VP Asset Management

Company Overview:

Prime Residential (“Prime”) owns and operates a multibillion-dollar portfolio of multifamily apartment communities in West Coast markets. Prime is currently seeking a new Head of Asset Management (“Position”) to lead asset management of its existing portfolio and collaborate with Prime’s acquisitions team in evaluating new investment opportunities. For more information about Prime, visit

 

Prime’s portfolio contains approximately 16,000 units across 35 properties in California, Oregon, Washington and Nevada. With over 300 corporate and site-level employees, the company focuses significant resources on identifying new acquisition opportunities, making ongoing investments in its existing portfolio and maintaining its sophisticated in-house property management capabilities. 

 

Prime Residential maximizes returns for its investors, which includes material equity participation from the co-CEOs by pursuing a long-term, “hold forever” investment strategy.  With this “hold forever” mentality, the company seeks to identify excellent reinvestment opportunities, which are the responsibility of this position. Prime Residential is primarily owned by the co-CEOs and operates through its Executive Committee, which is charged with all major business and investment decisions.

 

Prime is currently investing its most recent fund, raised in 2019, and completed more than $1 bn of combined equity and debt transactions last year. This is a role for someone with a growth mindset who is excited to join a private firm.

 

The person who will be most successful in this role is a self-starter who is curious and resilient. Prime is an opportunistic company that embraces new ideas and always seeks to improve.

 

Reporting Relationships and Responsibilities

 

The Position will be based in Prime’s San Francisco office and will report to the Chief Asset and Investment Officer. The Position will work closely with the Chief Operating Officer and the Head of Acquisitions.

 

The Position will be responsible for maximizing the long-term cash flow growth of each property in Prime’s portfolio. The includes working with the operating team to establish and update a business plan for each property, working with the capital team to create a 10-year plan for each asset that maximizes net present value to Prime’s investors while minimizing risk, and reporting to ownership on the performance of the portfolio. This includes evaluating value-add reinvestment in each property.

 

The Position will also work with the acquisitions team to evaluate new opportunities and to utilize Prime’s data from its existing portfolio to make the best possible investment decisions.

 

The Position’s responsibilities related to the existing portfolio will require:

• long-term cash flow forecasts for each asset
• local knowledge of topics such as employment, infrastructure, government regulation and supply
• regular visits to each property
• tracking and appeal of property taxes
• evaluation of property-specific long-term contracts such as cable and laundry

 

Because of the seniority of this position, the Position will represent Prime in the marketplace and network within the real estate community. This will include determining the appropriate contacts within markets and at a national level and attending conferences on Prime’s behalf.

 

The Position will supervise a team of asset managers and analysts and will be responsible for their professional development. The Position will have the opportunity to hire at least one new asset manager immediately upon starting in the role.

 

Desired Characteristics and Competencies

• Leadership skills – A self-starter with excellent communications skills who relishes a leadership role in a lean, private investment company
• Team orientation – Success will require working collaboratively with all of Prime’s internal departments
• Growth mindset – Someone who is open to feedback and constantly seeking to improve
• Asset management experience – A seasoned real estate asset manager with hands-on experience and an owner’s perspective
• Value-add execution – Experience in managing renovation projects, including oversight of construction/project managers

 

Candidate Qualifications and Experience

An MBA, graduate degree or equivalent (e.g. CFA); or ten to twenty years related experience and/or training; or equivalent combination of education and experience. Hands-on multifamily asset management experience is preferred although strong candidates with hands-on experience in other real estate sectors are encouraged to apply. Travel is expected to be about 20% of the Position’s time.

 

The position offers an exciting opportunity to join a progressive, growth-oriented organization with a genuinely enjoyable work environment. Compensation will be competitive and will include exceptional benefits which include the offering of a medical plan with no monthly cost for employees, comprehensive medical, dental, vision, RX, FSA, company-paid holidays, personal days, and vacation.

 

We are an Equal Opportunity Employer.