We are seeking a candidate to oversee the four core Multifamily Asset Management Processes: Onboarding, Financial Management and Minding the Investment Thesis, Reporting and Budgeting and Capital Events. The individual will oversee a team of three multifamily asset management professionals who currently cover CRC’s multifamily portfolio. The role will report to the Vice President of Asset Management & Finance.
CRC is a 60+ year-old company with a best-in-class reputation as investors and operators. In recent years, the organization has grown considerably and currently owns roughly 10,000 units and six million square feet of retail. CRC is vertically integrated with all core business functions housed internally. We are hyper focused on three things: Smart and strategic growth, delivering exceptional investment results and maintaining a culture of integrity and collaboration. To be successful in the role, the candidate must embrace all three.
Primary Focus
• Coach and manage the multifamily asset management team with a focus on outcomes and investment performance
• Demonstrate and promote interdepartmental collaboration. The role will work closely with Operations and Acquisitions department heads to oversee all aspects of the multifamily portfolio – onboarding, offboarding, ongoing financial performance, financing, and refinancing, etc.
• Set asset and market-level strategies that are consistent with the growth objectives of the organization. Communicate the goals to the team and oversee execution of stated strategies.
• Advance the department’s reporting capabilities and pursue innovative ideas that create efficiencies and/or deliver better outcomes. • Provide regular reporting to the Investor Relations team including financial analysis, operational insights and written reports covering asset/market health
• Drive a monthly meeting reporting portfolio results and market trends to the Executive Team
• Occasionally take on the direct asset management of certain assets due to their complexity or in transition periods Primary
The current multi-family portfolio is roughly 10,000 units and includes Class A new product (30% +/-), value-add (50% +/-), and workforce housing (20% +/-). The portfolio is located throughout the MidAtlantic and Southeast, with clusters in Baltimore, Charleston, and the Carolinas. CRC’s multi-family portfolio is owned through various vehicles: closed-end private equity funds, a small number of joint ventures and the principals’ family office. Each portfolio has unique investment goals and different priorities. Understanding and helping to set strategy to meet those goals is paramount to this role.
We self-manage 100% of our holdings and do not offer asset management or property management services to third parties. With a 60+ year history as owner-operators, CRC’s Asset Management function is hands-on. CRC is focused on delivering exceptional investment results through nuanced and thoughtful business strategies, unique to each asset. The organization relies on the Asset Management Team to be the experts on individual assets and on the sub-markets in which they are located. Asset Managers are onsite regularly and in close contact with the Regional Managers and other Operations Team members weekly. Asset Management reports into the Senior Executive Team regularly.
Bachelor’s degree required. Relevant advanced degree strongly preferred
• 7+ years of experience in asset management with significant exposure to multifamily investments
• Deep knowledge of financial statements, financial modeling, debt and capital strategies as well as direct understanding of multifamily property operations and systems, to include Yardi front-end and back-end systems
• Aptitude for management, to include coaching, mentoring, effective delegation, process creation, and promotion of collaboration amongst participants
• Strategic and driven – setting goals for themselves and their department based on self-created initiatives
• Exceptional written and verbal communication skills – there will be considerable requirements for internal and external written communications