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  • Atlanta, GA

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Asset Manager

Bell Partners Corporate • Atlanta, GA

Posted 23 days ago

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Job Description

The Asset Manager will be responsible for higher level property/portfolio needs (e.g., special situations, budget review, central databases, valuations, etc.), applicable communication and creation/oversight of asset repositioning efforts

Essential Functions and Responsibilities:

Execute the Repositioning Plan (Recent Apartment Acquisitions):

  • Lead the facilitation  of ownership transition
  • Clarify and further refine repositioning plan indicating scope, responsibilities and timing for cap ex, operational, legal, offsite, etc. issues for Fund assets, as identified
  • Create monthly performance reports and facilitate monthly asset team calls (with Ops and Investment VP) on new acquisitions (or once c.o. delivered on development JVs) until stabilized (6-12 months)
  • Ensure that repositioning plan is completed and post-closing issues are done.  Update the proforma to indicate actual returns compared to underwriting upon stabilization

Cap Ex Design Review and Approval:

  • Create a standard program/pallet of design specifications for exterior paint colors, clubhouse upgrades and/or interior apartment renovations (with the construction group)
  • Review and approve cap ex work related to design issues for items above and confirm correct application was executed in a timely manner
  • Approve cap ex work for assets that have cash flow issues or where the capital budget would create a cash flow issue
  • Approve unbudgeted work or new projects that will exceed budget by $10,000 or 10%

Operating Performance/ Budget Review – Apartments Only

  • Attend monthly financial review calls. Flag any unusual concerns (see special situations below)
  • Review cash flow management / capital call needs as part of the monthly/quarterly distributions (with accounting)
  • Provide annual budget expectations and review if significantly different from projections, as needed  Follow-up with Investment VP if significantly different than proforma or market research projections
  • Identify unusual issues to maximize NOI e.g., adding garages, new cable contracts, etc. (with Ops)
  • Reconcile capital structures to ensure fundings and reserves are being handled properly (with accounting)
  • Prepare format for tax appeal assessments and evaluations. Expand consultant list by market

Portfolio Summary:

  • Create and maintain a centralized property database of relevant property attributes and investment metrics
  • Refine debt portfolio summary, evaluate loan maturities and compliance needs (with support from accounting
  • Summarize portfolio characteristics and performance e.g., distribution by geography, investment vehicle and year acquired and respond to surveys, questionnaires, investors, etc.

Reporting and External Communication:

  • Refine valuation process/models and update semi-annual FMV/return projections (with CIO and Investment VPs)
  • Prepare fund reports (with support from accounting and investor relations)
  • Send communication to institutional investors regarding asset/partnership performance and transaction updates, as needed.
  • Report information to RCA and summarize transaction trends, as needed.

Special Situations (with support from Investment VP and Commercial, as needed):

  • Follow-up on “troubled asset/ priority property” list from the monthly financial review meetings
  • Follow-up on unusual compliance needs e.g., bond, ground lease, title/lien concern, etc.
  • Assist with selection and implementation of branding Legacy assets, as needed

Apartment Dispositions:

  • Based on external market trends and property performance, recommend Bell/HNW Fund majority owned assets for dispositions (refinancing is done by Investment VPs)
  • Lead disposition support for DRA assets, as requested. Note: disposition process for other Bell-owned assets is led by Investment VPs

Market Research and Underwriting:

  • Using information from the Bell portfolio and third-party data, summarize performance trends by market each quarter
  • Update third-party rent projections every 4-6 months
  • Update exit cap rate guidance every 6-12 months
  • Create underwriting standards for NOI e.g., economic vacancy, cap ex reserves, etc.

Additional Functions and Responsibilities:

  • Assists with other tasks and projects as required

Knowledge, Skills & Abilities:

  • Demonstrate a high level of motivation and intelligence (a “thinker and a “doer”);
  • Embrace and foster the company culture of hard work, accountability and positive financial results
  • Demonstrate financial acumen 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;
  • Demonstrate solid research skills;
  • Must be resourceful, possess excellent organizational skills (i.e. handling multiple priorities and coordinating large teams) and strong written/oral communication skills;
  • Demonstrate solid interpersonal skills (the ability to motivate and work with difficult individuals as well as get the deal done without offending team members or buyers/sellers); Must work effectively with vendors, peers, investors and Bell Partners associates
  • Help develop and maintain strong customer service relationships
  • Must display a professional demeanor at all times
  • Flexibility in working hours and travel as required to accomplish the work

Education and Background:

  • BA/BS in business or related field and at least 3 years of work experience in a relevant field or MBA with 1 year relevant work experience
  • Strong working knowledge of multi-family financial processes/analysis
  • Strong working knowledge of MS Office Suite to include Excel

Bell Partners, Inc. (“BPI” or the “Company”) is an equal employment opportunity employer. BPI’s policy is not to discriminate against any applicant or employee based on race, color, sex, religion, national origin, age, disability, pregnancy, military/veteran status, marital status, genetic information, gender identity, sexual orientation or any other basis protected by applicable federal, state, or local laws. BPI also prohibits harassment of applicants or employees based on any of these protected categories. It is BPI’s policy to comply with all applicable state and federal laws respecting consideration of unemployment status in making hiring decisions.

Note to Applicants: Smoking is prohibited in all indoor areas of Bell Partners Inc. unless designated smoking areas have been established by a particular location in accordance with applicable state and local law.

Job ID: R387
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