Vice President Real Estate Asset Management

New Island Capital Management LLC
Published
May 8, 2022
Location
San Francisco, CA
Category
Job Type

Description

NEW ISLAND CAPITAL

New Island Capital Management (New Island or NICM) is an impact investment advisor, and its institutional-scale 100% impact-focused portfolio places it among the world’s largest in this category. Based in San Francisco, New Island utilizes a patient, disciplined approach to generate risk-adjusted financial returns across multiple asset classes, while simultaneously delivering positive social and environmental outcomes. New Island pursues a triple bottom line investment strategy: investing to achieve financial, social, and environmental benefits that will advance social justice, economic empowerment, environmental sustainability and regeneration, and meeting human needs. New Island focuses on investing where positive impact and positive financial performance are convergent with the goal to reduce or eliminate the trade-off between impact dimensions and financial performance. New Island is committed to new paradigm thinking and ways of operating and seeks to invest in other companies that think and operate in similar ways.

ABOUT THE OPPORTUNITY

This is an opportunity to join a team of ambitious changemakers and contribute to the development and management of a uniquely broad and diverse impact oriented real estate portfolio. The NICM Real Estate team is responsible for an impact real estate portfolio that is currently in multifamily, office and single-family rental asset types (but not limited to those types), as well as in markets ranging from urban to rural, and in domestic as well as international markets. The portfolio’s impact outcomes are oriented towards regenerative/sustainable development, racial and economic inclusivity, housing affordability, and community revitalization.

The Vice President, Asset Management will be responsible for managing and optimizing the financial and impact performance of New Island Capital’s real estate portfolio. The role is best suited for a detail-oriented self-starter who has a deep background in institutional asset management, broad experience with a range of real estate asset types and markets and a demonstrated orientation toward managing investments with at least a double bottom line or social purpose.

Responsibilities

• The Asset Manager will apply a proactive, hands-on management approach to achieve specific income, expense, leasing, and impact targets for each asset in the portfolio in accordance with business plans and organizational objectives.

• Work closely with and/or manage a range of internal and external stakeholders and partners including; JV partners, accounting teams, valuation teams, and outside experts/consultants to provide clear direction in executing portfolio strategy & property business plans.

• Participate in the diligence of potential transactions from the perspective of asset management and long-term ownership. The Asset Manager will contribute to due diligence and underwriting of acquisitions, providing market and budgetary insights and assisting in NICM Investment Committee presentations.

• Track and report on the performance of assets in the portfolio against budget, business plan milestones, and relative to the general market environment. Tour competing and/or comparable projects and document all sale/lease comps and market dynamics.

• Actively lead the yearly valuation process for the real estate assets in the portfolio, working with internal teams, external valuation consultants, and appraisers to recommend appropriate asset values.

• Become a market expert in numerous geographies. Monitor ongoing current and future trends in demographics, job growth, economic drivers, product supply, as well as any other market forces.

• Represent NICM, and our client’s interests, in the community. Visit assets regularly, maintain professional relationships with key tenants and property managers, and, stay abreast of neighborhood development and needs.

• Oversee compliance with all property operating and loan agreements. Maintain files/database of key deal terms and provisions and assist in on-boarding of new investment or operating managers.

• Oversee compliance with all Opportunity Zone (OZ) reports and requirements, with support and technical advice from our external OZ consultants.

• Work alongside the Principal of Real Estate in the development of impact measurement systems at the property and portfolio levels, implementing best-in-class practices within the portfolio.

• Contribute thoughtfully and fully to the ongoing interpretation and evolution of an impact real estate practice. Includes identifying themes, metrics and theories of change as they apply to real estate and social/environmental benefit.

Candidate Qualifications

• Bachelor’s degree with a major in business/finance or a real estate-related major. An MBA or relevant master’s degree is preferred but not required.

• 7+ years of relevant real estate asset management experience across multiple property types.

• Previous experience managing high-performance sustainable buildings (LEED Platinum, Living Building, Wellness Buildings) as well as other types of socially oriented real estate assets (Workforce housing, senior housing) is preferred but not required.

• Hands-on equity asset management experience in multiple real estate sectors (office, retail, industrial, and/ or multifamily) and markets, preferably in different regions across North America.

• Previous experience with building asset management processes and systems.

• Experience with institutional quality management of tenant improvements.

• Capital markets expertise and experience financing assets and executing dispositions from sale documentation and negotiation through to closing.

• Strong analytic and quantitative skills, a finance driven approach to the business including confidence in working with Excel analysis.

• Excellent written, oral and presentation skills; thoughtful listener and a direct and open communication style is preferred.

• Highest standards of personal and professional ethics and integrity, and a “team player” mentality. Must be able to work with minimal supervision and function in a team environment by effectively communicating and sharing timely information with team members.

NICM is an Equal Opportunity Employer and counts diversity as one of its core values. We particularly encourage candidates from under-represented backgrounds to apply.

Location

This position and our office is located in San Francisco, CA. Relocation assistance is not available.

Compensation

New Island Capital Management offers a competitive compensation package. This is a full-time position with an expectation of long-term career growth with the firm.

Contact

To apply, please send your cover letter and resume to [Click Here to Email Your Resumé] with “VP – Asset Management ” in the subject line.

Your cover letter should explain your real estate asset management capabilities and aptitudes, your prior experience with and motivation to achieve impactful solutions to environmental and social issues, and how you would approach managing a diverse portfolio of high performance real estate assets.

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