Careers

Director of Asset Management

Citymark Capital – Cleveland, OH

Position Description:

Citymark Capital is seeking a high-energy, experienced real estate professional to join Citymark’s team to manage and expand Citymark’s asset management platform.  The right candidate will assume management responsibility for Citymark Capital’s rapidly growing portfolio of multifamily properties and build an asset management team to optimize cash flow and increase economic returns to investors. The candidate must have experience with equity investments, in-depth knowledge of property operations and leasing, and the ability to manage assets from an owner’s perspective.

The ideal candidate will be collaborative, detail oriented, self-motivated and an effective relationship builder. The candidate also must have a strong work ethic, a commitment to success, and a desire to represent Citymark with dependable professionalism.

Responsibilities include but are not limited to:

• Design and execute strategy to grow the asset management team in proportion to the growing Citymark portfolio.

• Execute quarterly and annual “mark-to-market” of assets in conjunction with our policy and audit requirements.

• Deliver quarterly and annual property reports for our investors.

• Coordinate with our accounting team to perform annual audits on the underlying investments.

• Develop and implement a multiyear asset strategy for each investment including exit proposals to maximize returns.

• Regularly monitor the business and leasing plans and operating budgets for each multifamily investment.

• Review and approve capital expenditures throughout the life of the asset.

• Maximize the cash flow from the investment.

• Actively manage joint venture relationships with partners and co-investors.

• Promptly escalate significant asset events and propose solutions.

• Evaluate and implement development/redevelopment, leasing, capital improvement, and repositioning programs.

• Develop detailed reports, market updates, and financial analysis on the performance of each multifamily asset.

• Review monthly property financial reporting package, annual budgets and investment pro forma.

• Develop and execute revenue-enhancing and expense minimizing initiatives to optimize operational efficiency and increase value.

• Attend business meetings, perform onsite property visits and conduct property reviews to evaluate performance.

• Actively participate in property valuation process using third party market data.

• Recommend methods to optimize returns at the portfolio level while mitigating risk.

• Review market, economic and capital trends and factors impacting the performance of the portfolio.

• Collaborate with the Investment team to assist with the underwriting and due diligence process.

• Collaborate with the Investor Relations team to provide portfolio performance data and complete investor questionnaires.

• Monitor third party management agreements and performance to protect investment.

• Collaborate with teammates to help build business in an energizing and dynamic environment.

• Other duties as assigned.

Skills Required:

• Minimum five years of experience in the real estate industry, preferably in the private equity commercial real estate sector, or multifamily real estate, with focus on investment, portfolio management, asset management and property operations.

• Direct employment history which demonstrates the ability to analyze financial data and prepare financial reports.

• Strong understanding of real estate markets and experience on managing multifamily investment assets for investors.

• Bachelors and/or advanced degrees or certifications in Real Estate, Business, Accounting, or Finance. (MBA, JD, CPA, or CFA preferred but not required).

• Strong analytical, underwriting, and financial modeling skill set and deep understanding of real estate fundamentals.

• Excellent analytics, verbal, research, and written communication and presentation skills are required.

• Familiarity with property management software and systems (e.g., Business Intelligence, Real Page, Yardi).

• Self-motivated with the ability to manage multiple priorities simultaneously under tight deadlines.

• Detail oriented, balanced with the ability to understand overarching strategic priorities.

• Portfolio management software skills a plus.

• Ability to proactively identify risks.

• Strong understanding of real estate fundamentals.

• Strong project management skills, work ethic and sense of initiative and accountability.

• Ability and preference to manage in a hands-on manner.

• Ability to work both independently and on a team.

• Demonstrated proficiency in Excel, database management applications, and property management software in order to complete required reports and financial statements.

• Strong comprehension of the real estate industry, property-level operations, and asset management.

• Ability to understand and negotiate legal documents that underlie each transaction.

About Citymark Capital:

Citymark Capital is a privately held, Cleveland-based real estate private investment firm. Citymark Capital specializes in investments in market rate, multi-family value-add acquisition projects in major urban US markets.

Citymark Capital is an equal opportunity and affirmative action employer. All qualified candidates will be considered for employment without regard to race, color, religion, gender, age, disability, sexual orientation, national origin, veteran status or any other category protected by law.

Citymark Capital is a drug and tobacco free workplace.

Please contact the Hiring Manager at hiringmanager@citymarkcapital.com with any questions.