Position Type: Full time
State: VA
City: Arlington
Zip Code: 22203

Overview

AvalonBay Communities, Inc., an equity REIT, has a long-term track record of developing, redeveloping, acquiring and managing distinctive apartment homes in some of the best U.S. markets, and delivering outsized, risk-adjusted returns to shareholders. With equal parts experience and vision, we’ve established a leadership position rooted in our purpose of creating a better way to live and that is always focused on building value for the long term.

Creating a better way to live is the purpose that binds AvalonBay associates. We take that purpose seriously and expect you will as well. By focusing on collaboration, innovation, and taking ownership of our choices and actions, we act in ways that focus on creating value for our customers, investors and associates. Your positive, professional, and consistent personal interactions make AvalonBay a great place to work.

The Role

Vice President, Asset Management, Mid-Atlantic

The Vice President of Asset Management is a hands-on leader who will lead asset management for AvalonBay in the Mid-Atlantic. The Vice President will oversee a portfolio of about 16,000 apartment homes across 46 assets, ensuring a comprehensive understanding of each assigned asset and managing all tasks related to its performance through its lifecycle. The Vice President will develop and oversee investment planning, defining AvalonBay's regional investment strategy, capital investments, revenue streams, and strategies for enhancing operational efficiency. The role requires keen investment and real estate acumen to create plans that drive expansion of total return and net asset value.

The Vice President will work collaboratively with the Investments, Residential Services, Retail, Development and Market Research teams to maximize asset values and to meet portfolio performance and allocation objectives. A complete understanding of asset valuation and the ability to underwrite value-add investments is important to the role.  This position will report to the Executive Vice President of Portfolio and Asset Management.

Responsibilities:

Collaborate with multiple internal AVB teams to develop and implement strategies aimed at optimizing asset cash flow growth and portfolio value.Communicate asset and portfolio strategy, performance, and opportunities to key stakeholders and executive leadership.Oversee and take ownership of new assets added to the portfolio via development or acquisition.Maintain market expertise through on-site visits of market competitors, in-depth analysis of industry trends, tracking of current and future trends in demographics, job growth, economic drivers, product supply to guide asset and portfolio investment strategy.Conduct frequent physical inspections of each property in assigned portfolio to develop a thorough understanding of each property’s competitive position and its unique challenges that lead to identifying opportunities for improvements.Prepare annual business plans identifying the key performance drivers and define clear objectives to drive improvements to asset and portfolio performance.Review annual operating statements for each asset in the portfolio.Incorporate a value-oriented approach to each asset by analyzing revenue opportunities and providing direction supported by financial models to justify major capital investments and financial decisions.Seek opportunities to maximize asset values and cash flow by developing strategies for underutilized square footage including conversion of retail space, storage, and parking.Monitor all State and local government regulatory and legislative action which impact real estate in the assigned markets and collaborate with other AVB departments to adjust asset strategy as needed.Develop the appropriate positioning and capital investment strategy by teaming with Capital Projects, Residential Services, Market Research, Brand Strategies, and Design to create annual capital improvement plans.Drive and implement value-add strategies identified in the annual business plan which could include working with jurisdictions on changes in land-use, entitlements, and with other AVB departments to plan and implement strategies.Collaborate with Investments to identify and prioritize assets for disposition.Monitor progress on planned redevelopment and remerchandising projects to ensure adherence to asset-level business plans and to planned capital improvement pipelines.Leads cross-functional teams to solve complicated asset management issues, which fall outside the day-to-day operations of the community.Reviews annual CAPEX budget and projects and makes recommendation for changes to proposed annual plan.Participate in local real estate industry organizations.

Minimum Qualifications: 

Education:

Bachelor’s degree required.Master’s degree preferred.

Experience:

At least 12 years of experienceExperience with various aspects of the real estate value chain (i.e. development, operations, investments, asset management, market research, retail, accounting, and finance).

Knowledge, Skills, and Abilities:

Works well under pressure and can make difficult business decisions.Extensive insight into market performance and real estate operationsDisplays excellent interpersonal skills, fostering positive interactions across all organizational levels.Possesses the ability to build and lead teams effectively.Proficient in the fundamental principles of real estate encompassing operations and analysis, budgeting, financial reporting, and underwriting.Ability to define, develop and execute asset management strategy, by leveraging and partnering with property management teams.Demonstrates a comprehensive understanding of the market dynamics in multiple geographic regions.Advanced financial modeling skills applied to the real estate industry.A self-starter, innovative thinker, resourceful problem-solver, excelling within collaborative team environments.Demonstrates strong business judgement and decision making.A strategic-minded individual adept at asset management, seamlessly navigating between macro-level strategic planning and micro-level property details.Ability to manage through influence.Navigates through ambiguity to drive process, builds consensus, makes timely decisions and achieves visionFundamental understanding of real estate valuation, including creating value and variance analysisKnowledge of real estate property management operations and financialsStrong communication skills, verbal and written, including presentation skills.Prioritization and organization skills, with a strong ability to multi-taskAbility to work autonomously to achieve established goalsComputer literacy, including MS Word, Excel and PowerPoint

How AvalonBay Supports You

We know that our teams are the beating heart of our success and we’re committed to showing our appreciation.

We offer:

Comprehensive benefits — health, dental and vision, 401(k) with company match, paid vacation and holidays, tuition reimbursement, an employee stock purchase plan and more. Click on Benefits (https://jobs.avalonbay.com/benefits) for information.

Growth based on achievement and promotion from within.

Associate recognition (a company-wide recognition program that celebrates associate efforts and successes in contributing to the overall success of the organization – including destination awards, ‘AvalonBay’s Very Best’ recognition program and others!).

A 20% discount on our incredible apartment homes.

A culture built on purpose and our core values - A Commitment to Integrity, A Spirit of Caring, and A Focus on Continuous Improvement.

Additional Info

AvalonBay is proud to be an equal opportunity employer and is committed to an inclusive and diverse work environment free of discrimination and harassment.  We believe that in order to achieve our purpose of creating a better way to live, we must recruit, develop and retain associates with a wide range of backgrounds, experiences and perspectives and create an environment that encourages all voices to be heard, understood and appreciated. With this we know we can do great things.

AvalonBay makes employment decisions without regard to a person’s race, ethnicity, color, religion, sex, national origin, sexual orientation, gender identity, pregnancy (including childbirth, lactation or related medical conditions), age, physical or mental disability, genetic information (including characteristics or testing), citizenship status, military or veteran status, or any other status protected by the law.

For California residents, if you elect to apply to AvalonBay you accept the AvalonBay California Personnel Privacy Notice (https://www.avaloncommunities.com/california-personnel-privacy-notice/)

Job ID JR102121