Fairstead is a purpose-driven real estate firm dedicated to building sustainable communities across the country. Headquartered in New York, with offices in Colorado, Florida, and Maryland, Fairstead owns a portfolio of more than 25,000 apartments across 28 states that includes 17,000 units under management. Our commitment to communities is realized through a comprehensive platform that leverages in-house expertise in acquisitions, development, design and construction, asset management, and property management.
Our mission is to provide high quality housing to all regardless of income. We accomplish this through an empathetic and innovative approach, and by leveraging our interdisciplinary platform as an investor, developer, owner, and operator. With a long-term commitment to our residents, communities, and partners.
Fairstead s Core Values: Empathy, Innovation, Entrepreneurship, Determination & Integrity
Fairstead is seeking an experienced Associate Director of Asset Management to join our real estate team. As the Associate Director of Asset Management, you will be responsible for overseeing and optimizing the performance of our real estate portfolio. Your primary focus will be on enhancing the value of our assets, maximizing returns, and mitigating risks.
Responsibilities:
- Identify opportunities to enhance asset performance by analyzing market trends, property operations, and capital improvements. Implement strategies to maximize property values, rental income, and occupancy rates while reducing expenses.
- Conduct thorough financial analysis, including cash flow projections, budgeting, and financial modeling to evaluate the performance and potential of each property.
- Create and manage asset-level business plans.
- Responsible for OCAFs, MUTMs, BBRIs and other revenue strategies
- Work closely with affiliated management companies as well as Third Party Managers to devise and carry out property strategies and business plans for each property.
- Assist in the design of ownership dashboard to aggregate high-level reporting across the enterprise.
- Work with compliance department to ensure properties are in good standing
- Assist with preparation of information for real estate tax appeals.
- Prepare regular performance reports and updates for senior management, investment, and other stakeholders.
- Present investment strategies, financial analyses, and portfolio performance in a clear and concise manner.
- Maintain strong relationships with internal and external stakeholders, including investors, lenders, property management teams and outside brokers.
- Work closely with construction managers to determine project schedule, scope, and capital needs.
- Assist Risk Management department with casualty claims as well as loss mitigation with adjustors and property management
- Oversee budgets and monthly variance reports submitted by property management.
- Identify value add projects throughout the portfolio and visit properties on an as-needed basis.
- Assist with making recommendations for refinancing, disposition, or other capital events to achieve determined financial milestones or outcomes.
- Oversee retail leasing through broker management and pricing strategies.
- Cash flow forecasting.
Requirements:
- Minimum 7+ years real estate experience required
- Bachelor s degree required
- Experience in asset management in the multifamily asset class. Affordable experience strongly preferred.
- Experience with LIHTC and Project-Based Section 8
- Knowledge and experience with the Low-Income Housing Tax Credit Program gained from asset management, operations or development.
- Knowledge of the NYC residential and retail rental market a plus
- Financial modeling (Microsoft Excel) and analytical skills
- Demonstrated competency in financial statement analysis, business valuation, accounting and finance.
- Yardi experience
- Team oriented, organized, strong project management skills and follow-through
- 20% travel required
Diversity in backgrounds and experiences is key to Fairstead s success. Being an equal opportunity employer is a central tenet of our philosophy that shapes who we are and the communities we serve. Our goal is to ensure competitive total compensation that is commensurate with experience, location, and other market benchmarks.