Manager, Asset ManagementApply Now
Job Type: Exempt
State::NY City:New York
AvalonBay is proud to be named one of Glassdoor's Best Places to Work in 2019.
At AvalonBay, every day you can make a difference in someone's life. We take that purpose seriously and expect you will as well. From helping someone choose one of our communities as their home to providing great service throughout a resident's stay to supporting your fellow associates, your positive, professional, and consistent personal interactions make AvalonBay a great place to work. Our purpose and our core values - A Commitment to Integrity, A Spirit of Caring, and a Focus on Continuous Improvement - set us apart.
AvalonBay Communities, Inc. is one of the nation’s leading Real Estate Investment Trusts (REITs), in the business of acquiring, selling, constructing, developing, redeveloping and managing high-quality apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. We currently own and operate approximately 82,000 apartment homes in the US and employ approximately 3,000 associates.
Based in either Boston, MA, orNew York, NY, the Manager of Asset Management is responsible for analyzing multiple aspects of asset long-term performance, and to track and manage key performance indicators. Areas of focus include supporting regional Asset Management leadership with value creation, risk management, valuation, variance analysis, business relationship management, and asset specific projects.
Direct asset management responsibilities 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, including supporting the development of strategies to further monetize amenities, manage AvalonBay’s affordable housing obligations (e.g. the cost/benefit of redeeming tax-exempt bonds to bring affordable units to market), mitigate expenses, and enhance the value and cash flow performance of AvalonBay’s parking assets.
- Prepare performance projections and assess future capital investment (including redevelopment, CapEx, and value-add and expense savings investments) opportunities.
- Oversee planning, 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 identify key performance indicators (KPI) for portfolio performance.
- Model scenarios to understand portfolio performance versus submarket using KPIs and/or other metrics.
- 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.
- Responsible for “ownership” of internal value estimates.
- Collaborate with AM, Investments and Operations to identify potential disposition candidates.
- Work with others within AvalonBay to assist in the performance of tasks necessary for the proper execution of the Asset Management teams’ objectives.
Qualified candidates will have at a minimum a BA/BS degree and preferably an MBA in finance, real estate or related field, 3-5 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
- 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, variance analysis
- Knowledge of real estate property management operations and financial reporting
- Knowledge of entitlement process to assess value creation opportunities
- 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 work with external consultants and vendors
- 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, andA 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.