Associate, Asset Management at Core Spaces in Chicago, IL

Job Details

Job Location: IL Chicago Corp Office CCLLC - Chicago, IL Position Type: Full Time Salary Range: Undisclosed Job Category: Asset Management

Description

Who We Are

Core Spaces (Core) is more than a real estate company, it’s a people company. Where building relationships is just as important as building properties. From researchers and architects to designers and operators, Core is made up of risk takers and dreamers who are on a mission to invent the future of living. Our six cultural values guide us every day and we strive to live them in everything we do: PUSH (Invent Better Places to Live), GRIT (We Got This), LIFT (Help Each Other Win), SHINE (Bring Your Full Self), UPHOLD (Never Break Trust), GROW (Always Get Better). Everything Core does stems from this culture of collaboration and innovation, and the drive to constantly improve the resident experience. This unique approach has led to creating spaces and services that are redefining the way people live.

What We Do

Founded in 2010, Core is a vertically integrated company focused on acquiring, developing, managing, and lending across the student housing and build-to-rent (“BTR”) sectors. Its residential communities feature world-class amenities, progressive design, and hospitality-driven client service. In its award-winning student portfolio, Core currently owns and/or manages over 45,600 beds* – and has a pipeline of over 45,000 beds* in various stages of development. Core's BTR division currently has over 3,000 homes under development and in its pipeline in high-growth metros across the country. For more information, visit www.corespaces.com.

*Portfolio and pipeline numbers as of November 2024

Benefits That Matter

A culture that provides you with a sense of belonging
Hybrid or remote work options may vary by role to support work-life balance
Competitive pay that values your contributions
Incentives designed to reward your achievements
Paid unlimited PTO to disconnect or celebrate life milestones
Paid 15 holidays, including your birthday, to disconnect and celebrate
Paid Parental Leave that begins after 90 days
Paid volunteer time off to give back to your community
Monthly workshop weeks; fewer meetings & more collaboration
Robust health plan options that begin within at least 30 days of your employment
Monthly phone reimbursement
Wellness allowance and perks, including a yearly subscription to a meditation app
An environment that provides you a voice to share your perspectives
Employee Assistance Program (EAP) for access to confidential support services
Company retirement options including 401(k) + matching & Roth account option

Position Overview

The Asset Management Associate provides vital analytical support in strategic company decision-making to maximize the financial performance of the Portfolio. This role will be an integral part of Core Spaces’ Asset Management Team, reporting the financial and operational health of Core’s student housing properties to various constituents. The Associate will work with internal and external stakeholders to maintain a detailed pulse on each property and identify opportunities for improvements.

What You Will Do

Provide general analytical and organizational support to the Asset Management Team in oversight of leasing, budgeting, financing, and operations.
Prepare proforma financial models to analyze potential refinancing, hold/sell decisions, and existing debt covenants.
Coordinate with Operations to analyze and assess proposed Operating and Capital Budgets.
Assess monthly financials, determine key trends, and create investment performance reports for the executive team and equity partners.
Analyze leasing performance and provide recommendations on rental rates and leasing specials.
Negotiate Retail leases, analyze LOI’s, and communicate with retail tenants.
Assist with real estate tax tracking and reporting
Work with Acquisitions and Developments teams to review proforma assumptions and business plan for potential developments and acquisitions.
Work with Operations, Property Accounting, and other key internal stakeholders to meet deadlines for internal and external reporting.
Create Ad Hoc Analysis for Executive Team, Equity Partners, and Asset Management Team to help in the consolidation of data, compare performance against competitors, automate processes, etc.
Occasional travel may be necessary as needed
Perform all other duties and tasks as assigned by management
Must be able to complete all physical requirements of this role with or without a reasonable accommodation

Ideally, you'll have

Bachelor’s Degree in Finance, Real Estate, Accounting, Economics, Statistics, Applied Mathematics.
2-5 years of professional experience.
Knowledge of and experience with commercial real estate fundamentals and investment principles.
Ability to work collaboratively and cross-functionally with other teams across the organization.
Advanced financial modeling skills including Microsoft Excel, Word, and PowerPoint skills.
Strong analytical skills and attention to detail.
Works well independently and as a member of a team.
Excellent written and verbal communication skills.
Committed to excellence and high standards.
Demonstrates utmost level of integrity in all instances, and shows respect towards others.
Willingness and ability to travel occasionally, paid by the company.

You'll crush it if you have experience with

Advanced proficiency in developing proforma financial models for analyzing various financial scenarios.
Skilled in assessing monthly financials, identifying trends, and creating investment performance reports.
Complex project management.

Organizational Structure

Reports to: Managing Director, Asset Management

Direct Reports: N/A

Disclaimer: Please note that job responsibilities, reporting lines, and duties outlined in this job description are subject to change to meet the evolving needs of the organization.

As an Equal Opportunity Employer, Core Spaces celebrates diversity and is committed to creating an equitable and inclusive environment, which creates a sense of belonging for all employees. We do not discriminate and believe every individual should be proud of who they are and the community they represent.

Base Salary: $82,000 - $105,000 annually. Final salary within this range will depend on experience, skills, qualifications, and location.
Additional Compensation: Employees may be eligible for discretionary bonuses, typically ranging between 10-15% of base salary annually, depending on individual and organizational performance.