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    VP, Asset Management - Denver, United States - NexCore Group

    NexCore Group
    NexCore Group Denver, United States

    3 weeks ago

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    Description

    NexCore Group ("NexCore") is a national, diversified healthcare real estate ownership, management and operational company headquartered in Denver, Colorado. NexCore's wholly owned senior living operating company, Experience Senior Living (ESL), currently develops, acquires, owns and manages senior living communities across the United States with institutional and high net worth capital partners. ESL's communities under management are projected to grow materially each year to address the growing need for senior care across the country. NexCore's Science & Technology division provides Class A real estate solutions for medical research, technology, life sciences and renewable energy tenants. This division is also projected to grow materially over the next five years.

    NexCore's Vice President of Asset Management plays a crucial role collaborating with ESL (approximately 75% of the time) and NexCore's Science & Technology division (approximately 25% of the time) overseeing NexCore and its capital partner's ownership interests by reviewing underwriting assumptions and developing and implementing asset management strategies to enhance the value, profitability, and performance of the portfolio.

    Key Responsibilites:

    • Review and approve annual budgets, including comparing underwriting pro forma assumptions to budget, working with financial analysts to assess changes to projected exit timing and profitability, and testing budget assumptions (i.e., leasing velocity, revenue and expense growth and corresponding margins, working capital and interest needs, assumed market cap rates, etc.). Fully understand markets, competition, detailed revenue (i.e., current and assumed increases in rental rates, care level assumptions, concessions, lead sources, etc.) and expense (i.e., overtime and agency labor, food, care, capex, and other items) trends.
    • Attend monthly financial forecast meetings and assess reasonableness for projected working capital needs and performance when compared to historical financial results and trends.
    • Review monthly financial performance, question assumptions, collaborate and brainstorm, understand community sales strategies, new competition, labor and other performance drivers, and discuss issues related to performance targets and capital spending expectations.
    • Play key role in any community acquisitions including reviewing and participating in underwriting and Investment Committee meetings. Review internal and external market studies, projections, valuation assumptions, and other underlying assumptions. Work with Research, Legal, Finance, and operating teams on due diligence and closing activites.
    • Play a key role in community disposition strategies including timing, validating, and creating valuation assumptions and scenarios, marketing approaches, marketing books and presentations, recapitilizations versus sale, etc.
    • Review Investment Committee memos and supporting assumptions to assess and stress development pro formas.
    • Monitor monthly performance, attend construction draw meetings, and proactively identify opportunities and challenges.
    • Continually assess and recommend ways to protect the downside and increase profitability. Monitor market expectations and ways to favorably present financial results (i.e., expenses below versus above the line, forward vs. historic NOI periods for valuation, capitalization versus expensing of costs, etc.)
    • Maintain relationships with key brokers in the market to understand assets being marketed and sold and report meaningful trends and structures to management.
    • Monitor industry news related to other seniors housing developers and operators, science & tech developers, and capital providers.
    • Serve as liaison between Accounting and ESL to identify inefficiencies, needed controls, process improvements, create new reporting templates, etc. Assist ESL with implementing new systems and processes as needed.
    • Review ESL investor reports to ensure timely distribution. Work with CFO and Legal teams to issue capital calls to investors when needed.
    • Evaluate performance of third-party managers and participate in monthly community review calls with operating partners.
    • Monitor property expenses and advise on opportunities to optimize expenses through strategic initiatives (i.e., purchasing, utilities reductions, insurance, tax appeals, etc.) and conduct periodic site visits to owned properties and markets to confirm performance expectations and deepen understanding of operations, market fundamentals, and competitive dynamics.
    • Fulfill requests for ad hoc anaylses requested by NexCore leadership, including presentation of operating results and trends, strategic and tactical opportunities, and preparation of materials for investor and Board of Director meetings.
    • Assess and advise on various real estate responsibilites for operating portfolio (e.g., granting of easements, dispositions, dispositions, sale of excess land, environmental issues).
    • Assist as needed with relationship management with current and future equity and debt capital providers.
    • Collaborate with development and accounting teams transition recently opened properties into the operating portfolio.
    Skills, Knowledge and Expertise

    Education:
    • Bachelors Degree in finance, business administration, or real estate - Required
    • Masters Degree in finance, business administration, or real estate - Preferred
    Experience:
    • 7-10+ years experience in senior living asset management - Required
    • Experience in science and technology asset management - Preferred
    Skills:
    • Detail oriented and highly organized
    • Multi-tasking and time management
    • Effective collaborator
    • Advanced Excel and financial modeling
    • Microsoft Office ability
    Certificates:
    • Certified Financial Analyst - Preferred
    Benefits
    • Compensation: $150,000 - $175,000 / year
    • Eligible for discretionary benefits: performance bonus
    • Eligible for standard employee benefit elections: Medical, Dental, Vision, 401K, FSA, HSA, Commuter Benefits, Employee Assistance Program, Life Insurance (employee and dependents), Short-term disability (STD), Long-term disability (LTD), Accidental death & dismemberment (AD&D), vacation days, sick days, and other benefits
    • Travel: this position will not require any travel.
    Disclaimer:

    To All Recruitment Agencies - NexCore Group does not accept unsolicited third-party resumes.
    NexCore Group knows that when we welcome different points of view, it makes us better, stronger, and moves us boldly forward in becoming a world-class company. That is why we're proud to be an Equal Opportunity Employer and encourage all qualified talent to apply. Your application will be reviewed regardless of race, religion, gender, sexual orientation, national origin, disability, age, or veteran status.
    If you are interested in applying for a position with NexCore Group and need special assistance or an accommodation to use our website, please contact

    About NexCore Group

    NexCore Group develops healthcare facilities for hospitals, health systems and physicians. We solve complex real estate challenges through innovative building solutions and creative financial structures. In a rapidly changing healthcare industry, NexCore has the superior expertise to deliver quality environments and flexible spaces that help grow your business, lower expenses and mitigate risk.
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