Intern - Asset Management

Fairstead is a purpose-driven real estate firm dedicated to building sustainable communities across the country. Headquartered in New York, with offices in Colorado, Florida, and Washington DC, Fairstead owns a portfolio of more than 25,000 apartments across 28 states that includes 17,000 units under management. Fairstead’s commitment to communities is realized through a comprehensive platform that leverages in-house expertise in acquisitions, development, design and construction, asset management, and property management.

Fairstead’s primary mission is to provide high quality housing to all regardless of income, and to make our stakeholders feel “Right at Home.” We accomplish this through an empathetic and innovative approach, and by utilizing our interdisciplinary platform as an investor, developer, owner, and operator.

Fairstead’s Core Values: Innovation, Determination, Integrity, Humility, Empathy and Partnerships

The Asset Management intern will be responsible for assisting the Asset Management team in efficiently and strategically operating the Fairstead portfolio of multifamily assets.

Responsibilities:

• Visit properties to evaluate and improve operations, including unit turns, leasing, and repairs
• Identify and help implement cost-saving initiatives and operational improvements
• Support the team in preparing business plans, including annual operating plans, financial forecasts and strategic plans
• Review actual operating financials against both current year budget and original underwriting and propose areas for improvement
• Track recent leases signed and asking rental rates against neighboring comps to develop strategies to adjust pricing
• Track monthly rental collections and other operating metrics of the portfolio
• Track replacement reserve balance across a portfolio of multifamily assets and work with the asset management team to put together a draw package to offset capital improvement projects as necessary
• Project-based responsibilities may include individual assets or portfolio request
• Assist the Asset Managers with any ad hoc projects or initiatives

Requirements:

• Experience or interest in multifamily real estate, especially affordable housing
• Investment mindset with a thorough understanding of different financial return metrics
• Excellent quantitative and analytical skills; expertise with Microsoft Office, especially Excel
• Exhibits a strong understanding of technical skills and job specific knowledge
• Demonstrates clear and concise communication skills, both verbally and in writing
• Self-Starter with a proactive approach to tackling tasks and challenges
• Ability to navigate ambiguity and adapt to new challenges in a dynamic environment
• Actively pursuing a bachelor’s degree in Finance, Real Estate Finance or Real Estate Development

Diversity in backgrounds and experiences is key to Fairstead’s success. Being an equal opportunity employer is a central tenet of our philosophy that shapes who we are and the communities we serve. Our goal is to ensure competitive total compensation that is commensurate with experience, location, and other market benchmarks.