The Associate Director - Asset Management will be based in Los Angeles and will be responsible for maximizing the value of the firm's assets. This Associate Director will develop and execute an asset management strategy for a portfolio within the Pacific Coast region. The Associate Director will strategize and oversee execution of property operations, capital expenditures, and renovation/redevelopment programs. The role will also collaborate with Blackstone representatives on regional investment activities, including due diligence efforts, investment market assessments and property underwriting assumptions. The Associate Director will be a critical member of the asset management team and will have a significant responsibility for, and impact on, the portfolio's financial performance.
What you will do:
Develop strategic recommendations by understanding real estate operations, property nuances and data-driven trends, and local market dynamics.
Collaborate with various internal teams, including: marketing, revenue management, accounting, financial planning & analysis, capital investment, investments, and portfolio strategy to formulate and execute strategies to maximize portfolio value and report performance results to leadership.
Leverage monthly and quarterly financial statements, business intelligence software, and a host of analytical tools to identify property and portfolio performance relative to budget and/or market benchmarks.
Incorporate a value-oriented approach to each asset by analyzing revenue opportunities and providing direction supported by financial models to justify major capital investments and financial decisions.
Forge strong relationships with operating partners, work through challenges, and escalate concerns to senior management.
Conduct frequent physical property inspections to develop a thorough understanding of property positioning, assess implementation of strategic initiatives, assess operational and management performance, and identify opportunities for improvement.
Assess the capital needs/expenditures by property and work with capital investment team to develop a long-term capital plan that aligns with asset strategy.
Oversee repositioning opportunities. Monitor market trends for opportunities to add value through investments, expansion or repositioning of the assets. Supervise scope development, financial impact, and ensure targeted returns are achieved.
Develop comprehensive annual operating and capital budgets supporting investment strategies and objectives, collaborating with various internal teams.
Become an expert on assigned local markets through on-site visits, economic outlook and trends, and network of industry experts.
Support Blackstone and the LivCor Investments team, on acquisition underwriting, providing market and leasing assumptions and participating in other due diligence activities, as necessary.
Evaluate potential new products to increase ancillary income, reduce operating expenses, or create operational efficiencies.
Identify opportunities, initiatives, and projects to drive performance across asset management.
Mentor and develop junior team members across various internal teams.
Participate in in local industry organizations.
20-25% travel required.