Bruce Cumming
Laguna Niguel,CA
Summary
I am an accomplished multifamily asset management executive with 11+ years experience of managing and optimizing market rate and affordable multifamily assets in most markets across the United States.
Overview
12
12
years of professional experience
Work History
Senior Asset Manager (Multi-Family/Market Rate)
Tides Equities
01.2023 - 04.2024
- Driving optimal performance of a multi-family value add portfolio consisting of 5,000 units, focusing on strategic planning and hands-on oversight
- Performing site inspections every 2 weeks to assess overall operational performance, management effectiveness, and capital needs
- Creating and implementing site specific strategies that allow for optimization and improved asset value
- Leading weekly strategy calls with on-site teams
- Directing and evaluating property management teams, ensuring best practices and controls to deliver the best operational results
- Ensuring accurate and timely financial reporting to lenders, investors, and outside stakeholders
- Leading the execution of the value-add program in collaboration with the construction management team to ensure targeted returns on investment are met or exceeded
- Selecting best candidate units each month to go into renovation and tracking the entire renovation process to ensure timely and well executed renovations
- Ensuring that accurate draws are completed once draw thresholds have been met with respect to being able to start the next batch of renovations
- Auditing ILS sources every Monday morning to ensure accurate information, including accurate rental rates being posted to our websites
- Performing periodic market surveys to ensure adequate multifamily base rents and multifamily premiums on upgraded, prior upgraded, and renovated units
- Managing the performance of two analysts and providing guidance and mentorship to allow for career development
- Reviewing, adjusting, and approving annual 2024 budgets with collaboration of direct report analyst to allow for business plans to be met.
Asset Manager (Multi-Family/Market Rate)
Brookline Investment Group
04.2021 - 08.2022
- Responsible for managing 6 multi-family assets consisting of roughly 1200 units
- Extensive rent roll analysis using macros once a week at each property
- Extensive market analysis for each community and weekly rental market surveys
- Adjusting rental rates at all communities on excel each day using a supply demand approach
- Performing monthly variance analysis and financial review with managing directors for 6 communities
- Responsible for additional internal reports such as renter’s insurance, delinquency report, occupancy report
- Performing annual site visits with focus on preserving each asset
- Reviewing and evaluating all contracts at each community to see if it is most favorable in the marketplace
- Managed turnover costs at each property through a tracker
- Created concession trackers and early termination fee trackers to discuss on weekly calls
- Communicating with onsite teams daily (property managers, regional managers)
- Support acquisitions with proformas and responsible for approving new assets.
Asset Manager (Multi-Family/Affordable Housing)
Avanath Capital
06.2018 - 12.2020
- Conducting monthly site visits to portfolio (managing approximately 3,500 multi-family units)
- Preparing extensive rent analysis on the affordable assets to achieve max rents and close loss to lease
- Processing replacement reserve draws every quarter
- Property tax appeals if feasible
- Filing welfare exemptions at properties by the deadline
- Ensuring all properties met the compliance with the regulatory agreements within my region
- Often seeking to get housing authority/city approval to increase section 8 vouchers at a property
- Assisting with welfare exemptions for assets that are eligible
- Adjusting apartment forecast model for capital requests
- Built the multi-family budget model which is utilized by the asset managers and regional managers
- Responsible for adjusting and reviewing budget models for assigned assets
- Working extensively with acquisition team on potential new acquisitions
- Working closely with construction team to make sure renovation projects are on schedule.
Financial Planning and Analysis Manager
Avanath Capital
01.2020 - 11.2020
- Building new reports using the Tableau dashboard which allows for improved analytics
- Responsible for updating forecast models for asset management
- Creating new processes to automate and streamline asset management processes
- Created occupancy report which is distributed to executive team
- Built monthly and quarterly reports for asset management that highlight performance of the assets
- Oversaw capital contributions for the portfolio
- Participate in fund modeling with the CFO
- Support acquisitions with proformas and responsible for approving new assets.
Financial Analyst (Multi-family Asset Management)
MBK Homes
03.2014 - 04.2018
- Creating proformas for new land deals and multi-family deals
- Managing the apartment models for our multifamily properties through stabilization
- Managing loss to lease model and conducting rent roll analysis
- Responsible for operating budget and preparation of business plan
- Quarterly impairment analysis on all active communities
- Responsible for managing the budgets for options, property taxes, and finance costs
- Assist with the preparation of updated monthly forecasts, including P&L, balance sheet, and cash flow
- Responsible for job cost budget input and review, variance analysis, trend analysis, and testing.
Asset Manager Associate
Pacific Urban Residential
07.2013 - 12.2013
- Responsible for managing 12 multi-family assets consisting of 5,280 units
- Performed analysis on all existing and new assets entering the portfolio
- Monthly site visits and visiting nearby comparable assets
- Reviewing processes at the onsite level to ensure proper compliance
- Conducted due diligence on acquiring assets
- Ensuring all properties have no life safety issues and remain in compliance
- Extensive rent analysis and market penetration
- Built financial models to monitor each asset
- Communicating with onsite team (property managers, regional managers) to monitor leasing activity.
Senior Financial Analyst
WNC & Associates
01.2012 - 06.2013
- Prepare detailed analysis and modeling of under-performing assets with the associated work out plan
- Review monthly, quarterly and annual financial statements (balance sheet, income statement, bank statement, and cash flow statement, aged receivable and payable lists), rent rolls (as applicable to determine property operating performance comparing budget to actual variances and to alert the SAG director and asset manager to any unusual variances
- Update spreadsheets consolidating and monitoring portfolio information including but not limited to reserve levels, financial status, capital improvement status, and budget monitoring and operations status
- Assist as directed by the SAG director and asset manager in the development of the workout action plan of non-performing properties to ensure positive future operations
- Update asset managers routinely on any issues as it relates to financial variance complete and accurate in the structured assets workbook and proforma
- Risk rank SAG assets at the end of each quarter based on AHIC guidelines
- Create customized projections based on market analysis and asset manager input.
Education
Bachelor of Arts - Finance, Accounting, Economics
California State University
06.2011
Skills
- Significant value-add and renovation experience
- Operational Efficiency
- Due diligence
- Valuation Techniques
- Portfolio Management
- Investment strategies
- Real Estate Management
- Strong leadership - Managed multiple analysts and onsite teams
Timeline
Senior Asset Manager (Multi-Family/Market Rate)
Tides Equities
01.2023 - 04.2024
Asset Manager (Multi-Family/Market Rate)
Brookline Investment Group
04.2021 - 08.2022
Financial Planning and Analysis Manager
Avanath Capital
01.2020 - 11.2020
Asset Manager (Multi-Family/Affordable Housing)
Avanath Capital
06.2018 - 12.2020
Financial Analyst (Multi-family Asset Management)
MBK Homes
03.2014 - 04.2018
Asset Manager Associate
Pacific Urban Residential
07.2013 - 12.2013
Senior Financial Analyst
WNC & Associates
01.2012 - 06.2013
Bachelor of Arts - Finance, Accounting, Economics
California State University
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