About the Job
PGIM Real Estate currently has an outstanding career opportunity for a Vice President, Assistant Portfolio Manager (APM) for the Impact Investing Initiative to assist in the formation and ongoing operations of the new Impact Value Partners Fund (IVP), as well as a broader impact investing strategy. This position will have responsibilities across Transactions, Asset Management and Portfolio Management, as outlined below. It will be based in Madison, NJ, reporting to the Portfolio Manager for Impact Investing.
Duties & Responsibilities
•Assist in the development of investment strategies and guidelines suitable to meeting fund objectives; at the outset of the fund, assist in the developing the capacity of the regional acquisitions teams to evaluate and execute on affordable housing transactions and public private partnerships typical in large scale redevelopment projects.
•Review investment opportunities sourced by the regional acquisitions teams in terms of overall deal strength as well as portfolio suitability and impact criteria; participate in deal selection and site visits.
•Understand target markets and leverage market knowledge in analyzing deal underwriting and risk-reward tradeoffs.
•Develop and maintain relationships with joint venture partners and other market participants.
•Review initial documentation for transactions — interacting with partners, lenders and attorneys.
• Work in partnership with our national dispositions team on asset sales.
•Lead the asset management effort for IVP to drive value and impact at the property level through oversight of operating assets, directing joint venture partners, property managers and leasing brokers as well as for development projects, including: construction, lease-up, and financing.
•Oversee the budget process and preparation of the annual strategic plan for each property.
•Prepare analyses of various investment decisions – leasing; financing; acquisition; hold/sell.
•Negotiate contracts with property management and leasing firms; negotiate leases as appropriate.
•Establish leasing strategy and manage ongoing processes with leasing and property managers to monitor asset performance.
•Review quarterly appraisals for factual accuracy and consistency with other similar properties.
•Review periodic property reports and track operating performance. Prepare quarterly updates summarizing results.
•Provide general management and direction through the development and construction process working in concert with PGIM Real Estate’s Development Group and third-party construction management providers.
•Supervise and train asset management analysts.
•Assist in developing messaging for client reports, and in responding to client and consultant requests, RFPs, RFIs, DDQs, and due diligence meetings.
•Analyze investment results, impact outputs and portfolio performance in relation to portfolio objectives.
•Assist with oversight of financial, impact and investment performance reporting processes as well as day-to-day management of the fund.
•Bachelor’s degree required. Masters in real estate, urban planning, public policy or another relevant field strongly preferred.
•Minimum of 10 years direct experience in affordable housing and community development, preferably as an asset manager, developer, or financier.
•Experience underwriting and structuring of LIHTC and mixed income deals.
•Understanding of public private partnerships and experience working with complex capital stacks, public agencies and public policy.
•Experience in asset or property management of mixed income communities with a community development purpose.
•Ability to collaboratively work in a diverse team and navigate the nuances of starting a new business line within a large organization.
•An inclination to anticipate problems, take initiative to solve them, and build consensus around solutions.
•Highly organized and attention to detail.
•Strong written and oral communication skills.
Prudential/PGIM Real Estate
PGIM Real Estate is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.6 billion ($50.3 billion net) as of March 31, 2018.
PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, please visit http://www.pgimrealestate.com.
PGIM Real Estate recently launched an Impact Investing Initiative in partnership with Prudential’s Impact Investments group which, since its founding, has made more than $2.2 billion in impact investments across a broad array of private asset classes including real estate. Impact investments create a positive, measurable impact on pressing social challenges while also earning an attractive financial return. The combined expertise of PGIM Real Estate and the Prudential Impact Investments group creates an unrivaled partnership in the impact investing market.