Vice President, Asset Management

American Realty Advisors, LLC (ARA) is one of the largest privately held private equity institutional real estate investment managers in the United States, with over $11.2 billion in assets under management as of June 30, 2024. ARA invests on behalf of institutional investors through core and value-add real estate funds and separate accounts, targeting industrial, office, multi-family, and retail assets nationwide through direct equity, hybrid debt, mezzanine, and preferred equity structures.

This role is based in ARA's downtown Los Angeles office, so the candidate will be expected to be a resident of Southern California and commute to the office. Currently, we expect you to generally work in person in the office at least three days per week. This may increase to an additional number of minimum days in the office at some point in the future.

The Role

The Vice President, Asset Management's primary responsibility is to lead and direct the asset management for a portfolio of residential assets. The role works under the Executive Vice President ("EVP") for the residential (multi-family and for-rent single-family) asset management team to support the EVP in directing an industry-leading asset management approach for ARA's for-rent residential portfolio.

Responsibilities include overseeing third-party property managers, leasing staff, construction managers, and others involved in managing assets. Core duties include the supervision of strategic planning, management, leasing, financial analyses, operating and capital budgets, returns on an internal rate of return and time-weighted basis, and reporting on a quarterly and annual basis regarding the performance of each asset.

The Vice President will work with the EVP, Portfolio Management, and the Investment Group to assist in reviewing and analyzing multi-family assets to be acquired by the firm. During the initial evaluation of the property and due diligence, these activities ensure the target asset can be managed to the level outlined in the business plan for the underwriting and long-term budget.

This role is based in ARA's downtown Los Angeles office or downtown Chicago office, and the candidate will be expected to be a local resident and commute to the office.

Essential Functions

• Develop and drive the implementation of strategic business plans for each of the portfolio's multi-family assets.
• Identify, develop, and implement value-added strategies for existing assets and potential acquisitions, including renovations and ground-up development.
• Oversee management of property operations, including:
  • Timely review of property management reports.
  • Tracking weekly and monthly status reports from property managers.
  • Developing solid relationships with property managers and onsite staff.
• Collaborate with joint venture partners on existing investments and new opportunities, ensuring compliance with agreements.
• Manage and oversee the debt encumbering real estate assets, ensuring compliance with all loan obligations and covenants, including timely payments, reporting requirements, and adherence to financial covenants.
• Oversee contracts, vendors, bids, and inventories.
• Supervise, train, and motivate property managers, leasing staff, and personnel.
• Conduct regular site visits to review curb appeal, capital improvement projects, model inspections, expense approvals, and personnel issues.
• Maintain an understanding of architectural plans, contracts, engineering studies, and work with attorneys on lease language.
• Work with onsite leasing teams to attract, qualify, and maintain residents, and develop marketing strategies to maximize effective rents.
• Work with ARA's Valuation Group and Portfolio Management Group to supervise asset valuations and provide hold vs. sale recommendations.
• Oversee general property level analysis functions (e.g., PM contracts, RFPs, construction, and vendor agreements).
• Conduct in-depth market research to understand each asset's position and update demographic and market information.
• Review potential multi-family acquisitions and work with the Investment Group to develop long-term models and support underwriting assumptions.
• Develop and maintain strong relationships with investment brokers.
• Oversee physical inspections of assets to understand the impact of deficiencies on underwriting.
• Advise team members and report to the Investment Committee on proposed investments.
• Manage the reporting process (business plans, monthly and quarterly reports) efficiently and in a timely manner.
• Prepare annual portfolio review materials and deliver reviews to trustees, consultants, and client staff, as applicable.
• Review effective lease rates, capital improvement budgets, and operational budgets.
• Participate in investor calls/presentations to help shape the vision for the multi-family team's direction and investments.
• Review operations for compliance with terms of joint venture agreements, development management agreements, loan documents and related documents.
• Supervise the completion of asset valuations (hold/sell analyses, quarterly, and annual valuations) efficiently and timely.
• Perform in-depth market research to support all underwriting assumptions incorporated into the acquisition model.
• Advise other team members and report directly to the Investment Committee on all aspects of the proposed investment from an asset management perspective.
• Collaborate and communicate promptly and transparently with ARA's leadership, Investment Committee, and across the platform to support a well-defined approach to residential asset management.

Candidate Qualifications

Essential Business Experience and Technical Skills

• Education:
  • An undergraduate degree in Finance, Real Estate, Accounting, or a related field is required.
  • A Master's degree and/or professional designation (e.g., RFA, CPM) is preferred.
• Experience:
  • A minimum of 10 years of direct work experience in the for-rent residential real estate asset management sector from an asset management perspective.
  • Minimum of 3 years of direct oversight of analytical professionals.
  • Additional expertise in multi-family renovations, property management, acquisitions, dispositions and leveraged assets is highly regarded.
  • Development experience is preferred.
• Skills and Knowledge:
  • Strong financial and mathematical skills, including the ability to calculate and understand discounted cash flows, net present value, and internal rate of return.
  • Thorough understanding of accounting principles and the ability to comprehend standard accounting reports and statements.
  • Knowledge of the private equity real estate market and how such investments work and are structured.
  • General knowledge of joint venture agreements, loan documents, lease agreements, property management agreements, development agreements, service contracts, and title documents.
  • Broad understanding of the construction process, terminology, and AIA documents.
  • Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists.
  • Ability to interpret a variety of instructions furnished in written, oral, or schedule form.
  • Familiarity with various software for word processing and spreadsheet preparation.
  • Demonstrated proficiency and precision in Microsoft Excel, including the ability to build formulas.
  • Familiarity with creating ARGUS Enterprise models and reviewing and adjusting Altus models.
  • General knowledge of accounting and financial reporting, with a basic understanding of MRI and/or Yardi reporting.
  • Strong organizational skills and the ability to follow processes.
  • Ability to effectively articulate concepts and strategies to various stakeholders.

Competencies

The ideal candidate for this role will exhibit competency in the areas listed below. At ARA, we see possessing these traits as vital to the success of the position:

Creative Thinking- An innovative thinker who translates thoughts into actionable items.

Works Collaboratively- A team player with a commitment to achieving objectives through collective action and communication.

High Energy- Thrives in a fast-paced, dynamic environment where multi-tasking is essential.

Models Our Values - Conducts daily business and interactions with mindfulness to reflect ARA's culture and promote its values and standards.

Results Driven- Outperforms expectations and promotes the firm's competitive advantage through an analytical and context-driven approach to problem-solving.

Job Specifications

• Expected work hours: 8:30 to 5:30, Monday through Friday, with occasional weekends.
• Travel: Business trips with overnight stays may be required. Occasionally may need to drive a personal vehicle for business.
• Work environment and physical demands: General office environment.