Overview: An established, privately held real estate investment and management company with a significant portfolio of multifamily properties is seeking an experienced Chief Financial Officer (CFO). This is a senior, hands-on position working directly with ownership and executive management. The CFO will have responsibility for the financial management of the company’s real estate portfolio, property-level entities and management company. The ideal candidate will have substantial experience working for a multifamily or commercial real estate owner/operator and possess a strong understanding of how real estate is acquired, financed, operated, refinanced, and disposed of.
Responsibilities:
Strategic Leadership and Real Estate Planning
- Develop and execute the company’s financial strategy in alignment with corporate objectives and growth plans.
- Serve as a principal financial advisor to ownership regarding the real estate portfolio.
- Drive initiatives that enhance profitability and operational efficiency.
- Develop long-term financial models to assist ownership with portfolio growth and capital allocation.
- Provide clear, decision-oriented financial analysis rather than simply reporting historical results.
- Evaluate investment opportunities, hold versus sell, refinance versus sell, acquisition, disposition, and capital improvement decisions.
- Evaluate portfolio concentration, leverage, debt maturities, liquidity, and capital requirements.
- Analyze property performance against budget and prior periods.
Real Estate Financial Management
- Oversee financial reporting and accounting for a portfolio of multifamily properties, ownership entities, and the property management company.
- Partner closely with property management and asset management teams.
- Review monthly property financial statements, operating results, balance sheets, cash flows, and budget-to-actual variances.
- Develop reporting that allows ownership to quickly identify properties requiring operational or financial attention.
- Review rents, concessions, delinquencies, bad debt, occupancy, payroll, utilities, repairs and maintenance, insurance, taxes, and other major operating expenses.
- Monitor NOI, occupancy, rent collections, operating expenses, capital expenditures, debt service, and property-level cash flow.
- Identify opportunities to increase NOI, improve operating margins, and enhance asset value.
- Establish meaningful property and portfolio-level financial KPIs for ownership.
- Evaluate capital improvement projects and their anticipated effect on rents, NOI, property value, and investment returns.
Accounting & Controls
- Direct all accounting functions for the real estate portfolio and management company.
- Ensure timely and accurate monthly, quarterly, and annual financial reporting.
- Oversee property-level and entity-level general ledgers, accounts payable, accounts receivable, bank reconciliations, intercompany accounts, and cash management.
- Maintain appropriate accounting treatment for real estate entities, including capital contributions, distributions, and intercompany transactions.
- Establish and maintain strong internal controls over receipts, disbursements, vendor payments, banking, and cash.
- Coordinate annual audits, reviews, lender examinations, and other reporting requirements.
- Maintain sound treasury and cash management practices.
Investment Analysis and Financing
- Work with ownership in evaluating real estate opportunities.
- Review and challenge acquisition underwriting, including in-place NOI, pro forma NOI, rent assumptions, operating expenses, capital expenditures, financing, and exit assumptions.
- Analyze cap rates, cash-on-cash returns, IRR, equity multiples, debt yields, DSCR, and other investment metrics.
- Participate in financial due diligence, including review of rent rolls, leases, operating statements, tax information, debt, capital needs, and other financial matters.
- Participate in property financing.
- Evaluate fixed versus floating-rate debt, loan terms, amortization, interest-rate exposure, prepayment provisions, and refinancing alternatives.
- Maintain portfolio-wide schedules of mortgages, maturities, interest rates, covenants, and refinancing requirements.
- Oversee lender reporting, loan compliance, escrows, reserve accounts, and financial covenants.
Tax
- Coordinate closely with outside CPAs, tax counsel, and ownership on real estate tax strategy, tax planning, reporting and periodic tax remittances.
- Provide financial oversight and analysis relating to 1031 exchanges, depreciation and cost segregation.
Requirements:
- Bachelor’s degree in Accounting, Finance, Real Estate, or related discipline.
- CPA, MBA strongly preferred.
- Approximately 10+ years of progressive financial experience, with meaningful experience in multifamily or commercial real estate.
- CFO experience with substantial real estate owner/operator, developer, investment firm, or property management firm strongly preferred.
- Strong understanding of NOI, cap rates, DSCR, debt yield, IRR, cash-on-cash returns, and real estate valuation.
- Advanced Excel and financial modeling capabilities.
- Experience working with banks, lenders, CPAs, attorneys, and other real estate professionals
- Experience with Entrata CRM or similar is preferred
Salary: $250,000 – $275,000 base
Benefits:
- 401(k) matching
- Dental insurance
- Health insurance
- Life insurance
- Paid time off
- Referral program
- Vision insurance
JP Management is an Equal Opportunity Employer that does not discriminate on the basis of actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth and pregnancy-related conditions, and lactation), gender identity or expression (including transgender status), sexual orientation, marital status, military service and veteran status, physical or mental disability, genetic information or any other characteristic protected by applicable federal, state or local laws and ordinances.
