Head of Asset Management

Who We Are

Morningstar Properties has been developing and operating high-quality storage, marina, and multi-family facilities since 1981. We’re built on people who take ownership, lead with intention, and deliver exceptional customer experiences.

Morningstar's vertically integrated platform brings investment, development, asset management, and operations together under one roof, allowing the firm to identify opportunities and drive execution from acquisition through the full life of an investment.

Position overview

The Head of Asset Management leads and drives investment performance across our self-storage and marina assets, portfolios, and funds. As a member of the senior leadership team, this individual connects Operations, Investments, Finance, and Capital Markets. The role combines ownership of asset business plans with fund-level analysis, commercial judgment, and disciplined capital allocation to maximize risk-adjusted investor returns.

This leader is accountable for translating investment strategies into executable business plans, improving profitability, and recommending how capital should be deployed, reinvested, financed, or returned to investors.

Job Responsibilities

Portfolio strategy and asset performance

• Lead annual and multiyear business plans for every asset, including operating priorities, budgets, capital needs, financing assumptions, and exit strategies. Establish measurable goals and accountability with operating leaders and oversee execution through regular performance reviews and property visits.
• Identify opportunities to increase net operating income, cash flow, and asset value through pricing, occupancy, revenue mix, expense discipline, expansions, and repositioning. Require timely corrective plans for underperforming assets and track results.

Fund performance and underwriting accountability

• Own the investment outlook for each fund in partnership with Operations and Investment. Maintain a consistent view of actual results, annual budgets, original underwriting comparisons, and updated forecasts at the asset, portfolio, and fund levels inclusive of internal and external benchmarking.
• Track return variances by separating operating execution, capital spending, financing, market values, and timing. Evaluate real time gross and net investor returns, equity multiples, and work with Finance on distributions, liquidity, and remaining capital requirements, including the impact of fees and carried interest. Assess performance against suitable market and peer benchmarks with comparable strategies, vintages, leverage, and valuation conventions.

Capital allocation and relative value

• Work with Investment/Finance on recommendations for allocating available capital among existing assets, acquisitions, expansions, redevelopment, debt reduction, reserves, and investor distributions. Rank opportunities by expected incremental return, downside exposure, timing, liquidity, and contribution to fund objectives.
• Evaluate if single asset dispositions offer a better prospective return than waiting for a portfolio execution. Incorporate transaction costs, financing constraints, fund life, reinvestment permissions, and tax considerations developed with Finance and advisers. Revisit recommendations as market conditions and opportunities change.
• Oversee the investment case for major capital projects, distinguish essential maintenance from discretionary improvements in conjunction with Operations, and measure realized benefits against approved cost, timing, and return assumptions.

Capital markets and financing strategy

• Partner with Finance working on financing, refinancing, and recapitalization strategies for individual assets and portfolios. Evaluate leverage, fixed versus floating rates, hedging, amortization, maturity timing, covenant flexibility, prepayment costs, and asset release provisions.
• Model the effect of financing alternatives on cash flow, investor returns, and exit flexibility. Monitor debt maturities, covenant headroom, and refinancing exposure, and stress-test operating and interest-rate assumptions. Provide asset forecasts and business plans to support lender discussions and transaction execution.

Acquisition input and disposition strategy

• Participate in acquisition screening, due diligence, and investment committee review. Challenge assumptions using actual portfolio experience, validate operating and capital plans with Operations, and assess each investment’s fit with the portfolio and fund mandate.
• Lead recurring buy, hold, sell, recapitalization analysis and chair monthly perfomance review meetings for all assets/funds. Recommend exit timing and individual-asset versus portfolio sale strategies, and partner with Investments/Finance on execution. Establish clear acquisition handoffs and review completed investments to identify lessons for future decisions.

Operating partnership and sector expertise

• Connect Operations and Investments through agreed priorities, regular reviews, and timely decisions. Operations leads daily execution; Asset Management owns post investment oversight and assessment against the business plan.
• Evaluate storage occupancy, rents, retention, and local supply. Assess marina utilization, seasonality, service margins, and waterfront capital needs. Incorporate insurance, weather, ground leases, environmental obligations, and permitting into investment plans with appropriate specialists. Provide guidance and partnership to Revenue Management on pricing strategies.

Analytics and refinement of the buy box

• Build consistent dashboards with Finance/Operations/Finance and for increased visibility and dissemination. Analyze results by market, asset type, acquisition cohort, and business plan to identify the assumptions and asset characteristics that create value.
• Recommend changes to the buy box, including target markets, asset quality, basis, capital intensity, operating complexity, leverage, and return thresholds. Partner with Investments to update underwriting and evaluate subsequent outcomes.

Team leadership and communication

• Build and lead the asset management team. Set responsibilities, review standards, and deadlines. Present recommendations to leadership and the investment committee; explain performance, risks, and corrective actions to investors. Exercise delegated approval authority and escalate material exceptions.

Qualifications

Qualifications

• 12 or more years of experience in real estate investment, asset management, or portfolio management, including team leadership and responsibility for investment outcomes.
• Bachelor’s degree in a related field or equivalent experience required.
• MBA or related Master’s degree preferred.
• Ability to travel to properties and operating partners required.
• Demonstrated execution of business plans, capital projects, financings, and dispositions.
• Strong financial modeling, fund economics, valuation, and debt knowledge.
• Self-storage or marina experience preferred
• Comparable operating-intensive real estate experience is relevant.
• Sound judgment, clear communication, and constructive challenge of assumptions.

Measures of Success

• Returns
• Business plan execution and capital project returns
• Forecast accuracy
• Sound capital allocation and exit decisions
• Financing resilience
• Improved underwriting
• An accountable team