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Asset Manager

Western & Southern Financial Group

Last Updated: 9/27/22

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Job Description

Summary of Responsibilities:

The Asset Manager maximizes the investment performance of real estate investments owned by affiliated and unaffiliated investors. Major responsibilities include the development, refinancing, management and disposition of such real estate investments.

The Asset Manager has overall responsibility for the fiscal and physical management as well as the long-term economic performance of the individual assets assigned, beginning in the development stage, and extending through the sale of a given investment. The Asset Manager evaluates and recommends strategies for each asset’s lease up and disposition. Proactively manages assets to maximize investment returns using strategies such as project cost savings, capital improvements, leasing and timely disposition.

The Asset Manager is responsible for investment real estate assets of greater value, number and complexity than the more junior Assistant Asset Manager position. The Asset Manager generally acts within a pre-established range of authority, works with limited supervision and is responsible for making an established range of decisions, escalating to Manager when necessary and updating Manager frequently.

The Asset Manager works closely with the Structured Equity team and the Company’s development partners to implement and manage partnership investments. Effectively, upon the consummation of a new investment by the Structured Equity team, the Asset Manager oversees the development and stabilization of the asset as per specific business plan parameters. In this role, the Asset Manager must have expertise with respect to the entitlement, zoning and construction management process and related documentation (e.g., lien waivers, notice of commencement filings, etc.). In situations where there is also a co-investor client involved in the early stages of the development of the investment, the Asset Manager will also work closely with the Investment Manager and Closing Specialist to communicate updates and coordinate activities, such as capital draws.

Beyond development, the Asset Manager directs and controls fee managers, leasing brokers, contractors, architects, attorneys, consultants, etc., pursuant to approved budgets and asset plans. Specific responsibilities include: market analysis and project positioning within market; leasing and marketing; management of routine operations conducted by affiliated or third-party property manager; financial management and accounting; physical maintenance and repair; property improvements, expansions and renovations; joint venture management and administration; property-level and venture-level refinancing; and hold/sell analysis and disposition.

Responsibilities Related to Project Development

  • Leads the decision-making process with respect to business planning for newly implemented investments. Takes ownership for all economic aspects of development projects and for accomplishment of development objectives.

  • Monitors and controls development costs and generating savings relative to development budgets when possible.

  • Monitors and controls development schedules to ensure that development projects are completed on or ahead of schedule.

  • Achieves project revenue objectives, both during and after the development period.

  • Meets with internal and external parties to effectively facilitate the transition of newly consummated investments from the Structured Equity team to the Asset Management area.

  • In the final stages of the establishment of a new joint venture development investment, works closely with the Structured Equity associates to become intimately familiar with the inner workings of a transaction.

  • Establishes and maintains a communication program (update reports) to inform all internal and external stakeholders with regard to the status of a given investment each week.

  • Ultimately is accountable to the Eagle Investment Committee regarding the progress of new assets under management.

  • Travels on-site to properties; maintains relationship with developer, property management firms, brokers and buyers and tracks progress related to the initial business plan.

  • Writes all property and local market elements of quarterly property reports and client service documents.

  • Reviews monthly inspection reports and shares any important matters with senior management.

  • In coordination with the joint venture development partner and Eagle’s Structured Equity team, establishes final business plan objectives, goals and strategies for the development.

  • Works closely with the Structured Equity team to update/modify, as necessary, property strategies, business plans and budgets.

  • Once transitioned from the Structured Equity team, maintains deal and market information files.

  • Oversees compliance with initial business plan marketing and operations objectives; identifies potential variations from the initial plan; and works with the joint venture development partner to identify the best options to remedy adverse variations.

  • Monitors construction to ensure timelines, budgets and final product specifications conform to the original development designs and plans, and informs the joint venture development partner of any risks of not being able to achieve the original plan.

  • Performs monthly construction inspections, including the identification of and resolution of any construction-related issues.

  • Establishes and manages monthly capital draw procedures.

  • Collaborates on the development, implementation and monitoring of a marketing program for each project, including public relations, advertising, brochures and special promotions events.

Responsibilities Related to Asset Management of Properties after Completion of Development

  • Directs property managers on all aspects of assigned properties.

  • Develops annual operating and capital budgets for assigned properties.

  • Establishes, monitors and enforces operating policies and procedures for assigned properties.

  • Monitors performance of assigned properties for compliance to budget and competitiveness to market.

  • Represents interests of Western &Southern Financial Group in various investment partnerships.

  • Maintains effective working relationships with partners.

  • Organizes and leads periodic partnership meetings.

  • Orchestrates decisions requiring partnership consent.

  • Tracks accounts receivable for assigned properties and follows up with appropriate action.

  • Monitors preventative maintenance programs for all assigned properties.

  • Evaluates performance of fee management and leasing agents for assigned properties. Recommends changes where appropriate.

  • Initiates property tax appeals where appropriate.

  • Conducts periodic on-site inspections of assigned properties.

  • Monitors for compliance with all joint ventures, partnerships and management agreements.

  • Conducts financial analysis of the assigned properties to determine holding periods, to calculate asset values and to evaluate the economic impact of various decisions. Is responsible for timely disposition of all assigned assets.

  • Facilitates financial analysis process by developing computer models that facilitate decision making.

  • Leads coordinated efforts of leasing agent and counsel to negotiate leases with prospective tenants.

  • Approves bids and negotiates and/or approves contracts for services with vendors and contactors.

  • Recommends and leads the refinancing and disposition of assigned properties.

  • Analyzes and recommends project renovations, modernization and conversion where necessary.

  • Directs and oversees the preparation of the annual operating and capital budgets as well as reviews and approves those prepared by Property Managers.

  • Directs and supervises the preparation of the asset plans on an annual basis for each assigned property.

  • Keeps abreast of legislation on the local, state and federal level as it relates to real estate asset management.

  • Performs other duties as assigned by management.

Company Details

Cincinnati, Ohio, United States
Western & Southern Financial Group, a Fortune 500 Company, has over a 130-year heritage of meeting the financial stability needs of our customers — individuals, families, businesses, foundations and nonprofits — with a wide range of insurance, investment and retirement solutions through an ever-growing distribution system.Our family of companies continues to grow and diversify, for...