Asset Management Associate

Job Description

THE COMPANY

CEDARst Companies is a real estate investment and development company based in Chicago with over 10,000 multifamily units either placed in service or under construction across the Midwest, Southeast, and West Coast regions. CEDARst works with institutional partners to employ its development and acquisition strategies across the nation with offices in Chicago, S. Florida and San Diego. Ownership has over 75 years experience in the commercial real estate industry. 

JOB SUMMARY

This position is located in San Diego and requires full-time in-office attendance.

The Asset Management Associate will be responsible for assisting in the execution of CEDARst’s asset-level strategies. The Associate will support financial reporting and analysis, assist in evaluating capital structure options, and manage relationships with capital providers, property management companies, and other third parties. They will also assist with CEDARst’s investor management, reporting, and investor relations functions. This position will work cross-functionally with the Acquisitions, Accounting, and Construction Management groups.

The position will report to the CFO. A moderate level of travel may be required.

JOB DESCRIPTION

• Assist in the creation of asset-level business strategies to maximize returns based on each asset’s investment objectives
• Conduct comprehensive financial analyses, including budgeting, forecasting, property specific stabilization plans, cash flow proformas, and performance monitoring, to drive asset value and profitability. Review monthly property financials and KPIs, identifying drivers of budget variance and recommending strategies to improve performance
• Prepare investor reporting packages and lead monthly asset performance calls with joint venture equity partners
• Maintain a thorough understanding of broader sub-market trends and constantly benchmark property performance against the competitive set. Conduct market research to stay informed about local real estate trends, regulatory compliance requirements, competitive landscape, and emerging opportunities.
• Assist with the refinancing and disposition events including broker selection and oversight of transactional due diligence and closing
• Underwrite commercial leasing prospects for mixed-use assets, including capital outlay and return metrics
• Manage relationships with third parties, including investors, lenders, and counsel
• Track and report on key performance indicators (KPIs) such as occupancy rates, online review ratings (e.g., Google score), rent collection, retention, rental income, NOI, and operating expenses. Identify areas for improvement and implement corrective actions as needed.
• Conduct regular physical inspections of each property in the assigned portfolio to develop a thorough understanding of each property, assess implementation of strategic initiatives, assess operational and management performance, and identify opportunities for improvement.

REQUIREMENTS

• Bachelor’s degree (or equivalent), preferably in Accounting, Finance, Real Estate, or other relevant area
• 3-5 years of work experience in the real estate industry.
• Firm understanding of accounting and financial principles
• A “hands-on” approach to problem solving with a desire for process improvement
• Strong self-starter who thrives in a fast-paced, dynamic environment with multiple and evolving priorities and deadlines, with the ability to work without much daily direction.
• Ability to distill complex analyses into meaningful takeaways and communicate findings both verbally and in writing
• Strong interpersonal skills necessary to form working relationships both inside and outside the organization
• Proficiency in Microsoft Excel, Word, and PowerPoint
• Excel-based case study may be required
• Other Software (not a requirement): Yardi, Juniper Square, CoStar, HelloData

BENEFITS

CEDARst is an equal opportunity employer. This position requires successful completion of a background check and drug test. Benefits include:

• Market-plus compensation, including base and bonus
• Full benefits: Medical, Vision, Dental
• 401(k), with 4% company match
• 15 days of PTO
• Cell phone stipend