• Sr. Associate/Director, Real Estate Valuations

    Job Location US-TX-San Antonio
    ID
    2018-1854
    # of Openings
    1
  • Company Overview

    Acquiring, developing, financing and managing quality real estate investments since 1982, USAA Real Estate provides superior returns investing across the risk spectrum, with expertise in office, industrial, multi-family, retail and hotel assets. Investing for the USAA membership and aligned with more than one hundred investment partners across the world, we maintain an “Investor First” mindset with a significant co-investment in all programs. As the real estate investment management arm of USAA, a leading financial services company serving military families since 1922, USAA Real Estate has achieved a track record of success living up to the high standards set at USAA and sharing its culture. USAA’s balance sheet puts us in a position of strength – well capitalized to invest in multiple strategies. This is a distinct competitive advantage. USAA Real Estate is headquartered in San Antonio, Texas. www.usrealco.com

    Job Description

    The Sr. Associate/Director, Real Estate Valuations, will oversee the recurring valuation of a diversified portfolio of institutional commercial and residential properties across USAA Real Estate Company’s (USAA RealCo) open-end, commingled, programs.  The position will be high profile, working closely with stakeholders across multiple departments to bring about the accurate and timely quarterly valuation of the portfolio of properties.  The role will act as the primary liaison between the sponsored programs and external appraisers, with oversight of the submission of property-level data, business plans and investment strategies to ensure the external appraisers are equipped with all relevant facts and information necessary to generate informed valuations. 

     

    Essential Duties:

    • Oversee all aspects of the valuation function for sponsored open-end funds, working closely with portfolio and asset management, acquisitions, development and accounting departments to understand the relevant facts and circumstances of each property, and ensure such information is provided to the external appraiser in a coherent, timely and accurate manner.
    • Review approved Investment Committee briefs on behalf of each asset and communicate with portfolio and asset management to understand each asset’s business plan and investment strategy, and articulate the same to external appraisers prior to or concurrent with the execution of the engagement letter.
    • Administrate the quarterly valuation process for sponsored open-end funds, ensuring properties are appraised in accordance with governing documents of the respective programs, rotating and engaging external appraisers as appropriate.
    • Work with internal development teams and operating partners to ensure capital draw projections are provided in an accurate and timely fashion, development budgets and project completion dates are updated, and communicate changes to the external appraiser.
    • Work with development accountants to reconcile capital spent in ledger with the development asset’s discounted cash flows, and ensure valuation assumptions (i.e. discount rates) are appropriately adjusted to reflect project progress and appropriate profit recognition based upon milestones achieved. Further, ensure concluded values are approved and shared with accounting in a timely fashion in advance of the ledger’s quarter-end close to strike the programs’ net asset values upon which capital transactions (i.e. contributions and redemptions) are based.
    • Upon review of each property’s quarterly appraisal, utilize the quarterly valuation analytic tool to isolate drivers in quarterly valuation changes, along with trends, anomalies, issues and the resolution thereof, and share results with stakeholders in advance of the quarterly valuation meetings. Further, conduct the quarterly valuation presentation to executive management.
    • Working closely with the accounting department and external valuation provider, oversee the valuation of outstanding property-level debt and related hedging instruments on behalf of the portfolio of properties.

     

    Additional Responsibilities:

    • Create a control environment, document and implement critical processes and procedures necessary to effectively administrate all aspects of the quarterly valuation of platform’s portfolio of properties.
    • Work with acquisitions, portfolio management and portfolio analytics departments to review prospective deals and conduct research to determine valuation impact.
    • Collaborate with the research, portfolio analytics, acquisition and disposition departments in the analysis of property and debt valuations, attribution analysis, performance measurement, market analysis, underwriting guidance, etc.
    • Periodically attend NCREIF sponsored events and conferences, interact with peers at prominent valuation management firms, and remain abreast of industry best practices for the valuation of institutional real estate.

     

    At USAA Real Estate Company our employees enjoy generous benefits packages including comprehensive medical, dental and vision plans, 401k, USAA Membership eligibility, educational and professional designation assistance, business casual dress attire and much more! https://usaarealestatecareers.com/careers/benefits/ 

    Qualified applicants must successfully complete a pre-employment background and drug screen.  The above description reflects the details considered necessary to describe the principal functions of the job and should not be construed as a detailed description of all the work requirements that may be performed in the job.

     

    USAA Real Estate Company is an Equal Opportunity and Affirmative Action Employer of Females, Minorities, Veterans and Disabled.

    Requirements

    Minimum Qualifications:

    • Bachelor’s degree from an accredited college/university (master’s degree preferred)
    • 5-7 years of relevant commercial real estate valuation experience in an institutional setting
    • MAI designation, CFA Charterholder, CPA or other related credential, or actively working towards these credentials
    • Familiarity and prior or current involvement with NCREIF and the NFI-ODCE constituent funds and valuation practices
    • Strong real estate valuation and financial modeling skills in both Argus and Excel
    • Candidate must be willing to be based out of and work from the San Antonio office 
    • Qualifications may warrant placement in different level 

    Key Competencies:

    • Ability to work in a highly collaborative team environment to achieve organizational goals
    • Strong project management skills, attention to detail and the ability to multi-task under recurring time constraints
    • Self-starter who is well-organized, self-motivated, efficient, responsible, dependable with strong interpersonal skills
    • Excellent analytical, quantitative and problem-solving skills

    Physical Requirements:

    • Regularly required to sit for extended periods of time; frequently required to stand, walk, and use business equipment daily such as computer, copier, fax, telephone, etc.; frequently required to reach overhead, bend, and lift objects of up to 40 lbs.
    • Ability to handle stress caused by multiple priorities, and other unforeseen situations associated with the organization.
    • Eyesight and hearing must be correctable to standard level.

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