Vice President, Asset Management

AvalonBay is proud to be named one of Glassdoor's Best Places to Work in 2019.

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 3,200 associates. We are currently searching for a Vice President, Asset Management to be based at our Arlington, VA Corporate Headquarters.

The Vice President of Asset Management leads asset management for AvalonBay’s Mid Atlantic portfolio which includes responsibility for the full understanding of each assigned asset and performance of all related tasks throughout the life cycle of the assigned assets. The role focuses on developing and managing asset level business plans (ALBPs) for all assigned assets. The role works collaboratively with the Investments, Development, Residential Services, and Market Research teams in order to maximize asset values and meet the objectives for the portfolio.

Responsibilities include, but are not limited to:

• Establish the investment strategy and business plan for each asset in the assigned portfolio and coordinate with the appropriate regional VP of Residential Services the objectives to maximize property income, cash flow, and long-term value.
• Prepare ALBPs that forecast income, expenses, and capital requirements over a 10-year period that also includes a risk-return and hold/sell analysis.
• Maintain market expertise on the MidAtlantic region and represent AVB in the market place on assigned properties. Understand competitive properties in the market, current and future trends in demographics, job growth, economic drivers, product supply as well as any other market forces. Visit and review properties, regularly tour competing projects and document changes as appropriate.
• Analyze market data to identify opportunities and develop strategies for the assigned portfolio.
• Update ALBPs annually to determine cost/benefit of major capital improvement projects and handle various asset management issues.
• Work with other AVB functions (e.g. Retail, Ancillary Services, Design and Parking) to maximize long-term asset values.
• Develop the appropriate positioning and capital investment strategy for assigned assets by teaming with AVB Construction, Residential Services, Market Research, Brand Strategies and Design, to create a capital improvement plan with appropriate return on cost.
• Perform periodic internal valuations and, as required, manage annual third-party appraisal.
• Once acquisitions are committed to and approved by the Management Investment Committee, take over and manage the orderly transition to Residential Services and execution of the acquisition business plan.
• Oversee various joint venture partnerships to ensure that the JV partner is meeting milestones according to plan, interests are aligned, and assets are performing according to the JV agreement.
• Lead annual asset reviews, delivering a full portfolio overview to the SVP of Asset Management.
• Participate in preparation of the annual budgeting for the assigned portfolio to ensure alignment with asset business strategies.

Education:

• Bachelor’s degree in Real Estate, Business or Finance, MBA preferred

Experience:

• Minimum 8-10 years of professional experience in asset management focused on multifamily or a related asset class
• Proven success in managing people, both directly and indirectly, to fulfilment of shared goals

Knowledge, Skills and Abilities:

• Exceptional real estate acumen
• Strategic thinker with “hands on” approach to asset management
• Exceptional quantitative and analytical skills
• Creative and innovative problem solver
• Excellent interpersonal skills
• Driven and highly motivated
• Commitment to teamwork and a collaborative environment
• Ability to handle multiple projects and deadlines simultaneously and deliver detail-oriented work product

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.