Vesta Corporation currently has an exciting opportunity in our corporate office for a Senior Asset Manager. Headquartered in Weatogue, CT, Vesta is an owner manager of affordable apartment communities. Under the guidance and support of the Executive Vice President, the Senior Asset Manager is responsible for coordinating and administering an adequate plan for the planning and monitoring of all the properties in the Vesta portfolio. The position is an extension of the Senior Leadership Team and has direct access to the Team to present recommendations and discuss areas of concern relative to the operation of the sites in the Vesta portfolio.
The Senior Asset Manager will be responsible for reviewing current properties to gain thorough understanding of the “deal” including financing, regulatory requirements, reporting and owner/investor goals, coordinating the development and maintenance of the Asset Terms Database and “Real Estate Owned” database, and monitoring any partnership agreement amendments and understanding their impact on operations. This individual will also monitor operations of properties, analyze data and report to required staff and/or committees; comparing site performance and projections to similar properties in the portfolio and industry data, utilizing per unit cost and consumption comparisons, analyzing variances and determining reason for difference, and work with property management staff to make adjustments as deemed appropriate and ensure that the potential of the property’s value and benefits to Vesta is maximized, assist property management staff in decisions that affect the asset long term to determine and understand its relationship to the established goals for the asset and determine methodology to monitor its affect, participate with property management and accounting in annual budget preparation process for properties, comparing the projections to comparable experience in the portfolio and to industry data and comparing the projections to original proforma and analyzing any variances, participate in monthly/quarterly financial review process for properties, visit selected sites routinely and participate in site audit as requested. Other responsibilities include developing and updating the schedule of projected “Disposition Value” and associated financial benefit to Vesta for all properties in the portfolio, coordinating the development and management of a long term capital needs plan for each property, participating in evaluation of possible refinancing, disposition or change of use of selected properties and overseeing any refinancing, disposition or change of use of existing properties, as assigned and directed by the Senior Leadership Team, coordinating preparation of operating pro forma with Acquisition-Development and Operations for underwriting purposes, coordinating with Acquisition-Development and Operations the site “hand-off” process and knowledge sharing relative to the deal terms, significant benchmarks and reporting requirements for properties, and working with property management to achieve defined break-even status as quickly as possible. This individual will maintain and foster relationships with lender and investors post-closing for sites and provide point of communication for them here at Vesta, evaluate real estate tax assessments for property and challenge assessments that are above market and act as the point of contact with real estate tax consultants ensuring that tax escrow accounts are funded at the proper levels and that tax payments are correctly calculated and made, participate in annual evaluation and selection of Vesta insurance program and monitor release of lender held insurance escrows and status of Vesta Loss Fund, and monitor replacement reserve balances to ensure we are appropriately reserving and that draw down requests are being made accurately and timely.