Direct of Asset Management for Multifamily
Can someone please explain to me what it would entail being a “director of asset management for Multifamily”?
How about Multifamily AND student housing?
Isn’t student housing Multifamily?
Why distinguish between the two?
What is the difference between a director asset manager and a senior asset manager and a vice president asset manager?
Can’t they all do the same thing?
why are so many different levels of positions required in asset management in real estate is basically what I am asking.
Thanks
Well Student housing does fall under MF with regards to Agency and even LifeCo. There are different assumptions and vacancy modelling. Usually the hierarchy has a head of asset management and then if a big enough servicing or AUM they will have a director for each asset sub class. Though many times Director will be the head of the AM group, but the title usually is a MD or ED/EMD. Honestly your title is based on exp or promotion as well if you are out facing from the company. Most IB a Senior Analyst might have a different title just because they communicate with clients and counterparties. It's all dependent on the company and how they have their organizational structure. Take into account also if two companies merge people won't give up title and you might have the different AM's come under one umbrella under maybe the CFO or COO.
In order:
In the paragraph where you talk about how you do not run a student housing property like a Multifamily property that’s where I am confused. I have dealt exclusively with single tenant retail in California for the last 3 years. I am 26 and graduated college 3 years ago.
I want to get into Multifamily and student housing but I am confused in how a 100 unit apartment complex on a university campus is run differently from a 100 unit apartment building of the exact same kind but half an hour away from campus.
I think the lease structures would be different for students versus non students, so you would account for the vacancy for summer vacations and all that. And I guess there could be two or three other things similar to that that I don’t know about - but is that it?
Or is that a gross oversimplification - are there massive differences between the two? Is the underwriting in excel very very very different? Etc.
And in your last paragraph where you imply I am odd, I apologize I am a virgin.
It's essentially a derivative of multifamily just like senior housing, LITCH, and manufactured housing is. It is heavy on seasonality as by August if you don't hit your occupancy target its essentially a school year wait to improve.
CRE's breakdown is spot on.
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