The Role
You will work as part of the Asset Management team to oversee, optimize, and improve Space Craft’s operating portfolio of multifamily and retail assets. With ~500 apartments open now, 1,000+ expected to open over the coming years, and a plan to launch a value-add acquisitions business, you will help grow the Asset Management 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 you to understand the full lifecycle of asset management.
Portfolio Reporting, Budgeting, and Forecasting
- Support now, as needed (or as helpful to learn) → lead on future operating deals:
- Weekly review of of leasing data from property manager
- Monthly review of financial statements and budget-to-actual analysis
- Monthly review of operating data from amenity partners
- Update internal dashboards
- Periodic NOI re-forecasting
- Recommend additional dashboards and/or tools to evaluate and improve portfolio performance.
Building Model and Systems Development
- Play a key role in the launch of Place Craft, Space Craft’s new value-add acquisition strategy
- Establish “buy box” for deals
- Build underwriting model to evaluate new deals
- Establish and grow relationships with investment sales brokers to build up deal pipeline
- Build and/or refine business models for value-additive services (e.g., short-term rentals, mobility)
- Build and/or refine tools and systems to improve asset management as a function
- Proactively contribute to scaling the asset management function to manage 2000+ units over the next 5 years and become a profitable business line for Space Craft
Portfolio Oversight and Market Knowledge
- Play point on ensuring excellent condition and “curb appeal” of operating portfolio
- Regularly walk all assets to review condition and identify areas for improvement within a reasonable budget
- Recommend and implement potential ways to improve the resident experience with a positive overall impact on NOI
- Identify CapEx needs, analyze CapEx requests, and approve/reject CapEx spending for onsite fixes or improvements
- Serve as the team expert on market comps
- Regularly refine list of target comps based on proximity, shared traffic, and/or product similarities
- Review comp data weekly, share insights with team, and be ready to present SC vs. comp pricing in all capital markets conversations
- “Secret shop” comps, share findings with team, and recommend improvements to our portfolio
- Check in informally with Property Management team members to assess performance and share insights with team
Building Handover and Opening
- Lead a successful handover of new buildings from the GC to the Property Manager
- Collaborate closely with the Development team to work through the pre-opening procedures
- 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
On-the-ground Support
- Support short-term rental operations, as needed
- Support Commercial team by joining retail broker tours with prospective retail tenants to represent Space Craft
Personal & Team Growth
- Reserve time to connect with teammates, find mentors, and contribute ideas that improve our developments, our business, and our team. We want you to be in sync with the broader company and understand the big picture behind our development projects.
- Read, learn, find inspiration, and participate in professional organizations outside of work. Do what you need to do to stay creative.
