Job Title: Vice President of Real Estate Operations

Company: Kensington Investment Company (KIC)

Location: Salt Lake City, Utah & Park City, Utah

Reports To: Chief Executive Officer

Direct Reports: KIC Asset Manager, Senior Director of Facilities, Property & Leasing Manager

Job Type: Full-time

As Vice President of Real Estate Operations for The Kensington Investment Company (KIC), reporting directly to the Chief Executive Officer, the candidate will be responsible for driving the success and profitability of the Utah commercial real estate portfolio consisting of 399 residential units and 150,000SF of office and retail space. Initially, approximately 80% of a candidate’s responsibility will be focused on the lease-up and operational stabilization of KIC’s newest luxury apartment tower in downtown Salt Lake City, Astra Towers (377 units). The candidate’s direct report, the KIC Asset Manager is responsible for holding Astra Towers’ third-party manager (GreyStar) accountable for established financial, leasing, operating, and service excellence goals. The candidate will be directly responsible for the KIC self-managed portfolio, which includes office and retail assets, and residential units, with support from the Sr. Director of Facilities, his direct reports, and the Property & Leasing Manager.

1) Astra Towers - Responsible for establishing KIC Asset Manager’s key performance metrics, including third-party management team leasing targets, pre-leasing strategy, weekly evaluation of individual leasing performance, 90-day evaluation of key operating team members including Community Manager, head of facilities, leasing manager and lead concierge. Responsible for raising hot issues regarding Astra Towers’ key staff and operations and making strong recommendations to move the business forward, (80%)

2) Self-Managed Portfolio - Responsible for achieving established profit, NOI and net cash flow goals and presenting monthly forecast vs. plan performance with focus on key hot issues that impact the business and making strong recommendations to get back to, and beat the plan. (10%)

3) Achieve established occupancy (residential, office, retail), retention, leasing, and service excellence goals by individual property. Identify hot issues and report these with urgency and a plan. (10%)

1. Team Leadership:

· Lead and mentor a high-performing team of property managers, leasing agents, maintenance staff, and other operational personnel, fostering a culture of collaboration, accountability, and continuous improvement.

● Collaborate closely with the KIC Asset Manager and third-party Leasing Manager to establish leasing and management strategies aligned with KIC's objectives.

● Conduct regular performance reviews and assessments to ensure adherence to leasing targets, financial goals, and operational standards.

● Hold the third-party manager accountable for maintaining the highest standards of service and quality in tenant relations and property management. Service Excellence to be rated monthly by an independent survey company similar to J.Turner. Community Manager must maintain an 85% service excellence rating monthly. All resident comments must be addressed within 10 days of receiving such comments.

2. Service Excellence:

● Implement initiatives to enhance tenant satisfaction and retention, fostering a positive living experience for residents. Expected target retention will be 55% annually and service excellence 85%.

● Address tenant concerns and escalate issues as needed, ensuring prompt resolution.

● Foster positive relationships with tenants by providing exceptional customer service, addressing tenant inquiries and concerns promptly, and ensuring tenant needs are met in a timely and efficient manner.

3. Financial Analysis:

● Collaborate with finance and accounting teams to develop and manage property budgets, forecast revenues and expenses, analyze financial performance, and identify opportunities for cost savings and revenue enhancement.

4. Risk Management:

● Identify and mitigate risks associated with property management, leasing, and market conditions.

● Stay informed about legal and regulatory changes affecting real estate operations and ensure compliance.

Qualifications:

● Exemplifies KIC’s Commitment to its Key Values: Open and Courageous Communication, Risk Taking and Emotional Maturity.

● Bachelor's degree in Business, Real Estate, Finance, or related field (preferred)

● Proven experience in asset management, real estate operations, or property management. (5-7 years experience)

● Strong knowledge of the Salt Lake City and Park City real estate markets, both commercial, retail, and luxury apartments.

● Strong knowledge of financial management and understanding of financing

● Outstanding organizational and communication skills

● Excellent analytical and financial modeling skills.

● Exceptional communication and interpersonal skills.

● Ability to work collaboratively and effectively with third-party partners.

● Familiarity with legal and regulatory frameworks related to real estate.

Joining Kensington Investment Company offers a unique opportunity to contribute to the success of a prominent real estate portfolio while being part of a dynamic and forward-thinking organization. If you are a results-driven professional with a passion for real estate asset management, we invite you to apply and become an integral part of our team.

*Note: This job description is intended to convey information essential to understanding the scope of the position and is not an exhaustive list of skills, efforts, duties, responsibilities, or working conditions associated with it. It may be subject to modification as per the requirements of the company and the position.*

Job Type: Full-time

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Vision insurance

Schedule:

• Monday to Friday

Ability to Relocate:

• Salt Lake City, UT: Relocate before starting work (Required)

Work Location: In person