Carmel Partners is a well-capitalized private real estate firm with expertise in the investment and development of multi-family real estate. Our mission is to build and enhance high-quality communities using innovative ideas and solutions that create value for our investors, residents, and associates.
We are committed to creating an inclusive and diverse team rooted in a culture of mutual respect. We know that our differences make us stronger as an organization and we embrace equal opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity, or Veteran status.
Your role as an Asset Management Associate
As an Asset Management Associate, you'll participate in maximizing operations and returns at the individual asset level and the overall property portfolio. You'll be responsible for a small portfolio of stabilized assets in an assigned region.
Who you are
You understand the importance of building effective relationships, including with stakeholders in and outside of the company. You keep a cool head while managing multiple projects under time and other constraints. You’re a pro at communicating on and off the page. Curiosity is a driving force behind your ability to solve problems, and you always maintain a positive attitude.
What you’ll do
Work closely with Vice Presidents and Directors of Asset Management to maximize operations of a regional portfolio of stabilized properties
Take the lead on a small portfolio of assigned stabilized assets
Maintain and track portfolio financial performance
Manage the strategy and financial performance of assigned properties in all areas apart from capital improvements
Lead detailed review of monthly financial results with onsite and Asset Management teams to ensure properties are performing in line with budget
Work collaboratively with onsite managers and other external parties on property operations ensuring leasing targets are maintained
Provide ongoing analysis of and make recommendations for existing property financials, leasing trends, expiration schedules, submarket fundamentals, and portfolio trends
Coordinate contract negotiations for development deals
Track property budgets and performance against relevant benchmarks, as well as ad-hoc analysis to support the Asset Management, Development, and Investments Teams for both existing and new deals
Contribute to revenue management/pricing calls through analysis of historical and current pricing, lease expiration reports, and occupancy trends; make recommendations to VPs and Directors
Participate in the annual budgeting process for assigned properties
Annual Asset Level Business Plans: along with Asset Management VPs/Directors, establish and present the annual strategy and goals for each assigned property to Carmel Senior Leadership
Participate in the preparation and presentation of Quarterly Asset Reviews to Carmel Senior Leadership, including detailed analysis of actual property performance compared to goals, budget, and historical performance
Retail: Analyze potential retail tenants, including review of LOI/Lease drafts, tenant business plans, and tenant/guarantor credit and financials. Participate in lease negotiation. Prepare retail tenant pitches for senior leadership as needed.
Facilitate transitioning properties from Development to Operations by contributing to lease-up playbook, business plans, and related pricing tools/models
Work with property management company and Investments Team during the disposition process to maximize ultimate sales price of assets for sale
Conduct market research and analysis to obtain strong local market knowledge of competitor product offerings, positioning, location, and market supply and demand trends. Shop competitive properties in the region annually
Participate in underwriting new potential acquisition and development deals
Populate and enhance existing tools to assist in underwriting pro forma rents and expenses
Participate in physical due diligence including unit and site walks
Compile and review data on the market and a competitive set of properties
Participate with Construction and Investment teams in the preparation of business plans for renovations and repositioning
Support retail leasing efforts and work with the Investment and Development teams to underwrite new acquisitions and developments
Lead and participate in Asset Management and company-wide initiatives to enhance tools, processes, and deliverables
Other duties, responsibilities, and special projects as assigned
Attend work as scheduled to support the ongoing success of the company
What you’ll bring
Bachelor’s degree in Real Estate, Finance, or related field required; MBA a plus
4+ years professional experience in commercial real estate, financial analysis, or asset management (multifamily preferred) with 2+ years experience in underwriting and acquisitions
Proficiency in MS office products including Excel, PowerPoint, and Word is essential; proficiency in property management systems is a plus (Yardi, LRO, etc.)
Exceptional financial and numerical analytical skills
Strong financial modeling skills with a high degree of accuracy and attention to detail
Your Compensation & Benefits Your performance will be reviewed annually, and your compensation will be designed to motivate and reward the value that you provide. You'll receive a competitive salary, bonuses, and benefits. Benefits play a key role in your choice of employer. Our portfolio of health benefits, time off benefits, paid parental leave, and wellness programs and perks are designed to ensure that you are healthy and comfortable.
Hiring during Covid -19:
Employees in this position must be fully vaccinated against COVID-19 prior to their start date and must remain fully vaccinated throughout employment, including via receipt of booster doses as recommended by federal, state, and/or local health authorities, unless an accommodation is granted for medical or religious reasons in accordance with applicable law.
Many of our corporate recruiting and onboarding activities are virtual during the pandemic via Zoom, as we are working in a hybrid work-from-home/office environment until further notice.
Carmel Partners is an institutional investment manager. With experience in all aspects of multifamily real estate, we create homes and improve communities. Our development and renovation projects are thoughtfully designed and expertly crafted. Our entrepreneurial mindset is reflected in the bespoke multifamily assets that have become our signature.