Welcome to Mill Creek! We’re glad you’re here! At Mill Creek Residential we are committed to building a diverse, equitable and inclusive workplace where our associates can grow and bring their whole selves to work. This starts with our recruiting and hiring process. Studies have shown that women and people of color are less likely to apply to jobs unless they meet every single qualification. We want you to know that we encourage you to apply if this job excites you, even if you don’t meet 100% of the requirements. You may just be the right candidate for this role, or another role and make your mark at Mill Creek.

Position Su m m ary

The Asset Manager is responsible for providing strategic investment management for a portfolio of assets in a geographic region, or by Fund or product type. This position’s primary responsibility is to act as the MCR Owner’s Representative in the execution of investment and operating strategy for operating assets, with the goal of maximizing performance and value. Asset Management works closely with MCR’s Development, Acquisitions, Finance, Portfolio, Property Management, Retail and Accounting groups.

Essential Functions/Responsibilities

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Asset Strategy:

• Act as MCR’s Owner’s Representative on operating assets.

• Host new Development and Acquisition kick off calls with deal stakeholders to gather and discuss critical deal information, strategic direction, and ensure a strong operational launch.

• Communicate regularly with Development, Acquisitions, Portfolio Management, JV Partners and Finance regarding updates to asset strategy, operational performance, and reforecasts related to valuations and timing.

• Work closely with Property Management to incorporate overall asset strategy into day-to-day operations and operating plans, budgets, and reforecasts, with the goal to maximize asset value.

• Track community performance and projected valuations against pro-forma underwriting and annual business plan assumptions.

• Host quarterly investment strategy reviews to facilitate strategic discussions with MCR Partnership and Executives regarding asset valuations and sale, refi and/or hold strategy. Hold interim ad hoc strategy evaluations as needed. Run valuation sensitivity analyses in order to determine the base lease-up and disposition strategy and to enable educated investment decisions.

Operations and Property Reporting:

• Oversee MCR’s annual budget approval process, review annual budgets/business plans and review monthly operating reports and reforecasts.

• Monitor and track financial and operating performance including occupancy, revenue, collections, expenses, and NOI in order to maximize overall performance and track to business plan expectations.

• Evaluate and approve proposed major capital improvements and renovation programs.

• Coordinate with Retail group, as applicable, regarding retail performance, forecasts, and LC/TI needs.

• Review cash balances and approve excess cash distributions to the JV. Provide cash projections as necessary.

• Monitor tax assessments, review all tax appeal opportunities and quarterback appeal processes.

• Conduct site visits to assess operational processes, performance and compliance, physical condition of asset, and submarket conditions.

National, Portfolio and Fund Reporting:

• Gather and provide property and submarket data/information as needed for National, Portfolio & Fund reporting.

• Develop portfolio operating performance reports and benchmark performance.

• Prepare and/or review quarterly appraisal/valuations and annual appraisals for MCR JV and Fund assets.

Finance:

• Maintain investor relations and understand JV and lender requirements for each deal.

• Track and monitor loan tests and compliance.

• Assist the Finance group with loan extensions, modifications and loan refinancing.

Dispositions:

• Quarterback the asset sales process and coordinate with Operations, Development, Acquisitions, Finance, Portfolio, JV Partner, Accounting and Construction as needed.

• Track to business plan sale or buyout dates and direct property level operations/decisions accordingly. Reforecast regularly and communicate any changes to timing and value.

Deal and Market Information:

• Be knowledgeable of regional market and submarket data – rent growth, occupancy, permitting and sales transactions.

• Maintain relationships with local Brokerage groups and Appraisers in order to obtain timely market information.

• Understand current and future trends in demographics, job growth, economic drivers, product supply and other market forces.

• Ensure proper “transfer of knowledge” to obtain and gather critical deal information from Development, Construction or Acquisitions needed to effectively manage and operate asset for term of MCR’s ownership. Gather and store important documents in National AM drive and/or other tool provided.

• Gather lessons learned and share best practices to establish consistencies and efficiencies within the company.

Other:

• Participates in Company-provided training such as fair housing, safety, non-discrimination, and harassment prevention.

• Complies with all Company National Standards, applicable health and safety rules and regulations, as well as applicable local, state, and federal laws.

Edu ca tion an d/or E x p e ri e n c e

• Bachelor’s degree or equivalent is required for this position.

• Minimum 5 years’ experience in management, finance/investment and the multi-family real estate industry is required, with a proven track record of strong leadership ability.

Skills/Specialized Kn o w ledg e

• Ability to read, write, understand, and communicate in English.

• Ability to use personal computing devices and has advanced knowledge of email, Microsoft Word and Excel.

• Excellent interpersonal skills; ability to relate to others.

• Professional verbal and written communication skills.

• Strong organizational and time-management skills.

• Ability to perform advanced mathematical and accounting functions.

• Ability to read and comprehend financial statements, such as profit and loss statements, general ledgers, and budgets.

• Must be a strategic visionary with sound technical skills, analytical ability, good judgment, and strong operational focus.

• Must be proactive, self-directed, and highly motivated.

• Must have strong leadership ability.

• Ability to successfully delegate.

• Ability to multi-task.

• Ability to make quick and effective decisions.

• Ability to analyze and resolve problems.

• Ability to cope with and defuse situations involving angry or difficult people.

• Ability to negotiate, influence, and gain consensus.

• Ability to manage a team.

• Ability to train.

• Ability to set and meet goals and consistently meet deadlines.

• Ability to maintain flexibility and creativity in a variety of situations.

• Ability to maintain confidentiality.

• Ability to respond effectively to sensitive inquires or complaints.

• Ability to conduct presentations or speak in public to large groups of people.

• Ability to drive an automobile.

• Ability to travel on all forms of commercial transportation.

Mill Creek is an Equal Opportunity Employer

Are you ready to contribute to the success of Mill Creek Residential? If so, apply today and become part of an organization that believes in uncompromising integrity, celebrating successes, continuous improvement, and working hard, smart and together!

People. Places. Relationships. Our tagline begins with the most important part of Mill Creek, our people. As a multifamily company focused on construction, development, acquisition, and operations of rental communities in the most desirable markets coast-to-coast, we are also committed to ensuring a diverse, equitable and inclusive environment for our resident customer and our associates. We have implemented processes to support DE&I practices throughout the associate lifecycle from recruiting and hiring to ongoing training programs for career advancement. Our growth since our founding in 2011 is nothing short of remarkable – a direct reflection of our team’s contributions. We are committed to listening to our associates and focusing on continuous improvement.

For more information about our DE&I initiatives, please click here (https://millcreekplaces.com/2020-esg-report/) to review our inaugural Environmental, Social, Governance (ESG) Report.