Senior Associate-Acquisition & Asset Management at Madison Marquette Real Estate Srvs LLC in Boston, Massachusetts

Job Description:

General Summary:

Madison Marquette offers a national platform built to execute efficiently and precisely at the local level through offices in U.S. markets from coast to coast. The company’s experience and national capabilities allow us to spot opportunities for clients so they can deliver projects timed to market and tenant demand.  The company has grown from $5 million and five people in 1992, to more than $6 billion under management today. The additional value of our integrated approach is the benefit of the collective wisdom of the people who perform across our platform, applying the wisdom of asset, market and process. Madison Marquette serv­es clients from 14 region­al offices. We are currently investing the Roseview Evergreen Fund, a unique long-term separate account relationship with a large US corporate pension fund. The Evergreen Fund is currently focused on two investment strategies with additional investment programs under review.  The first two Evergreen investment strategies area: a Value-add Office Investment Program and Value-Added Multifamily Investment Program, the latter of which is where this opportunity exists.  

The goal of the Valued Added Multifamily Investment Program is to acquire class C+, B- and B multifamily properties with 200 or more units and to invest in strategic capital improvements and implement efficient management practices in order to re-position those properties and create value.

Major Duties and Responsibilities:

The Senior Associate (Acquisition & Asset Management functions) will report to the Principal who leads the Housing team, while also supporting the Directors in this team.  His or her responsibilities may include, but will not necessarily be limited to:

• Underwriting value-added multifamily investment opportunities in our current investment fund.


• Work on strategic analysis and new investment strategy development side-by-side with the Housing Principal as we look to identify appropriate yield/returns investment strategies as the investment market changes (eg: still investing in workforce housing within Evergreen, but reviewing opportunities with less renovation)


• As new multi-family investment opportunities potentially present themselves over the next three-to-five years, (eg: Core+ investments or new developments as part of our Mixed Use initiative, by way of example only) the Associate will have an opportunity to be part of that multi-family team under the leadership of the Principal or Director


• Market analysis as required, which will involve but not be limited to:
  
  
  
  • Managing our market ranking tool each quarter
  
  
  • Updating and managing our market positioning comp file and as appropriate, tracking LRO rents per week, to determine the appropriate market positioning of each investment opportunity compared to its competitive set.
  
  
  • Identifying local trends (positive and negative) per designated market
  
  
  • Updating our market comp cap rate study’s every six months
  
  


• Investment and other model ownership / management:
  
  
  
  • Continue to streamline and upgrade the Investment Model as necessary
  
  
  • Update and monitor the effectiveness of the Budget template and debt models
  
  
  • Monitor and update our renovation tracking files for accuracy and follow trends (ef: Rents on Renovated to Classic units compared to New and Renewal rents) and return on investments
  
  
  • Add different scenarios to our cash flow (waterfall) template model
  
  


• Client relationship management: building effective working relationships with our internal and external partners, and their employees


• Over time the Senior Associate will be encouraged to build their own relationships with Brokers in designated markets.


• Assist in the preparation of presentations to the Investment Committee (IC) by an acquisition team Partner or Director.


• Supporting the finance team in preparing financing packages and working with third parties to obtain relevant information to help them complete their assignments.


• Coordinate third party due diligence and over time coordinate all due diligence with our partners


• Post-acquisition, in the near term, participate in the Asset Management of the related investments: manage relationships with our operating and management partners, track performance, understand financial variances to pro-forma, to monitor the market and our property’s position especially as we renovate units.


• The Associate will also work on Senior Living asset management duties as required and other tasks that fall under the Housing team


• Work location is Boston, MA, remote home office to start then return to office depends on each state requirements or CDC 

The above listing represents the general duties considered essential functions of the job and is not to be considered a detailed description of all the work requirements that may be inherent in the position.

Qualifications:

• Organized, detail-oriented, confident and able to manage the underwriting of multiple investment opportunities at the same time.


• A motivated self-starter who takes a great deal of pride in being the best at what he or she does and is always looking to take it to the next level.


• A hands-on individual who will quickly earn the respect of Madison Marquette and its Principals. This will be accomplished through strong technical competence, a "roll up your sleeves", can-do attitude and strong people skills.


• A motivated professional who is detail-oriented, has a sense of ur­gency and constantly asks "How can we improve what we are doing and how can I best support this organization?"


• An energetic financially detailed person with the enthusiastic tenacity, patience and problem-solving ability to successfully achieve the company’s objectives.


• A team player with a sense of humor who is driven to succeed in a team role.
  


• Very strong quantitative analysis skills, including expertise in Excel financial modeling and attention to detail.


• Three+ years multifamily financial modelling experience


• Strong communication skills: the ability to communicate clearly and effectively orally, in writing, and through the organization and presentation of quantitative data and graphics.


• A proclivity for working in a fast paced, transaction-oriented culture with the ability to manage and prioritize multiple tasks and assignments at the same time


• A passion for real estate.

Management's definition of success for an outstanding performer includes the following:

• A self-starter


• Willing and able to take the lead on new task and to continually ask “how can we do things better and take them to the next level”


• Meets deadlines and is well organized:
  
  
  
  • Works closely with the Housing team Principle and Director
  
  
  • Knows when bids on deals are due and able to manage the underwriting process so that the Principle or Director reviewing the deals has time to review the analysis.
  
  
  • Prepares investment committee material 36 hours before it is due so that it can be checked for inconsistencies and distributed 24-hours before the meeting.
  
  
  • Exhibits attention to detail and mastery of the data; is the person on each team with the most command of the facts and figures, and have the ability to communicate them clearly. In our environment it is perfectly fine to “say I do not know, and need to get back to you”
  
  


• In a time-sensitive environment, produces high-quality, accurate financial models to help the company quickly assess the viability of a particular transac­tion:
  
  
  
  • Financial models are correct from a formula perspective every time.
  
  
  • Pro forma returns “make sense”… and if not, the reasons why are analyzed and explained.
  
  
  • The underwriting by category is consistent when compared to historical years.
  
  
  • And the Associate looks for ways to always improve the financial model / efficiency of our processes
  
  


• Delivers written work that is:
  
  
  
  • Accurate
  
  
  • Clear
  
  
  • Concise
  
  
  • and that clearly identifies opportunities/issues and risks.
  
  


• Takes ownership of all research, financial modeling, investment package and financing package preparation (as required) for ongoing investment opportunities.

 Physical Demands: 

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Regularly required to sit, talk or hear.  The employee is frequently required to stand; walk; use hands to finger, handle, or feel documents and office equipment.  May occasionally be required to lift up to 10 pounds a distance of 30 feet as needed.  Must be able to move freely throughout the location, including moving up and down stairs.  Must be able to sit for up to 50% of the work day.

The job tasks are performed in an office environment with moderate environmental conditions present, such as temperature, noise levels, etc.

See job description