What are the responsibilities and job description for the Senior Associate, Multifamily Asset Management position at Continental Realty?
Position: Senior Associate, Multifamily Asset Management Division
Locations: Washington, DC preferred (hybrid in Northern, VA office), Raleigh, NC (remote), or Charlotte, NC (remote)
*Hybrid and/or remote schedules available (based on location), with some occasional travel involved to visit sites or other business needs.
Role Overview
Continental Realty Corporation (CRC) is seeking a Senior Associate to join the Multifamily Asset Management team. This position will report to the Director of Multifamily Asset Management and will be responsible for managing the financial performance of a portfolio of properties. Ideally, this position will be located in Raleigh or Charlotte, NC - or Washington, DC with hybrid schedules and remote options available.
Essential Duties and Responsibilities
- Monitor and report on key performance indicators for both operational and financial performance. Maintain and regularly update written asset-level business plans for a portfolio of properties.
- Maintain a deep understanding of submarket dynamics, including competitive positioning, supply pipeline, rent trends, and demand drivers, and incorporate these insights into asset strategy and business plan execution.
- Maintain compliance with loan documents and communicate with Lenders as needed for a portfolio of properties.
- Spearhead the annual operating budget preparation process for an assigned portfolio with assistance from Regional Managers.
- Run quarterly asset valuations and regularly evaluate asset performance relative to underwriting and investment objectives for a portfolio of properties.
- Collaborate with Residential Operations to regularly review property performance, capital projects, review cash flows, balance sheets and actual performance vs. budget and proforma. Implement specific plans and programs which help to achieve the financial, investment and operating goals of the portfolio
- Regularly present financial and operational performance results to members of the Leadership Team
- Travel to tour properties and meet with onsite staff on a quarterly basis.
- Collaborate with Investor Reporting and Investor Relations to draft written updates and investor-focused performance reports
- Proactively identify and communicate risks or performance issues that could impact asset performance and recommend strategies to address them. Develop and lead revenue-enhancing and expense containment initiatives to drive operational excellence and enhance value.
- Work with appropriate departments on property acquisitions, dispositions and property financing. The Asset Manager plays a supportive role in underwriting new acquisitions and a lead role in the disposition process.
- Involvement with miscellaneous property and portfolio issues, including but not limited to real estate tax appeals, cash management, owner distributions, and owner and investor reporting.
Primary Qualifications
- 5-7 years of direct experience in asset management (multifamily a plus).
- Bachelor’s degree required.
- A strong understanding of real estate accounting, finance, asset valuation, investment performance metrics, and the overall real estate industry.
- Demonstrated ability to analyze financial and operational data and prepare analyses and reports.
- Demonstrated excellence in Excel, database management applications, property management software (preferably Yardi) and rent optimization software (preferably LRO or AIRM).
- Outstanding written, verbal and overall professional presentation skills.
CRC is a 65 year-old company with a best-in-class reputation as investors and operators. The firm is currently $4 billion in AUM. The current multifamily portfolio is roughly 10,000 units and includes Class A new product, value-add, and workforce housing. The portfolio is located throughout the Mid-Atlantic and Southeast, with clusters in Baltimore and the Carolinas.
CRC is a vertically integrated investor/operator and not a services company providing third-party management services for non-CRC properties. With a long history as owner-operators, CRC’s Asset Management function is hands-on. CRC is focused on delivering exceptional investment results through nuanced and thoughtful business strategies, unique to each asset. The organization relies on the Asset Management Team to be the experts on individual assets and on the sub-markets in which they are located. Asset Managers are onsite regularly and in close contact with the Regional Managers and other Operations Team members weekly. Asset Management reports into the Senior Executive Team regularly.
Salary : $130,000 - $150,000