Interstate Equities Corporation (IEC) is a vertically integrated real estate investment firm specializing in value-add multifamily properties in the Bay Area, Southern California (including Ventura County, Los Angeles, and San Diego) and Seattle markets. We focus on creating value through strategic repositioning and property management. IEC Property Services Corporation, our in-house property management company, strives to deliver exceptional customer service while executing property business plans. Founded in 1981, IEC has a proven track record of over 43 years and continues to grow by acquiring new communities and offering development opportunities to our team members.
Position Summary:
The Asset Manager plays a strategic role, working closely with the Director of Asset Management to oversee the Southern California portfolio, with responsibilities subject to change based on the acquisition pipeline. This includes driving value, maximizing asset performance, and delivering best-in-class outcomes for IEC. The Asset Manager will provide input on new acquisitions, collaborate closely with the investment team, and report up to leadership while ensuring the effective management and strategic growth of the portfolio. The position will be based in Orange County, with the expectation of periodic travel to Southern California assets.
Key Responsibilities:
- Oversee the Southern California portfolio, with potential adjustments based on acquisition activity.
- Maximize asset value and NOI by understanding each asset’s position relative to the market, developing and implementing property-specific value-add strategies.
- Conduct regular financial reviews of property performance versus budget and work with Regional Managers to address variances.
- Oversee the development of annual operational and capital expenditure budgets for portfolio assets in accordance with the acquisition business plans. Ensure these budgets align with overall financial and strategic goals.
- Maintain a strong understanding of local markets, including competition, supply pipeline, demand drivers, and market absorption. Identify outliers within the portfolio to redirect resources as needed.
- Monitor on-site staff and activities to ensure the operating plan is carried out and that IEC’s objectives are satisfied regarding property and asset management policies.
Strategic Planning & Implementation:
- Partner with leaders across Operations, Accounting, and Investments to prepare, execute, and monitor the performance of annual strategic business plans for the properties.
- Collaborate with the Construction Project Manager to plan, track, and ensure timely execution of capital expenditure (CapEx) business plans within budget. Review annual CapEx budgets and make recommendations for changes to the proposed annual plan.
- Assist in the investment process by collaborating with the investment team on new acquisitions, providing input during due diligence, analysis, and underwriting, and contributing to deal strengths/weaknesses and repositioning strategies.
- Work closely with the Director of Asset Management to manage the portfolio effectively and provide regular comprehensive updates to leadership regarding the status of portfolio assets.
- Provide expert note-taking and detailed reporting to ensure all strategic initiatives and decisions are well-documented and communicated.
- Think strategically and drive results within the portfolio, ensuring alignment with IEC’s overall goals and objectives.
- Provide regular updates to joint venture partners when necessary.
Project Management & Execution:
- Plan and manage various renovation projects, including identifying appropriate scopes of work for common areas, apartment interiors, and other spaces. Ensure projects are completed on time and within budget.
- Select and engage design teams, contractors, and other vendor partners to achieve repositioning results.
- Lead the asset management process by defining clear objectives to drive improvements in asset and portfolio performance.
Property Management Oversight:
- Work closely with Regional Managers to address key issues, establish benchmarks, guidelines, key performance indicators, and policies to reinforce the business plan.
- Conduct site visits regularly to review property status, including curb appeal, marketing, expenses, staffing, and capital improvements. Ensure that properties are managed effectively to meet business objectives.
- Evaluate and pursue operating efficiencies, including utilities, vendor contracts, and management initiatives, to boost NOI and improve asset value.
Reporting & Compliance:
- Write quarterly asset management reports incorporating financial performance and operational status for investors.
- Analyze, document, and execute ESG (Environmental, Social, and Governance) initiatives as required.
Qualifications:
Education:
Experience:
- Minimum of 5 years in asset management, including financial and strategic planning for mid-large real estate organizations.
- Must have multifamily asset management experience.
- Experience working with institutional investors and within heavily matrixed organizations that require significant influencing and collaboration skills.
- Experience working in a real estate private equity firm or institutional real estate investment company.
Skills:
- High degree of business and financial acumen.
- Strong analytical, organizational, and time-management skills.
- Exceptional attention to detail and expert note-taking ability.
- Excellent written and verbal communication skills.
- Ability to think strategically and drive results within the portfolio.
- Proficiency in Microsoft Excel, Word, and PowerPoint. Experience with Yardi Voyager and Microsoft Teams preferred.
Other Requirements:
- Ability to travel as needed to assets in Southern California.
- Expected to be in the office on Monday, Wednesday, and Friday.
IEC offers a competitive compensation package including:
- Company paid healthcare premiums at 100%, specifically for the employee, with options to buy up.
- 401(k) Plan, with 4% company match.
- Flexible Spending/Health Savings Accounts.
- Company paid Life Insurance and Long-Term Disability Insurance, specifically for the employee, with options to buy up.
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