Associate, Acquisitions/Portfolio Management

Berkshire Group is a real estate investment management company distinguished by over four decades in the U.S. real estate markets, an integrated investment and operating platform, an experienced team, and an opportunistic approach to finding value on behalf of institutional investment clients, including pension funds, endowments and foundations, in the U.S. and around the world

Berkshire Group's core competency is in the multifamily real estate segment and is widely recognized as a fully integrated multifamily investment management firm. With properties extending throughout the United States, Berkshire Group provides investors with national reach and local market presence and expertise.

Berkshire Group has leveraged the tremendous talent and the deep bench strength of its team to become a fully integrated company capable of acquisitions, value creation, asset rehabilitation, professional property management, and disposition services. The ability to provide all of these core services and effectively utilize entrepreneurial sourcing to maximize efficiency is what sets Berkshire Group apart from its competitors.

We are searching for an Acquisitions/Portfolio Management Associate who is a self starter, assertive, confident, and enthusiastic to be part of our Acquisitions team in our New York City office.

Under the general direction of the VP of Acquisitions, the Acquisitions/Portfolio Management Associate will be responsible for sourcing of both debt and equity deals for Berkshire Property Advisors in the New York City metro area. In addition, under the direction of the Senior VP, Portfolio Manager, the Associate will assist the Portfolio Manager in overseeing their respective portfolios on behalf of Berkshire Group.

The Associate will assist the Acquisition’s VP in all aspects of sourcing and underwriting acquisition opportunities:

• Underwrite the value of multifamily real estate
• Shop comparable properties to determine competitive amenities, rents and sales prices.
• Assist property management in conducting due diligence on properties targeted for acquisition
• Develop and apply quantitative models to deals under consideration for acquisition.
• Develop capital budgets reflecting cost of renovations, rehabilitations and upgrades to properties to drive economic value
• Communicate with brokers, agents and principals to complete research and validate underwriting assumptions
• Compose written summaries and memorandums regarding potential acquisitions for review by both department and Board of Partners

The Associate will assist the Portfolio Manager’s in all aspects of effectively overseeing their respective portfolios including but not limited to the following:

• Monitor and report on Property Management’s execution of property business plans
• Prepare quarterly performance reports for management and investors, with approval by Portfolio Manager
• Visit markets and properties to validate business plan assumptions, monitor property operations, and identify opportunities and issues in order to improve operations
• Benchmark property performance against industry and peers for Portfolio Manager
• Analyze asset and market performance with recommended changes to business plan, preparation of REBUY analysis, analysis of disposition opportunities and other relevant strategies to create and maximize value of the investment
• In conjunction with VP Transactions in Boston help coordinate the disposition of assets with oversight from Portfolio Manager
• Participate in weekly production meetings, IC meetings and board/owner meetings (when invited) to assist Portfolio Manager provide updates on asset performance
• Participate in quarterly asset valuation meetings and assist Portfolio Manager by tracking relevant comp data for investments owned
• Provide analytical support as requested by Portfolio Manager(s).
• Work with Portfolio Performance Reporting Group to update Portfolio Model as requested
• Assist Portfolio Manager in evaluating acquisition or disposition opportunities for the Fund
• Assist Portfolio Manager by keeping up with and analyzing market research in all markets related to the portfolio. Work closely with Berkshire’s Research team to stay abreast of their viewpoint and recommended course of action for each market they cover
• 25% to 33% travel is required.

The Company may revise this job description from time to time as business needs require. It is not intended to be an exhaustive listing of all the functions of the job, nor is to limit the Company right to assign other functions to an employee in this position. This job description does not constitute a written or implied contract of employment.

Knowledge/Experience:

• A minimum of 3 years professional work experience is required, ideally in multifamily real estate or appraisal
• Understanding economic indicators as they relate to valuing multifamily real estate
• Ability to apply historical trends to current conditions to anticipate post-acquisition property performance
• Knowledge of key financial concepts and metrics as they relate to the multifamily real estate industry, including capitalization rates, internal rates of return, cash-on-cash returns and others
• Ability to recognize value creation potential and to create analysis resulting in approval of deals by investment committee
• Ability to see deals in terms of the overall business plan
• Knowledge of all multifamily product types
• Tenacity, patience and perseverance to take deals from start to finish

Technical/ Educational Requirements:

• Bachelor’s Degree in a related field. or Finance, or equivalent professional
• Excellent computer skills; experience with Microsoft Suite of products, ability to perform excel modeling including ROI, IRR, cash yields, PV calculations and analysis; ability to become proficient with other asset management applications.
• Proficiency in MS Office, specifically Excel and Word, is required
• Knowledge of Microsoft Access and Power Point is recommended
• Strong written and oral communication skills and be highly detailed with strong time management/prioritization skills
• Ability to work independently and make appropriate decisions without specific direction