that purpose seriously and expect you will as well. By focusing on collaboration, innovation, and taking ownership of our choices and actions, we act in ways that focus on creating value for our customers, investors and associates. Your positive, professional, and consistent personal interactions make AvalonBay a great place to work.
Based in New York City, flexible to be in New Jersey or Long Island, the Director of Asset Management is responsible for analyzing multiple aspects of long-term asset performance, including identifying, tracking, and managing asset preserving and value adding opportunities to drive key performance indicators. Areas of focus include supporting regional Asset Management leadership with preparing long-term asset investment plans, identifying value creation opportunities, mitigating risk, business relationship management, and asset specific projects.
AvalonBay’s Asset Management team builds on our core mission by creating a better way to live by sustaining and enhancing the value of our communities.
Support and drive asset management activities related to a portfolio of multifamily communities owned by AvalonBay and its joint venture investors. Specific responsibilities include:
- Work cross-functionally with AvalonBay’s Property Operations, Construction, Investments, Market Research, Strategic Initiatives, Engineering, Corporate Responsibility, New Development, Design, Corporate Finance and Legal Groups to support the regional Asset Management leader with the identification of value creation opportunities across AvalonBay’s portfolio.
- Analyze asset operating performance to identify NOI-enhancing opportunities in the portfolio, such as supporting the development of strategies to further monetize amenities, identifying revenue generating and expense mitigating opportunities, and enhancing the value and cash flow performance of AvalonBay’s parking assets.
- Analyze asset performance and evaluate competitive positioning to develop asset strategies including value-add investment to either enhance or maintain asset values.
- Prepare performance projections and assess future capital investment opportunities, including redevelopment, CapEx, value-add and expense savings investments that could impact investment hold strategies and timing.
- Oversee approval, and execution of identified capital investment programs.
- Evaluate feasibility of value creation opportunities including assessing jurisdictional requirements, property physical attributes, and preliminary design and cost factors critical to success.
- Collaborate to with cross-functional teams to identify key performance indicators (KPI) for portfolio performance.
- Model scenarios to understand asset performance versus the portfolio and submarket and portfolio performance versus competitors and the submarket using KPIs and/or other metrics.
- Monitor asset and portfolio performance to identify opportunities to improve long-term performance.
- Analyze market data to identify opportunities and develop strategies for the assigned portfolio.
- Serve as the key business owner for ownership related issues such for assets with JV ownership structures, HOA’s, complex ownership issues. Ensure that the JV partner is meeting milestones, interests are aligned, and assets are performing according to the JV agreement.
- Capable of managing complicated ownership issues such as maintaining required Temporary Certificates of Occupancy, ground leases, complex multiparty easements, etc.
Asset Investment Planning
- Develop and maintain 10-year cash flows for asset level business planning through cross-functional collaboration with AvalonBay’s Property Operations, Construction, Investments, Market Research, Corporate Finance, and Development groups.
- Coordinate immediate and long-term CapEx planning with Operations, Engineering, Construction and AM for asset level business planning.
- Present 10-year cash flow models and asset level business plans to AVB leadership for internal buy in.
- Maintain proficiency in cash flow modeling, perform/update analyses as required.
- Collaborate with AM, Investments and Operations to identify hold strategies and potential disposition candidates.
- Participate in the development of asset business plans including accounting for impacts from value-add capital investment and the creation of plans for portfolio capital investment.
Qualified candidates will have at a minimum a BA/BS degree and preferably an MBA in finance, real estate or related field, 5-7 years of experience in asset management, acquisition underwriting, or property management, preferably in the multifamily sector. Excellent oral and written communication skills are essential. This position involves extensive interaction with internal AvalonBay stakeholders, as well as external partners. Limited travel may be required.
- Self-starter, thought leader, resourceful, thrives in team setting
- Demonstrates good business judgement and decision making
- Strategic thinker with “hands on” approach to asset management
- Ability to manage through influence
- Navigates through ambiguity to drive process, builds consensus, makes timely decisions and achieves vision
- Fundamental understanding of real estate valuation, including creating value and variance analysis
- Knowledge of real estate property management operations and financials
- Knowledge of entitlement process to assess value creation opportunities and mitigate risks
- Strong communication skills, verbal and written, including presentation skills
- Prioritization and organization skills, with a strong ability to multi-task
- Project management skills
- Ability to manage external consultants and vendors towards quality and timely submittals
- Ability to work autonomously to achieve established goals
- Computer literacy, including MS Word, Excel and PowerPoint
How AvalonBay Supports You
We know that our teams are the beating heart of our success and we’re committed to showing our appreciation.
- Comprehensive benefits – health, dental & vision, 401(k) with company match, paid vacation and holidays, tuition reimbursement, an employee stock purchase plan and more!
- Growth based on achievement and promotion from within.
- Associate recognition (a company-wide recognition program that celebrates associate efforts and successes in contributing to the overall success of the organization – including destination awards, ‘AvalonBay’s Very Best’ recognition program and others!).
- A 20% discount on our incredible apartment homes.
- A culture built on purpose and our core values - A Commitment to Integrity, A Spirit of Caring, and A Focus on Continuous Improvement.
AvalonBay is proud to be an equal opportunity employer and is committed to an inclusive and diverse work environment free of discrimination and harassment. We believe that in order to achieve our purpose of creating a better way to live, we must recruit, develop and retain associates with a wide range of backgrounds, experiences and perspectives and create an environment that encourages all voices to be heard, understood and appreciated. With this we know we can do great things.
AvalonBay will consider for employment qualified applicants with criminal histories in a manner consistent with requirements under the law.Job ID 26408
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