Location: Chicago, IL; Hybrid (in office Monday - Thursday)
Salary: $150,000 - $185,000 annually, commensurate with experience
Bonus: Eligible for annual performance-based bonus
Travel: Required for property tours, investor meetings, and conferences.
Benefits: Health, dental, vision, 401(k) with company match, PTO, short- and long-term disability, life insurance, paid parental leave, rent discounts, and more.
Shape the strategy behind a growing real estate portfolio.
Banner Property Management, LLC is looking for a Director of Asset Management to drive investment performance and maximize value across a growing portfolio of multifamily, self-storage, and other real estate assets.
Reporting to the Senior Vice President of Asset Management, you will lead asset-level strategy, identify opportunities to enhance returns, manage investment risk, and guide properties through the full investment life cycle - from development and lease-up through stabilization, refinancing, repositioning, and disposition.
This is an opportunity to make a meaningful impact on a dynamic portfolio with significant growth and development activity underway.
Our current portfolio includes:
- 16 multifamily communities totaling 3,100 units
- 5 self-storage assets in lease-up or stabilization
- 2 self-storage developments moving into lease-up within the next three months
- 2 multifamily developments also entering lease-up within three months
- 1 senior housing asset
What You’ll Do
Lead Asset Strategy and Valuation
- Develop and execute short- and long-term business plans that increase net operating income (NOI), improve asset performance, and maximize property value.
- Lead asset valuations, financial modeling, market analysis, and performance benchmarking.
- Conduct hold/sell analyses and monitor realized and unrealized investment returns.
- Lead dispositions, refinancings, and recapitalizations, including broker opinions of value (BOVs), negotiations, due diligence, and closing activities.
Drive Operating Performance
- Partner with Banner Property Management’s multifamily operations team and third-party self-storage operators to optimize leasing, occupancy, operating expenses, and capital improvement programs.
- Oversee annual budgeting and financial forecasting, and recommend capital expenditure and renovation strategies.
- Conduct regular property visits and evaluate competitive market conditions to identify performance gaps and growth opportunities.
- Evaluate and select third-party self-storage management companies and negotiate management agreements.
Manage Capital Partner Relationships
- Serve as the primary point of contact for joint venture (JV) partners, lenders, and investors regarding asset performance and investment strategy.
- Monitor compliance with loan covenants and equity partnership requirements, including debt service coverage ratio (DSCR) testing.
- Partner with the accounting team to deliver accurate monthly, quarterly, and annual financial and investment reporting.
Bring New Developments Online
- Lead the transition of new multifamily and self-storage projects from development into lease-up and stabilized operations.
- Collaborate with development, marketing, and property management teams on pre-leasing, market positioning, branding, and marketing strategies.
- Establish performance expectations and business plans to support successful lease-up and long-term asset performance
Build the Team
- Hire, mentor, and develop asset management associates and analysts.
- Collaborate with the Chief Investment Officer (CIO) and cross-functional teams, including legal, accounting, investments, development, and property management.
- Represent Banner at industry events and cultivate relationships with brokers, lenders, investors, and other industry partners.
Qualifications
Required:
- At least 5 years of institutional real estate experience, with multifamily, self-storage, and/or real estate development experience strongly preferred.
- Bachelor’s degree in business, real estate, finance, or a related field required.
- Demonstrated experience integrating newly acquired assets into a portfolio and leading valuations, dispositions, and refinancings.
- Proven ability to manage assets throughout the investment life-cycle, from lease-up and stabilization through repositioning, refinancing, and disposition.
- Strong financial modeling and investment analysis skills, including discounted cash flow (DCF) modeling, joint venture structures, distribution waterfalls, and key performance metrics such as internal rate of return (IRR), DSCR, debt yield, and NOI.
- Demonstrated success managing institutional equity partners, lenders, and other capital relationships.
- Strong communication, analytical, and negotiation skills, with the ability to balance strategic planning and hands-on execution.
- Experience leading, mentoring, and developing a team.
Willingness to travel for property visits, investor meetings, and conferences.
Preferred:
- Advanced degree in business, finance, real estate, or a related field.
- Experience overseeing multiple asset classes and managing third-party operators.
- Experience transitioning newly developed properties from construction and development into lease-up and stabilization.
At Banner, we value collaboration, accountability, and a shared commitment to excellence. You’ll have the opportunity to influence investment strategy, strengthen portfolio performance, and contribute to the continued growth of a diverse real estate portfolio. If you’re ready to combine strategic leadership with hands-on execution, we encourage you to apply.
Pre-Employment Requirements: Final candidates must successfully complete a background check.
Banner Property Management is proud to be an Equal Opportunity Employer.
