What are the responsibilities and job description for the Director of Asset Management - Multifamily position at MBK Rental Living?
MBK Rental Living is active in the acquisition and development of apartment communities. The company's mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world's largest corporations. MBK Real Estate's companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614.
Job Description
Salary: $180,000-$200,000 Bonus
Hybrid: 3 days in-office, 2 days remote
Job Summary
The Director of Asset Management is responsible for leading the day-to-day asset management within the department. The responsibility includes maximizing apartment operating revenue and minimizing expense, while maintaining average occupancy at or above the MBK target for each project, while upholding MBK’s quality standards. This role will oversee third-party property management companies’ operational activities including, but not limited to, budgeting, forecasting, leasing, marketing, maintenance and capital improvement projects. Responsible for assessing leasing and maintenance personnel performance and employment. Responsible for leading MBK Rental Living analytics.
Secondary responsibilities include assisting in acquisition due diligence, organizational strategy and operational planning, participating in overall project design and market research.
Supervisory Responsibilities
Managing the asset management function of the company's multifamily portfolio to maximize investment returns:
If you are ready to meet the challenges of this critical role, we want to hear from you!
MBK is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, disability, age, sexual orientation, gender identity, national origin, veteran status, genetic information, or other protected reason. Our company is committed to providing access, equal opportunity and reasonable accommodation for qualifying individuals in employment, its services, programs, and activities. To request reasonable accommodation, contact talentacquisition@mbk.com.
Regulatory Disclosures for Senior Living Communities with Medicaid Residents: An “Excluded Party” is a person that the federal or state government found not eligible to provide care and services in a facility that receives Medicare or Medicaid funding. If employed at one of our senior living communities that receives Medicare or Medicaid funding, team members must not be considered an “Excluded Party” as defined by the U.S. Department of Health and Human Services, any state Medicaid Programs, and any additional federal and state government contract programs. If, as a team member, you learn that you are an Excluded Party at any time, you must present your Excluded Party notice letter to your supervisor immediately.
Other Regulatory Requirements: If employed at one of our senior living communities, team members must continually comply with certain laws and regulations that impact the company, including, but not limited to, as applicable, state licensing regulations, the Health Insurance Portability and Accountability Act of 1996 (HIPAA), Resident Rights as defined by the U.S. Department of Health and Human Services, and any other federal or state laws relating to team members’ professional licenses
HIPAA Disclosure
All Team Members prior to commencing employment and once employed must not be considered an “Excluded Party” as defined by the Medicare and state Medicaid Programs as well as other federal and state government contract programs. If as an associate you learn you are an Excluded Party, you must present your Excluded Party notice letter to your supervisor immediately. An Excluded Party is a person that the federal or state government found not eligible to provide care and services in a Community that receives Medicare or Medicaid funding. In addition, at all times, during your employment, all associates must be in compliance with certain laws and regulations that affect the company, including but not limited to Resident Rights, HIPAA, State licensing regulations, and those laws relating you an associates’ professional license.
Job Description
Salary: $180,000-$200,000 Bonus
Hybrid: 3 days in-office, 2 days remote
Job Summary
The Director of Asset Management is responsible for leading the day-to-day asset management within the department. The responsibility includes maximizing apartment operating revenue and minimizing expense, while maintaining average occupancy at or above the MBK target for each project, while upholding MBK’s quality standards. This role will oversee third-party property management companies’ operational activities including, but not limited to, budgeting, forecasting, leasing, marketing, maintenance and capital improvement projects. Responsible for assessing leasing and maintenance personnel performance and employment. Responsible for leading MBK Rental Living analytics.
Secondary responsibilities include assisting in acquisition due diligence, organizational strategy and operational planning, participating in overall project design and market research.
Supervisory Responsibilities
- N/A
Managing the asset management function of the company's multifamily portfolio to maximize investment returns:
- Aggressively and proactively review operating results to increase revenue and decrease operating costs
- Oversee monthly matrices and reporting to evaluate each community’s operating results. Evaluate and compare rent growth, occupancy, leasing, traffic, operating cost trends and NOI
- Review and execute on recommended increased operating efficiencies
- Guide marketing activities based on budget, market and historical results
- Participate in weekly calls with third party management teams and update operational status reports
- Lead the preparation of annual operating and capital budgets as well as monthly forecasts between property management and other departments.
- Travel to assets to lead property inspections, to monitor performance and compliance with approved business plans and policies, as well as identify opportunities for improvement and value creation, along with any issues that may require additional action.
- Manage and report on capital improvement projects; update renovation tracking reports
- Maintain quarterly/year-end fund level reporting for IRR/equity multiples, debt summary, and performance (as necessary)
- Lead the creation of JV tailored analytics and reporting
- Present to senior leadership status reports of assets and portfolio
- Review reporting initiatives for efficiencies and value to the organization
- Negotiate ancillary contracts and management agreements
- Champion new technology initiatives
- Participate in the creation of Board of Director slides each quarter and monthly operating reporting
- Participate in due diligence on acquisitions such as market and rent studies, new investment submittal preparation, and oversee transition to selected third-party property management
- Decide resident-facing specification levels at each asset and determin the value it will provide
- Travel to markets to validate research and operating assumptions upon signature of Letter of Intent on potential acquisitions
- Periodically perform “hold/sell” analyses on all properties; Implement disposition preparation strategies and facilitate onsite disposition activities
- Attend industry conferences for market updates and vendor connections
- Other ad hoc assignments
- Bachelor’s Degree required.
- MBA preferred.
- 7-10 years of experience in institutional real estate investment; 5 years in a multifamily property sector
- Thorough understanding of institutional real estate
- Demonstrated track record of value creation
- Strong analytical skills including complex financial modeling in Excel
- Strong proficiency in real estate investment concepts and terminology
- Real Estate/Apartment Operations experience
- Prefer experience with Yardi, revenue management and ancillary income software
- Contracts/negotiating
- Advanced proficiency in Excel financial modeling; including financial projections and scenario analysis
- Microsoft Suite competency.
- Extremely well-organized with exceptional attention to detail.
- Highly motivated, solves problems independently and able to meet firm deadlines.
- High level of professionalism, discretion, and executive presence when interacting with senior leaders, investors, third-party partners, and cross-functional stakeholders.
- Maintain positive attitude and teamwork in a fast-paced environment.
- Strong writing, quantitative and communications skills.
- Must be mobile and able to perform the physical requirements of the job, bending, kneeling, stooping, pushing, pulling and repetitive motion.
- Ability to sit and work at a computer for long periods of time.
- Able to move intermittently throughout the workday and between divisions.
- Ability to lift/carry up to 30 lbs. and push up to 20lbs. as necessary.
- Some travel required; ability to travel on a periodic basis.
If you are ready to meet the challenges of this critical role, we want to hear from you!
MBK is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, disability, age, sexual orientation, gender identity, national origin, veteran status, genetic information, or other protected reason. Our company is committed to providing access, equal opportunity and reasonable accommodation for qualifying individuals in employment, its services, programs, and activities. To request reasonable accommodation, contact talentacquisition@mbk.com.
Regulatory Disclosures for Senior Living Communities with Medicaid Residents: An “Excluded Party” is a person that the federal or state government found not eligible to provide care and services in a facility that receives Medicare or Medicaid funding. If employed at one of our senior living communities that receives Medicare or Medicaid funding, team members must not be considered an “Excluded Party” as defined by the U.S. Department of Health and Human Services, any state Medicaid Programs, and any additional federal and state government contract programs. If, as a team member, you learn that you are an Excluded Party at any time, you must present your Excluded Party notice letter to your supervisor immediately.
Other Regulatory Requirements: If employed at one of our senior living communities, team members must continually comply with certain laws and regulations that impact the company, including, but not limited to, as applicable, state licensing regulations, the Health Insurance Portability and Accountability Act of 1996 (HIPAA), Resident Rights as defined by the U.S. Department of Health and Human Services, and any other federal or state laws relating to team members’ professional licenses
HIPAA Disclosure
All Team Members prior to commencing employment and once employed must not be considered an “Excluded Party” as defined by the Medicare and state Medicaid Programs as well as other federal and state government contract programs. If as an associate you learn you are an Excluded Party, you must present your Excluded Party notice letter to your supervisor immediately. An Excluded Party is a person that the federal or state government found not eligible to provide care and services in a Community that receives Medicare or Medicaid funding. In addition, at all times, during your employment, all associates must be in compliance with certain laws and regulations that affect the company, including but not limited to Resident Rights, HIPAA, State licensing regulations, and those laws relating you an associates’ professional license.
Salary : $180,000 - $200,000