Incubation Capital Partners
Vice President Asset Management
Incubation Capital Partners, Westlake Village, California, United States, 91361
Incucap Search has been retained by our client, Sunstone Two Tree, to support the search for their Vice President of Asset Management Search.
THE ORGANIZATION
Company:
Sunstone Two Tree HQ Location : Westlake Village, CA (LA Metro) Website:
https://sunstonetwotree.com/ Overview
Sunstone Two Tree ("Sunstone Two Tree" or the “Company”) is a vertically integrated owner-operator, developer, and fund manager. The Company focuses on the acquisition, repositioning, and ground-up development of workforce and attainable rental housing, including multifamily and build-to-rent ("BTR") communities, across high-growth U.S. markets. Formed through the 2023 merger of Sunstone Properties and Two Tree Capital, the Company combines deep development expertise with institutional investment discipline to create a scaled residential platform positioned for long-term growth. The Company currently manages approximately $780 million in assets under management, representing nearly 4,000 units across operating assets, projects under construction, and capital-secured pipeline investments. Since the merger, Sunstone Two Tree has grown AUM by over 250%, reflecting disciplined deployment during a cyclical dislocation and a strategic focus on markets with favorable demographic and housing fundamentals. The firm employs 36 professionals across acquisitions, asset management, development, construction, capital markets, investor relations, accounting, and legal, with meaningful team expansion over the past two years to support continued scale. Sunstone Two Tree’s investment strategy leverages its vertically integrated platform and local market expertise to source opportunities both on- and off-market. The Company capitalizes its platform through a combination of institutional joint ventures with leading partners and its recently launched inaugural GP fund, providing flexible capital to support both acquisitions and development. The Company targets well-located assets and development sites where entry basis is below replacement cost, creating opportunities for value creation through repositioning, operational enhancements, and new construction. Central to the platform is a commitment to delivering high-quality, attainable housing while generating attractive risk-adjusted returns and building a durable, institutional-quality business over the long term. Sunstone Two Tree maintains a concentrated presence in select growth markets, including Arizona, Texas, Florida, Nevada, California, and the Midwest, with a core emphasis on Phoenix and other Sunbelt MSAs. The Company’s development pipeline includes large-scale BTR communities and mixed-use projects in markets characterized by population and employment growth, limited new supply, and constrained affordability. A key differentiator of the platform is its internal BTR construction capability, providing enhanced control over cost, schedule, and execution across its growing development portfolio. Sunstone Two Tree’s platform is led by a highly experienced management team with deep institutional roots and a long-standing family partnership. The Company is co-founded and led by CEO Scott Maddux, formerly of Oaktree Capital Management and Blackstone, and CIO Tanner Maddux, previously with Rockpoint Group and Goldman Sachs. As a second-generation family firm, Sunstone Two Tree combines decades of institutional investment experience with an entrepreneurial operating mindset, benefiting from a leadership team that has successfully invested across multiple cycles while maintaining a long-term, partnership-driven approach to building a durable residential investment platform. Market Opportunity
The Vice President of Asset Management will play a central role in translating Sunstone Two Tree’s investment thesis into asset-level performance. The position will oversee portfolio strategy, execution of value-add business plans, and operational and capital initiatives across a growing, multi-market platform. Partnering closely with senior leadership, property management, and development teams, the VP will be responsible for driving NOI growth, improving operational efficiency, and ensuring disciplined execution across both stabilized and transitional assets. This is a unique opportunity to step into a highly visible leadership role at an entrepreneurial yet institutionally minded platform, with meaningful influence over portfolio performance and strategy. The role offers direct exposure to senior decision-makers, a clear growth runway, and the opportunity to help scale a differentiated residential investment platform during a period of continued expansion, with a long-term path to grow into and ultimately lead the asset management function as Head of Asset Management. THE POSITION
Title:
VP of Asset Management Location:
Westlake Village, CA or Scottsdale, AZ Position Summary: The Vice President of Asset Management is a senior leadership role responsible for overseeing strategy and execution across Sunstone Two Tree’s portfolio of value-add multifamily and build-to-rent communities. This individual will lead business plan execution, guide capital deployment, and drive operating performance to ensure assets meet return targets while supporting the Company’s focus on high-quality, well-managed housing. Working closely with the CEO, CIO, and COO, the VP will help build and scale the asset management function, co-manage a team of analysts, and partner closely with property management, construction, and capital markets. The role is highly hands-on and spans the full investment lifecycle, from acquisition and transition through renovation, stabilization, financing, and eventual disposition. The VP will lead operating and financial reviews, remain actively engaged with on-site and construction teams, conduct regular asset visits, and ensure disciplined execution that drives NOI growth, operational efficiency, and a strong resident experience across the portfolio. Responsibilities: Lead asset-level execution of business plans across the portfolio, with a focus on leasing performance, rent optimization, expense control, and NOI growth relative to underwriting Own ongoing performance management through detailed review of financials, KPIs, and cash flow, proactively identifying variances and implementing corrective actions Drive cross-functional execution by leading weekly operating calls and closely coordinating with property management and construction teams to align renovation, leasing, and unit-turn strategies Provide support for investor communications, quarterly updates, and annual meetings Maintain a hands-on operating presence through regular site visits to evaluate asset condition, staffing, safety, capital execution, and resident experience standards Support financing strategy, lender compliance, and risk management, including covenant tracking, reporting, inspections, and insurance coordination Provide asset management insight across the investment lifecycle, including acquisition underwriting support, ongoing market analysis, and hold/sell disposition planning THE PERSON
Sunstone Two Tree seeks a seasoned asset management professional with 6+ years of experience overseeing the operational and financial performance of multifamily and/or build-to-rent portfolios. The ideal candidate will bring a strong owner-operator mindset with a proven ability to execute asset-level business plans, manage cross-functional teams, and drive performance across multiple markets. This individual will combine analytical rigor with hands-on operational leadership, effectively partnering with property management, construction, and senior leadership to enhance asset performance and support scalable portfolio growth. Experience and Expertise: Strong proficiency in asset-level financial analysis, budgeting, and forecasting, with the ability to track performance against underwriting assumptions, KPIs, and return benchmarks Deep experience overseeing rental housing portfolios, including value-add and lease-up assets, with a strong understanding of operational drivers, capital planning, and NOI optimization Working knowledge of property and liability insurance, risk management practices, and lender or investor compliance requirements Proven ability to implement structure, process, and accountability across asset management workflows while maintaining an entrepreneurial, owner-operator mindset Excellent communication and interpersonal skills, with the ability to align property management, construction, and senior leadership teams and clearly present performance to stakeholders Willingness and ability to travel regularly ABOUT INCUCAP SEARCH Incucap Search is an executive search firm focused on the human capital needs of growing real estate fund managers, operators, developers, capital allocators, and investors. Launched in 2023 after more than a decade of advising real estate firms and candidates on strategic human capital opportunities, the firm has become a one-stop shop for managers in growth mode, providing solutions across financial capital, human capital, and institutional best practices.
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Company:
Sunstone Two Tree HQ Location : Westlake Village, CA (LA Metro) Website:
https://sunstonetwotree.com/ Overview
Sunstone Two Tree ("Sunstone Two Tree" or the “Company”) is a vertically integrated owner-operator, developer, and fund manager. The Company focuses on the acquisition, repositioning, and ground-up development of workforce and attainable rental housing, including multifamily and build-to-rent ("BTR") communities, across high-growth U.S. markets. Formed through the 2023 merger of Sunstone Properties and Two Tree Capital, the Company combines deep development expertise with institutional investment discipline to create a scaled residential platform positioned for long-term growth. The Company currently manages approximately $780 million in assets under management, representing nearly 4,000 units across operating assets, projects under construction, and capital-secured pipeline investments. Since the merger, Sunstone Two Tree has grown AUM by over 250%, reflecting disciplined deployment during a cyclical dislocation and a strategic focus on markets with favorable demographic and housing fundamentals. The firm employs 36 professionals across acquisitions, asset management, development, construction, capital markets, investor relations, accounting, and legal, with meaningful team expansion over the past two years to support continued scale. Sunstone Two Tree’s investment strategy leverages its vertically integrated platform and local market expertise to source opportunities both on- and off-market. The Company capitalizes its platform through a combination of institutional joint ventures with leading partners and its recently launched inaugural GP fund, providing flexible capital to support both acquisitions and development. The Company targets well-located assets and development sites where entry basis is below replacement cost, creating opportunities for value creation through repositioning, operational enhancements, and new construction. Central to the platform is a commitment to delivering high-quality, attainable housing while generating attractive risk-adjusted returns and building a durable, institutional-quality business over the long term. Sunstone Two Tree maintains a concentrated presence in select growth markets, including Arizona, Texas, Florida, Nevada, California, and the Midwest, with a core emphasis on Phoenix and other Sunbelt MSAs. The Company’s development pipeline includes large-scale BTR communities and mixed-use projects in markets characterized by population and employment growth, limited new supply, and constrained affordability. A key differentiator of the platform is its internal BTR construction capability, providing enhanced control over cost, schedule, and execution across its growing development portfolio. Sunstone Two Tree’s platform is led by a highly experienced management team with deep institutional roots and a long-standing family partnership. The Company is co-founded and led by CEO Scott Maddux, formerly of Oaktree Capital Management and Blackstone, and CIO Tanner Maddux, previously with Rockpoint Group and Goldman Sachs. As a second-generation family firm, Sunstone Two Tree combines decades of institutional investment experience with an entrepreneurial operating mindset, benefiting from a leadership team that has successfully invested across multiple cycles while maintaining a long-term, partnership-driven approach to building a durable residential investment platform. Market Opportunity
The Vice President of Asset Management will play a central role in translating Sunstone Two Tree’s investment thesis into asset-level performance. The position will oversee portfolio strategy, execution of value-add business plans, and operational and capital initiatives across a growing, multi-market platform. Partnering closely with senior leadership, property management, and development teams, the VP will be responsible for driving NOI growth, improving operational efficiency, and ensuring disciplined execution across both stabilized and transitional assets. This is a unique opportunity to step into a highly visible leadership role at an entrepreneurial yet institutionally minded platform, with meaningful influence over portfolio performance and strategy. The role offers direct exposure to senior decision-makers, a clear growth runway, and the opportunity to help scale a differentiated residential investment platform during a period of continued expansion, with a long-term path to grow into and ultimately lead the asset management function as Head of Asset Management. THE POSITION
Title:
VP of Asset Management Location:
Westlake Village, CA or Scottsdale, AZ Position Summary: The Vice President of Asset Management is a senior leadership role responsible for overseeing strategy and execution across Sunstone Two Tree’s portfolio of value-add multifamily and build-to-rent communities. This individual will lead business plan execution, guide capital deployment, and drive operating performance to ensure assets meet return targets while supporting the Company’s focus on high-quality, well-managed housing. Working closely with the CEO, CIO, and COO, the VP will help build and scale the asset management function, co-manage a team of analysts, and partner closely with property management, construction, and capital markets. The role is highly hands-on and spans the full investment lifecycle, from acquisition and transition through renovation, stabilization, financing, and eventual disposition. The VP will lead operating and financial reviews, remain actively engaged with on-site and construction teams, conduct regular asset visits, and ensure disciplined execution that drives NOI growth, operational efficiency, and a strong resident experience across the portfolio. Responsibilities: Lead asset-level execution of business plans across the portfolio, with a focus on leasing performance, rent optimization, expense control, and NOI growth relative to underwriting Own ongoing performance management through detailed review of financials, KPIs, and cash flow, proactively identifying variances and implementing corrective actions Drive cross-functional execution by leading weekly operating calls and closely coordinating with property management and construction teams to align renovation, leasing, and unit-turn strategies Provide support for investor communications, quarterly updates, and annual meetings Maintain a hands-on operating presence through regular site visits to evaluate asset condition, staffing, safety, capital execution, and resident experience standards Support financing strategy, lender compliance, and risk management, including covenant tracking, reporting, inspections, and insurance coordination Provide asset management insight across the investment lifecycle, including acquisition underwriting support, ongoing market analysis, and hold/sell disposition planning THE PERSON
Sunstone Two Tree seeks a seasoned asset management professional with 6+ years of experience overseeing the operational and financial performance of multifamily and/or build-to-rent portfolios. The ideal candidate will bring a strong owner-operator mindset with a proven ability to execute asset-level business plans, manage cross-functional teams, and drive performance across multiple markets. This individual will combine analytical rigor with hands-on operational leadership, effectively partnering with property management, construction, and senior leadership to enhance asset performance and support scalable portfolio growth. Experience and Expertise: Strong proficiency in asset-level financial analysis, budgeting, and forecasting, with the ability to track performance against underwriting assumptions, KPIs, and return benchmarks Deep experience overseeing rental housing portfolios, including value-add and lease-up assets, with a strong understanding of operational drivers, capital planning, and NOI optimization Working knowledge of property and liability insurance, risk management practices, and lender or investor compliance requirements Proven ability to implement structure, process, and accountability across asset management workflows while maintaining an entrepreneurial, owner-operator mindset Excellent communication and interpersonal skills, with the ability to align property management, construction, and senior leadership teams and clearly present performance to stakeholders Willingness and ability to travel regularly ABOUT INCUCAP SEARCH Incucap Search is an executive search firm focused on the human capital needs of growing real estate fund managers, operators, developers, capital allocators, and investors. Launched in 2023 after more than a decade of advising real estate firms and candidates on strategic human capital opportunities, the firm has become a one-stop shop for managers in growth mode, providing solutions across financial capital, human capital, and institutional best practices.
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