Director of Asset Management

Alexandria, VA

Full time

R16849

Join Bell Partners and be a difference maker.

At Bell Partners, our mission is to be the apartment company of choice by creating value and honoring commitments to our residents, partners, and associates. We proudly serve our community of 85,000+ homes across 13 states and the District of Columbia. As stewards entrusted to contribute with care and appreciation, our 2,000 associates succeed in a dynamic space where everyone impacts. We take pride in producing outstanding results and fostering a work environment that allows everyone to contribute to their fullest potential. We rise above industry standards when every associate embraces their unique role and seizes the opportunity to make an impact.

The Director of Asset Management provides regional oversight for multi-family Asset Management functions.

Essential Functions and Responsibilities

• • Acquisition Due Diligence: Work with Investments and Operations to review underwriting of acquisition candidates prior to final bid, as well as conduct on-site due diligence after winning acquisition bid. Responsible for opining on rental income and expenses, as well as providing independent evaluation of market and completing a market study of recommended rents, both pre- and post-renovation, if planned. Responsible for working with due diligence team to create value proposition and vision for asset upon acquisition.

• Recent Acquisitions (6-18 months, until repositioning plan completed and asset is stabilized): Lead asset teams (Asset Management, Operations, Construction) created to complete renovations and/or focus on property-specific issues. Responsible for executing the 90-day asset plan, creating the Final Asset Plan for renovations (as applicable) and ensuring the repositioning plan (management and/or rehab) is completed and the asset is stabilized.

• Team Facilitator and Performance Oversight: Run bi-weekly asset team calls; provide follow-up notes and action plans (as outlined below). Responsible for coordination within the team to facilitate progress and drive results. Also review weekly and monthly reporting (occupancy, action plans, financial statements) to identify concerns and work with Operations to address issues impacting revenues and NOI.

• Special Situation (SS) assets: Asset Management will be involved in SS issues (either property level or capital structure) that adversely affect cash flow and potentially require communication with owners/lenders. As a result, discussions are needed with Operations, Financials Services/Accounting and/or Construction Services to understand the underlying issues and recommendations. At times, Asset Management will complete additional evaluations (e.g., independent market survey, financial analysis) to more deeply and independently understand the issue, as needed.

• • Stabilized Assets: There are two primary roles related to Stabilized Assets:

• Annual Budgets: Asset management will i) work with Financial Services, Operations, and Construction Services to provide guidance and final approval for yearly operating and capital budgets for all Bell assets; ii) identify, analyze and work with Operations and Construction Services (where applicable) to recommend opportunities to add value (e.g. interior unit renovation programs, expense reductions, etc.); and iii) complete cap ex walks if a significant major/capital plan is being proposed (e.g., >$800 per unit) and/or a renovation is recommended, neither of which has yet been approved

• Cap Ex Related: Asset management will approve Major/CapEx and/or provide design recommendations per Bell policy

• Communication / Reporting: Asset Management will work with Investor Relations and Fund Accounting to address owner/investor inquiries and provide property highlights for the quarterly fund report and year-end investor letters

• Coordination Among Bell Resources: Reach out to internal resources (Accounting, Financial Services, Risk Management, Revenue Management, Purchasing, Marketing, Utility Management, IT) to address property specific issues, improve income and expense control and ensure on-going innovation in design and rehab implementation

Additional Functions and Responsibilities

• • Additional duties and projects as assigned

Knowledge, Skills and Abilities

• • Must demonstrate Bell Core Values and work and fit well within the company culture

• Demonstrate financial acumen, research and analytical skills; strong problem-solving skills and quantitative abilities; must be able to absorb large amounts of data quickly and be capable of reaching sound business decisions after reviewing available information;

• Must be resourceful, possess excellent organizational skills (i.e. handling multiple priorities and coordinating large teams) and strong written/oral communication skills;

• Demonstrate solid judgment and strong interpersonal skills (lead teams from multiple disciplines, often without direct authority, ability to motivate and work with difficult individuals as well as get the deal done without offending team members or buyers/sellers);

• Must be able to work effectively across departments and functional groups, using influencing skills

• Flexibility in working hours and travel as required to accomplish the work

• Must be proficient in MS Excel, Word, Powerpoint, and Outlook

Education and Background

• • BA or BS required, BBA / MBA preferred

• Minimum 8 years of experience, at least 5 years of real estate related experience

• Preference for multi-family experience (asset management, operations, construction/rehab) and knowledge of DC, Boston, Florida, North Carolina, and/or East Coast multi-family markets

#LI-JW1

Compensation Range

Annual Salary: $145,000.00 - $180,000.00

Incentive compensation opportunities are available and are performance based.

About Bell Partners

Our purpose at Bell Partners is to create communities our residents are proud to call home. We currently own or manage over 85,000 homes in North America and continue to grow. Our people are the most important part of our company. We believe in building a culture that encourages our associates to invest in and serve one another, while pushing each other to take risks, allowing us to grow together and make a difference.

Join Bell to be a difference maker. Apply today!

Bell Partners reserves the right to amend this job description at any time. We are an Equal Opportunity Employer.

Why Join Us?

• At Bell, we're family. It is through the combined efforts of our associates that we achieve our Mission of being the apartment company of choice by creating value and honoring commitments to our residents, partners, and other associates.

• As part of Bell, your work is rewarded through competitive compensation and reward strategies, through sincere appreciation and through opportunities for enrichment and advancement.

• Collectively, our company boasts one of the most talented, hardworking, and service-oriented teams in the apartment industry.

• With a clear vision of where we want to go, and the best associates in the industry to help us get there, Bell's future remains bright!

• Bell offers competitive benefits that can provide protection, peace of mind, and savings. From medical, dental and vision coverage to income protection, retirement savings and other benefits, we've got you covered.

Come Join Us!

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