Manager of Asset Management
Arlington, VA 20598
Job Type: Exempt
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 (REIT's), in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country. We currently own and operate approximately 80,000 apartment homes in the US and employ approximately 3,000 associates.
Based in Arlington, VA, the Manager of Asset Management is responsible for managing corporate level platforms for asset management that support the entire enterprise’s portfolio of ~86,000 apartment homes. This position provides a knowledge and experience base in Real Estate that is both deep and wide. The successful manager will actively interact and partner with multiple functional groups at AvalonBay including Asset Managers with specific regional responsibilities, Development, Construction, Operations, Risk Management, Legal, Design, Data Analytics, Finance, Procurement, Corporate Responsibility and Affordable Housing. The successful manager will be well prepared to potentially expand their role in corporate Asset Management, Regional Portfolio Asset Management or to pursue a career path in another functional group.
Specific responsibilities include the following:
- Work cross-functionally with the company’s Market Research, New Development, Construction, Investments, Property Operations and Legal Groups to identify value creation opportunities of the company’s portfolio including assessing jurisdictional requirements, property physical attributes, and preliminary design and cost factors critical to success.
- Leads the close-out process for new assets in the portfolio to ensure vital asset information and documentation is obtained and maintained for the life of the asset.
- Develop and present recommendations for value-add opportunities in the portfolio such as developing strategies to manage to the company’s affordable housing obligations (e.g. the cost/benefit of redeeming tax-exempt bonds to bring affordable units to market).
- Prepare performance projections and assess future capital investment (including redevelopment, CapEx, and value-add and expense savings investments) opportunities for the purpose of leading the annual CapEx budgeting process, including performing analysis to provide annual guidance and directing the enterprise execution of the CapEx budgeting platform and creating the annual budget plan.
- Collaborate to identify key performance indicators (KPI) for portfolio performance, including insight into execution of the annual CapEx plan. Model scenarios to understand portfolio performance versus submarket using KPIs and/or other metrics.
- Provide meaningful insights in the performance of invested capital throughout the portfolio by researching and collecting asset data and performing analysis. Develop and maintain 10-year cash flows for asset level business planning.
- Coordinate immediate and long-term CapEx planning with Operations, Engineering, Construction and AM for asset level business planning.
- Ensures on-going asset obligations are met by reviewing asset documents, recording critical obligations and facilitating dissemination of asset obligation information to the enterprise. Ensures certain material asset obligations (as assigned) are met through research, project management and follow-up.
- Researches and analyzes post-completion physical asset performance and warranty claims for actionable insights.
- Qualified candidates will have a BA/BS (required) and at least 3-7 years of experience in asset management, investments, or property management within real estate, preferably with multifamily real estate
- An MBA in finance, real estate or related field and prior project management experience are preferred.
- Strong Excel skills including Excel VBA and use of pivot tables are required. Experience manipulating and performing analysis on complex data systems (SQL Server, AWS, local databases) is preferred.
- Our ideal candidate is a leader with the ability to motivate others and work with strong personalities. He or she is a motivated, resourceful team player who can work autonomously and ask for support when needed.
- Ability to manage work load and communicate expectations to third party consultants. Includes managing contracts and invoices.
- Demonstrate full command of all aspects of an asset ranging from financial, risk, and legal to physical and operational.
- Exceptional organizational and communication skills.
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.