Real Estate, Director of Asset Management (Self-Storage)

TIAA Bank - New York, NY
$169,700 a year

Director, Asset Management
The Director, Self-Storage Asset Management position is responsible for maximizing the value of the organization's self-storage real estate portfolio through ensuring the active execution of managing, leasing, renovations + expansions, and recapitalization / dispositions of domestic real estate investments.

Nuveen currently owns approximately $3.0 billion of self-storage assets, making it one of the largest private global investors of self-storage. Nuveen’s self-storage exposure stretches across a number of different joint-venture partners and operators, including a platform it has invested in and is actively growing.

Nuveen’s in-house asset management team takes a hands-on approach in optimizing cash-flow and minimizing risk exposures, as well as evaluating challenges and opportunities. This role requires working in a highly collaborative environment, in order to drive returns. The position will report to the Head of Self-Storage and will be a part of the broader Nuveen Alternatives Housing team. Dedicated junior resources will be available to the Director.


Key Responsibilities and Duties

  • Responsible for managing an existing, and growing, portfolio of real estate assets within the self-storage sector across a variety of risk-profiles (core, core-plus, and value-add).
  • Regularly engage with operating partners to ensure Nuveen’s interests and performance in investments is maximized.
  • Leads the preparation and review of annual business plans, operating budgets, capital budgets, as well as monitor actual performance against these budgets throughout the year.
  • Conducts financial analysis/modeling to assess current and projected performance of investments.
  • Supports in the assessment of capital needs/expenditures of each property and works with operating partners to develop a long-term capital plan for the portfolio that corresponds to stated strategy.
  • This includes identifying and executing on assets in the portfolio that should be candidates for 1) conversions to climate / temperature controlled, as well as 2) expansion opportunities.
  • Monitor capital improvements and draw requests.
  • Assist in the preparation of property activities and ensure quality of deliverables (monthly, quarterly, annual, and ad hoc) including review of all financial data, variance explanations, compliance reporting obligations, property audits, other key reports.
  • Supports the transactions team in underwriting, due diligence and on-boarding activities, for new assets, as necessary. Additionally, helps strategize and prepare owned assets for disposition/recapitalization, in order to optimize returns.
  • Supports in the negotiation of third-party management agreements with operators.
  • Researches current issues impacting the real estate management business that may affect the company’s existing and future portfolio.
  • In addition to financial aspects, the Director is responsible for supporting the implementation of ESG, technology and other broader Nuveen initiatives.
  • Possesses knowledge of current real estate market conditions for submarkets in which assets are located.

Educational Requirements

  • Bachelor's Degree Required

Work Experience

  • 3+ Years Required; 5+ Years Preferred

Physical Requirements

  • Physical Requirements: Sedentary Work


Career Level

7IC

QUALIFICATIONS

Required:

  • 3+ years of self-storage experience
  • Bachelor's Degree Required
  • 25-30% of travel

Preferred:

  • 5+ year of self-storage experience

Potential Salary: $169,700.00 USD

Actual base salary may vary based upon, but not limited to, relevant experience, time in role, base salary of internal peers, prior performance, business sector, and geographic location. In addition to base salary, the competitive compensation package may include, depending on the role, participation in an incentive program linked to performance (for example, annual discretionary incentive programs, non-annual sales incentive plans, or other non-annual incentive plans).

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Company Overview

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information about the firm please visit our website at www.Nuveen.com

COVID-19 Vaccination

TIAA requires all U.S. employees to be fully vaccinated against COVID-19 and provide documentation of full vaccination, unless you qualify for an accommodation as determined by TIAA consistent with applicable law.

Benefits and Total Rewards

The organization is committed to making financial well-being possible for its clients, and is equally committed to the well-being of our associates. That’s why we offer a comprehensive Total Rewards package designed to make a positive difference in the lives of our associates and their loved ones. Our benefits include a superior retirement program and highly competitive health, wellness and work life offerings that can help you achieve and maintain your best possible physical, emotional and financial well-being. To learn more about your benefits, please review our Benefits Summary.

Equal Opportunity

We are an Equal Opportunity/Affirmative Action Employer. We consider all qualified applicants for employment regardless of age, race, color, national origin, sex, religion, veteran status, disability, sexual orientation, gender identity, or any other protected status.


Accessibility Support

TIAA offers support for those who need assistance with our online application process to provide an equal employment opportunity to all job seekers, including individuals with disabilities.

If you are a U.S. applicant and desire a reasonable accommodation to complete a job application please use one of the below options to contact our accessibility support team:

Phone: (800) 842-2755

Email: [email protected]

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