The Role
The Asset Management Associate will support the Asset Management & Retail Manager in overseeing, optimizing, and improving Space Craft’s operating portfolio of multifamily and retail assets. With ~500 apartments open now and 1,000+ expected to open over the coming years, the Asset Management Associate will help grow the AM team, a critical function for Space Craft’s success. This role offers a unique opportunity to mix financial analysis and forecasting with on-the-ground management, allowing the Associate to understand the full lifecycle of asset management.
Portfolio Reporting, Budgeting, and Forecasting
- Review weekly/monthly reporting from Property Manager and amenity partners
- Update all internal dashboards: residential performance, price changes, comps, NOI, mobility service performance, short-term rental performance, etc. Recommend additional dashboards and/or tools to evaluate and improve portfolio performance.
- Support monthly review of financial statements and budget to actual analysis
- Support NOI forecasting
Finance Operations
- Manage lender compliance, proactively collaborating with other teams to collect all necessary info in a timely way to meet deadlines
- Collaborate with Finance team on accounts payable for expenses related to operating portfolio
- Support management of property bank accounts
- Coordinate across teams to process mail and manage utility bills, permit fee payments, and miscellaneous transactions with the city
Portfolio Oversight and Market Knowledge
- Regularly walk all assets to review condition. Identify areas for improvement and potential ways to improve the resident experience
- “Secret shop” comps, share findings with team, and recommend improvements to our portfolio
- Identify CapEx needs, analyze CapEx requests, and approve/reject CapEx spending for onsite fixes or improvements
- Informally check in with Property Management team members to assess performance and pick up insights to share with team
Portfolio Tours and Capital Markets Support
- Lead portfolio/property tours for investors visiting Charlotte/Durham, including coordination with Property Manager to identify tour paths and pull all relevant info for units on tour path
- Tour brokers and/or development partners around portfolio to inform underwriting, pricing, and other exercises helpful to the team
- Support Asset Management / Finance / Legal teams with (re)financing closings by collecting information, gathering documents, and analyzing data related to our operating portfolio
- Support due diligence requests during pitch/closing process
Building Handover and Opening
- Collaborate with the Development team to work through the pre-opening procedures and ensure a successful handover of new buildings from the GC to the Property Manager
- Join OACs (Owner-Architect-Contractor meetings) in the months before building opening to advocate for leasing/operational needs and support building handover
- Regularly walk buildings nearing completion to identify and raise issues that might impact leasing or operations
- Support Development team with design decisions and trade-offs that have an impact on building operations and/or resident experience
Retail
- Join retail broker tours with prospective retail tenants to represent Space Craft
- Support coordination with retail broker to lease retail spaces
- Support retail construction manager with on-the-ground coordination with retail tenants building out their spaces in our portfolio
- Proactively cultivate relationships with retail tenants to get feedback and boost their business
Short-term Rentals
- Manage a small portfolio of short-term rental units across our properties
- Identify ways and/or build systems to expand portfolio
Personal & Team Growth
We want you to be in sync with the broader company and understand the big picture behind our development projects. Reserve time to connect with teammates, find mentors, and contribute ideas that improve our developments and the company.
Reading, learning, finding inspiration, and participating in professional organizations outside of work is part of the company culture. Do what you need to do to stay creative.
