The Associate will be based in Los Angeles and responsible for maximizing the value of a portfolio of assets in California. This individual will develop and execute an asset management strategy for their Regional portfolio encompassing property operations, capital expenditures, and renovation/redevelopment programs. The Associate will also collaborate as necessary with Blackstone representatives on regional investment activities, including due diligence efforts, investment market assessments and property underwriting assumptions. He/she will be a 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:
Be responsible for the performance of a portfolio of assets.
Collaborate with marketing, revenue management, accounting, financial planning & analysis, capex, research, and portfolio strategy teams to develop & execute value maximizing strategies.
Develop asset management operational experience and market expertise.
Leverage monthly and quarterly financial statements, business intelligence software, and several analytical tools to identify underperformance and opportunities relative to benchmarks.
Develop strong relationships with operating partners to align leasing and strategic goals.
Conduct frequent physical inspections / site visits to develop a thorough understanding of each property and market conditions, assess operational and management performance, oversee value-add initiatives, and align all relevant teams.
Assess capital needs and work with capital investment team to develop a long-term plan that aligns with broader strategy.
Identify and oversee repositioning/unit upgrade opportunities. Monitor market trends for opportunities to add value through renovation or repositioning. Oversee ROI implementation to ensure return objectives are met.
Develop annual operating and capital budgets to align investment strategies and objectives.
Support Blackstone on acquisition underwriting, providing market and leasing assumptions and participating in other due diligence activities, as necessary.
Help evaluate potential new products and services to increase ancillary income, reduce operating expenses, or create operational efficiencies.
Active participation in local industry organizations is encouraged.
Maintain an extensive network of industry relationships to say current on regional and local market trends.
20-25% travel required.