ATCO

Job Title
Asset Management Associate
Role Location
Charlotte NC or Rego Park (Queens) NY, North Carolina
Remote role
Partial
Job Description

ATCO is seeking an experienced Asset Management professional to lead the “asset enhancement” program for Camp North End and, time permitting, for other assets within the portfolio. Camp North End is a 76-acre campus development project that is entitled for 2000 apartment and 2MSF of office, retail, and entertainment uses. Three development phases of commercial adaptive re-use have been completed, and the first multifamily project is under construction. With one lens, Camp North End is one project, but from an Asset Management point of view, it is currently four partnerships and a condominium association, and will eventually encompass more than a dozen partnerships.

Camp North End is a dynamic project, with a tremendous volume of activity. The ideal candidate will thrive equally on days where they are sitting at a computer working on detailed analysis in excel or Argus and on days where they are going from meeting to meeting to meeting, switching topics rapidly, and giving clear guidance in real time (while taking things under advisement when that is appropriate). The role requires extensive interaction with team members in other departments, with “inside” and “outside” vendors, and with investors, and as such requires a person with a high “EQ.” The position also involves management and training of analysts and, on occasion, interns.

The role could be based in Rego Park, NY, or in Charlotte, NC, with regular travel from one city to the other anticipated. In certain circumstances, we would consider an applicant who lived within easy driving distance of Charlotte who planned to spend 2-3 days per week on the ground, as well as occasional travel to New York or other cities as required.

Required:
• 5-7 years of commercial real estate asset management experience required; mixed use project experience preferred.
• Institutional acquisitions and/or asset management experience
• BA in Finance or related field required; MBA or M.S. in Real Estate preferred.
• Expertise in excel modeling and Argus.
• Comfort using technology – and comfort in experimenting with new technology – to make work efficient

Supervised by: Development Director and Co-President
Supervises: Analyst, Vendor, Interns (on an occasional basis)

Asset Management Objectives and Responsibilities

This position leads Asset Management for the portions of the site that have been redeveloped/developed and for the portion of the site that are not yet in development. The mission of the position is to build value in the real estate portfolio through astute and prudent proforma modeling and solid business plan development, careful monitoring of operating expenses and deploying strategies to achieve goals in a cost-effective manner, and serving as the glue that brings together colleagues from other fields to achieve the best outcomes for the project.

Vision and Values
• Understand Camp North End’s and ATCO’s vision and values
• Protect, nurture, and grow the sense of community that is the basis of much of the real estate value at Camp North End

Business Plan Preparation & Execution
• Own the annual budgets, relying on input from accounting, property management, leasing, placemaking, and construction colleagues, as well as community team (programming, events, marketing).
• Monitor implementation of budgets, including review of monthly reports.
• Thoroughly review assumptions, with particular focus on accuracy of leasing and capital assumptions, as well as reimbursement calculations, capital requirements, and/or distributions.
• Update Argus and cash flow models for material changes (new leasing, capital and market assumptions) in connection with reporting requirements for each asset and to maintain asset return metrics (eg IRR, cash-on-cash, equity multiple) and cash flow waterfalls.
• Monitor the overall economic and commercial real estate landscape and recommend refinancing or disposition when appropriate.

Reporting and Compliance
• Review property manager monthly reporting package for each portfolio property
• Review monthly financial reports, and understand variances to the budget
• Diligently monitor tenant arrears, and design and deploy strategies for each situation.
• Assist in preparation of quarterly and annual investor reports and presentations.
• Interface with loan servicers and ensure loan compliance.
• Prepare loan draw requests and sign off on required lender reporting.

Property Operations
• Oversee the property management team (“inside vendor”)
• Create and implement strategies to address key services in a manner that balances achieving desired results in a cost effective, high integrity manner (example: landscaping)
• Develop a working knowledge of leases, loan documents, partnership agreements, and other agreements for general responsibilities.
• Review and manage current real estate tax assessments and appeal processes.

Property and Lease Administration
• Oversee lease implementation by property manager and accounting, reviewing leases and assure all property level data is accurately tracked.
• Review annual expense reconciliations and true-up process, tenant opex audits, and related matters.
• Track tenant sales data on a weekly and monthly basis, including finalizing implementation of an automated dashboard tool.
• Monitor compliance with all third party agreements and restrictions such as lender agreements, ground leases, REAs, CC&Rs, owners associations, etc.
• Collaborate with insurance brokers and carriers, providing all required supporting information for renewals and information requests.

Leasing
• Collaborate with Development Director and Development Associates on evaluating lease terms against budgets and loan agreements.
• Maintain lease form agreements.
• Supervise Development Associate on lease renewals.
• Review lease drafts as required.
• Coordinate lease drafting with attorney and broker.

Capital Markets
• Support all transactional aspects including financings, recapitalizations, and sales.
• Provide ad hoc input to and recommendations on possible acquisitions transactions.

Investor Relations
• Provide exceptional and timely customer service in interactions with existing and prospective investors/partners, including processing investments, updating records, answering sophisticated inbound questions, and investing time in educating investors where appropriate.
• Monitor the intake, processing, and filing of investor documents, and the ongoing posting of distribution notices, calculation of distributions, tax forms, and account statements.
• Assist in preparation of reporting packages to investors.

Other projects
• Initial focus will be on Camp North End and a preferred equity investment in a nearby horizontal townhouse development project.
• Responsibility for other projects can be added as time permits.

Compensation commensurate with skills, experience and education.
ATCO is an Equal Opportunity Employer.
For consideration, please forward a detailed CV and cover letter to [email protected]. Please do not contact company principals directly.

Company Description

ATCO is a privately-held real estate development, investment and management company in its fourth-generation of family ownership. The company owns and manages a New York City portfolio of midtown office and prime multifamily buildings, and is developing Camp North End in Charlotte, NC and a series of projects in Austin, TX. ATCO continues to look for opportunities to deploying capital into strategically selected, pedestrian-oriented, office, multifamily and retail opportunities.

Company Website
https://www.atco.us
Company HQ
New York, NY