Asset Manager - LPRI
LAZ Parking Realty Investors, LLC, a leader in the parking real estate industry, is looking for a highly analytical and results-driven individual who thrives in environments that require working on multiple projects at a time. As a leader in the industry, LPRI tirelessly develops, supports, and offers the opportunity for our employees to be a part of the big picture! If our goals mirror your own, be ready to fulfill your potential while engaging with some of the most outstanding people within the organization.
The Asset Manager works in conjunction with the Asset Management team, Accounting Group and Principals to maximize the performance of the company’s portfolio of parking assets. Additionally, the position requires management, oversight and coordination with the Parking Operator. The incumbent will support projects and develop processes and analytical tools to enhance asset management capabilities. The ideal candidate will perform a wide range of asset management responsibilities including ongoing asset performance review, budgeting, marketing, leasing, capex projects, real estate tax appeals, and financial analysis related to assisting with acquisitions, sell/hold options and potential dispositions.
PRIMARY DUTIES AND RESPONSIBILITIES
- Asset Performance Management: Provide on-going reviews of asset performance to facilitate internal decisions regarding action plans to achieve projected performance.
- Parking Operator Oversight: Establish strong working relationship with Parking Operator, conduct bi-weekly / monthly asset management calls to track revenue performance with a focus on marketing initiatives. Ensure monthly financial reports are submitted by Parking Operator to meet LPRI’s internal reporting deadline and conduct a comprehensive review of monthly variance reports.
- Budgeting: Work with Parking Operator to develop annual property level budgets and build joint venture level annual budgets. Organize, plan and prepare for annual budget reviews with Operator, Principals and joint venture partners.
- Asset Administration: Review and organize all property and entity related documents to ensure ownership entities are in city, state and federal compliance. Maintain insurance database to ensure limit and coverage requirements are being met by LPRI’s entities with respect to our Lessors, Lenders and Partners.
- Lender Reporting: Review loan documents and maintain database to update the permanent financing information on all portfolio properties. Conduct monthly, quarterly, annual reporting as needed to lenders to ensure all loan covenants are being met and respond to their requests accordingly.
- Accounting Support: Review and approve payables across LPRI’s portfolio and support Controller and Staff Accountant in accounting tasks to ensure payables and receivables are properly tracked and booked to each joint venture.
- Lease Administration: Review and abstract in-place and new parking, ground lease and commercial leases to effectively conduct CAM, Real Estate Tax and Insurance escalations and reconciliations.
- Lease Analysis: Develop marketing plans for assets and identify target lists of potential parking groups. Support the negotiation of major group parking deals. Identify and select new tenants for commercial spaces.
- Asset Planning: Assist in the development and modification of a structured, long-term asset plan for each property that considers financing (in-place or upcoming), capital expenditure needs and marketing strategies.
- Financial Analysis/Market Research: Ongoing assessment of all real estate assets. Provide market research on comparable land sales, building sales and rental information. Provide comprehensive market analyses when needed.
- Real Estate Tax Appeal: Oversee the tax appeal process by regularly comparing assessed values to market values, recommending appeals or acceptance of assessed values and performing valuation analyses.
ADDITIONAL DUTIES AND RESPONSIBILITIES
- Asset Disposition Analysis/Management: Work with Director of Asset Management to identify disposition candidates and prepare market and financial analysis for pricing. Work with property management to appropriately position the assets to maximize the sale price. Support the disposition process including broker selection, due diligence items and supporting the closing process.
- Analyze Acquisition Opportunities: Prepare comprehensive financial analysis for potential investments using established modeling techniques.
- Permanent Financing: Assist with the origination of permanent financing and refinancing of projects. Prepare loan packages and submittals to mortgage bankers and direct lenders. Assist in closing process documents and procedures along with providing oversight as needed.
EDUCATION / EXPERIENCE / SKILLS
- Bachelor’s degree in real estate, accounting, finance, or economics or related
- 2 - 4 years of real estate experience required including prior asset management/analysis, real estate investment, property management or appraisal experience preferred.
- Must have strong analytical skills and problem solving abilities.
- Good organizational skills with the ability to prioritize and manage multiple projects simultaneously.
- Must be self-motivated and able to work independently and also work on a team.
- Strong knowledge and proficiency in Excel and real estate asset management software such as Yardi, Argus and/or Real Page is preferred