Residential Asset Manager

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7 days ago Requisition

Residential Asset Manager

BPG Real Estate Services LLC is a privately held, full-service real estate acquisition, development, and management company founded in 1993. The Company maintains offices in Wilmington, DE, Chevy Chase, MD, and Conshohocken, PA, with corporate headquarters located at 200 W. Eleventh Street, Wilmington, DE 19801.

The Residential Asset Manager will own the financial performance of assigned multi-family residential properties concentrated in the Wilmington, DE market, with primary responsibility for property-level budgeting, rent and proforma analysis, variance tracking, HUD and regulatory compliance, and lender and investor reporting. The Residential Asset Manager will work cross-functionally with finance, accounting, leasing, operations, legal, construction, and capital markets teams to maximize asset value and maintain lender and equity partner relationships.

The Residential Asset Manager shall be responsible for the following asset management duties:

• Assume day-to-day asset management responsibilities for assigned multi-family residential assets, working directly with members of senior management to implement strategies that maximize financial performance.
• Serve as the primary point of contact for asset information, oversight, and decision-making for assigned assets, including communication and approvals with lenders and equity partners.
• Maintain processes for tracking asset performance, compliance milestones, and institutional-level reporting to lenders and investors on a quarterly and annual basis
• Analyze and provide recommendations on investment and operational decisions, including lease negotiations, property capitalization strategies, property sales strategies, and capital improvement programs.
• Own the preparation of annual property budgets, forecasts, and spend projections, and monitor overall asset performance against approved budgets, proforma projections, and established financial goals, identifying and reporting variances.

The Residential Asset Manager shall support property-level operations in coordination with property managers, including the following responsibilities:

• Conduct expense analysis relating to real estate tax appeals, energy conservation, insurance, cleaning, security, and other operating expenses.
• Identify property capital needs and corresponding costs, evaluate impacts to cash flows and shortfalls, and coordinate with the accounting team to track capital expenditure funding, completion, and tenant improvement projects.
• Analyze monthly and annual budget-versus-actual results at the individual property and portfolio levels, including rent collections against proforma and variance against budgeted spend, tracking trends and flagging potential issues.
• Oversee waterfalls and distributions to investors, create and maintain annual distribution budgets, track quarterly distributions with detailed variance explanations, and continually monitor rollover exposure for effects on value.

The Residential Asset Manager shall support leasing activity for assigned residential assets in coordination with the in-house leasing team and third-party agents. Specific responsibilities include the following:

• Participate in weekly leasing meetings and establish financial leasing guidelines, including term, rate, tenant improvements, and leasing commissions, in conjunction with the in-house leasing team, ensuring prospective lease deals are consistent with projections and underwriting.
• Establish leasing assumptions for annual budgets and review and analyze lease proposals using Excel and Argus to evaluate the effect on asset value.
• Maintain oversight of the lease approval process, ensuring timely action on proposals and communicating directly with lenders and equity partners when lease approval is required.
• Maintain general knowledge of local market conditions and competition.

The Residential Asset Manager shall be responsible for the following duties related to acquisitions, dispositions, and financing activities for assigned residential assets:

• Partner with the…