Director, Asset Management

Carmel Partners, one of the nation's leading specialists in real estate investment management, with expertise in the investment, development, and construction of multi-family real estate, is seeking a Director, Asset Management in our New York Office.

The Director, Asset Management, is responsible for managing the financial performance and business strategy of a property portfolio. The goal is to maximize operations and returns at both the individual asset level and the overall fund/portfolio level. This position involves comparing assets to industry benchmarks and identifying opportunities to exceed them without negatively impacting property operations and competitive position within the submarket. The role requires proactive and independent management of all aspects of assets in the portfolio.

A place for you

Here at Carmel, we don't just invest in buildings, we invest in careers. If you don't meet all of the qualifications listed for this role, we encourage you to monitor our career page for upcoming opportunities. We're committed to assembling diverse teams with exceptional talent, and we strongly encourage individuals from a wide range of backgrounds to apply. Everyone's career journey is unique, so let's explore how you could be a great fit for our team!

What you'll do

• Review trend reports and collaborate with VPs/SVPs on trends/activity from the prior week
• Participate in bi-weekly Revenue Management Pricing Calls for specific region(s)
• Review monthly reports, including financials, conversion & leads, marketing dashboards, and operating dashboards
• Review monthly cashflows and make distribution recommendations to SVP
• Conduct regular site visits for your portfolio
• Participate in the annual budgeting process, including detailed review of budgets, comparisons of historical performance, and industry benchmarks
• Shop competitive property sets annually to ensure properties are appropriately positioned in the market
• Review real estate tax assessments and discuss tax appeal strategies with portfolio manager and third-party consultants
• Underwrite new acquisitions by evaluating the competitive set and developing a stabilized pro forma; present and defend rents and expenses to Investment Committee
• Partner with property operations team and dispositions point person to ensure property strategy and operations are followed during dispositions process to maximize sales price of assets
• Perform comprehensive utilities analysis (annual cost/usage trends, opportunities for expense reduction and bill-back increases)
• Oversee portfolio's marketing and review websites regularly
• Prepare QAR's and ALBP's and present documents to the Investment Committee
• Coordinate with internal and external stakeholders regarding lease-up, pricing, and marketing of new developments
• Contribute to team initiatives and ad hoc reporting as needed
• Other duties, responsibilities, and special projects as assigned

Who you are

• Excellent organization and time management skills, capable of managing and executing multiple projects simultaneously
• Exceptional communication, presentation, and interpersonal skills
• Values relationships and thrives in both collaborative team settings and independent work
• Demonstrates impeccable integrity and dependable judgment

What You'll Bring

• Bachelor's degree in business, accounting, or finance; MBA preferred
• At least 5 years' real estate investment and asset management experience in multifamily; retail/commercial leasing experience a plus
• Extensive knowledge of Affordable New York program (including lease-up and ongoing compliance); as well as rent stabilized apartment management
• Experience working with and overseeing a 3rd party property management firm
• Excellent analytical, financial, and quantitative skills, with the highest level of attention to detail
• Knowledge of real estate investments, financial modeling, cash flow valuation, and underwriting a plus
• Interpretive knowledge of property level financial statements and financial analysis including ROI analysis, market share assumptions, property appraisal & valuation processes, and forecasting
• Strong proficiency and advanced skills with Microsoft Office Excel and revenue management systems
• Strong presentation skills for making robust written and oral recommendations to the Investment Committee and interacting effectively with stakeholders
• Effective people and project management skills, including experience managing teams and/or direct reports

Compensation and Benefits

• Compensation and benefits play a key role in your choice of employer, and our goal is to invest in you and your experience here. You'll find competitive compensation and comprehensive benefits package at Carmel.
• Base salary range for this position is $200K to $220K. The Company provides this compensation range and general description of other compensation and benefits that in good faith believes it might pay and/or offer for this position. Total compensation for this role also includes a bonus incentive in addition to the base salary. The Company reserves the right to ultimately pay more or less than the posted range and offer additional benefits and other compensation, depending on circumstances not related to an applicant's sex or other status protected by local, state, or federal law.

Choose Carmel

At Carmel Partners, our mission is to create exceptional multifamily communities that enrich lives and neighborhoods.

Founded in 1996, Carmel is one of the nation's leading specialists in real estate investment management, focusing on U.S. multifamily development and construction, renovation, and debt investments. Through its vertically integrated platform, Carmel seeks to achieve superior risk-adjusted returns across varying market cycles by investing in relatively supply-constrained, high barrier-to-entry markets in the United States.

Carmel Partners is an Equal Opportunity Employer, committed to providing employees with a work environment free of discrimination and harassment. Employment decisions are based on business needs, job requirements, and individual qualifications without regard to race, color, religion or belief, gender, gender identity, gender expression, sexual orientation, pregnancy and reproductive decisions, family or parental status, national origin, age, disability, or veteran status, or any other status protected under local, state, or federal laws.

We are committed to equitable hiring and promotion practices. We lead with integrity and believe in building a diverse and inclusive workplace, rooted in a culture of mutual respect. By welcoming varied backgrounds, perspectives, and ideas, we cultivate engagement and a sense of belonging that creates community within, so Carmel can build communities that thrive.

Notice to Third-party Agencies: Carmel Partners does not have any standing offers to pay any referral compensation or recruitment fees for any open positions. Unless there is a signed agreement providing otherwise, Carmel Partners will not pay any compensation to any employment firm, staffing agency, recruiter, or other third party for any resumes or candidate profiles that are provided, even if the individual is hired by Carmel Partners. In the event a recruiter or third-party agency/firm submits a resume or candidate profile without a signed active agreement, Carmel Partners explicitly reserves the right to pursue, and hire said candidate without any notice or financial obligation to the recruiter or agency/firm. Carmel Partners reserves the right to retain, use, transfer and distribute any resumes and candidate profiles that are submitted, including those submitted to hiring managers.

Equal Opportunity Employer
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.