Real assets. Real results. Waypoint Residential is a vertically-integrated investment firm focused on developing Class-A multifamily projects in high-growth markets throughout the Sunbelt region. Since 2011, Waypoint’s investment activity has exceeded $5.8 billion across more than 33,000 multifamily housing units.
Waypoint has an immediate opening for a Vice President, Asset Management responsible for directly managing a portfolio of properties. Reporting to the Senior Managing Director of Portfolio Management, this is a full-time position working from the Boca Raton Corporate Office.
The Asset Management team is responsible for performing an independent review of all new investments prior to presentation to the Investment Committee. The team’s specific responsibilities are as follows:
- Diligence the MSA and submarket and prepare a summary of competitive properties.
- Prepare a recommended summary of market rents for the property.
- Evaluate all operating expense assumptions.
- Generate a report on potential supply threats, with specific reference to potential land sites and feedback from local authorities on proposed projects / permit requests.
- Review final investment committee materials for accuracy.
- Participate in the transition meeting from Acquisitions/Development to the asset management team and confirm accuracy of the business plan (against underwriting and current property conditions).
Direct Asset-Level Management
Every VP on the asset management team directly manages a subset of properties. In the performance of these responsibilities, each team member is expected to understand every aspect of a property’s investment strategy and pursue all available means to maximize cash flow and returns. Direct asset management responsibilities are as follows:
- Implement the contemplated investment strategy for each property.
- Identify value creation opportunities and develop action plans to achieve desired results.
- Direct execution of the leasing strategy, and effect necessary adjustments by reference to updated market and property-level data.
- Prepare and present analysis necessary for senior management to make informed business decisions.
- Proactively identify potential variations from the business plan.
- Review and confirm the accuracy of financial information presented by accounting on a periodic basis, including the accuracy of budget/underwriting source data.
- Coordinate and present annual operating budgets, including the cash management strategy.
- Review the marketing strategy prepared by the marketing team for each property, confirm consistency with the investment strategy and timely execution.
- Actively tour all properties at least once per quarter, and more often as required.
- Ensure Construction Services team is attending to capital project plans timely and on plan.
- Assist the Acquisition Team with property refinancing and recapitalization initiatives.
- Evaluate leasing activity on a weekly basis and direct changes.
- Provide weekly update on each property, including on the refinancing / disposition strategy.
- Provide a proactive plan for addressing any property added to the watch list.
- Prepare a monthly reporting packet.
- Prepare responses to investor inquiries for review and approval by senior management.
- Report on cash management and projected cash usage and distribution potential by reference to an annual actuals-to-budget template.
Skills and Qualifications
- BS/BA degree.
- Minimum of 5 years of real estate investment management experience.
- Commercial experience and exposure to conventional multifamily.
- Strong financial and cash flow analysis skills.
- Understanding of commercial real estate fundamentals, investment, and market analysis.
- Superior written and verbal communication skills.
- Ability to work effectively in a team environment at all levels within the organization.
- Proactive thinker with detail-oriented and creative problem-solving approach.
- Strong organizational skills with attention to detail and accuracy.