Asset Manager

Overview

The Asset Manager oversees a growing portfolio of affordable, and market rate multifamily developments. This person will work closely with our Director of Asset Management and our Development Directors.

 

Reporting directly to the Director of Asset Management, this position will be responsible for overseeing the financial performance, business strategy, and reporting requirements of a portfolio consisting of affordable, and market rate properties. This position requires the directing and evaluation of all internal and external reporting requirements to successfully meet budgeted projections and viability of the properties they oversee.

Responsibilities

Portfolio Management: Oversee a current and growing pipeline of properties and make strategic recommendations regarding operations, disposition and refinancing alternatives:

• Candidates must have an intimate understanding of partnership structures, approvals processes and an intimate working knowledge of regulatory agreements and loan requirements
• The affordable communities are financed with both federal and local subsidies including Low Income Housing Tax Credits (LIHTC). The market rate communities are either owned outright and/or in a joint-venture partnership
• Current Portfolio includes 2,200 units of affordable/multifamily with a robust pipeline of futures communities

Financial Analysis and Reporting: Evaluate and analyze property and portfolio level financial performance on a regular basis, identifying ways to improve and optimize operations, cash flow, and long-term value including:

• Annual budget development and monitoring with on-site property managers
• Annual marketing and leasing plans
• Bi-annual recapitalization, refinancing, and/or disposition analysis
• Quarterly financial reporting including a bi-annual physical assessment
• Quarterly capital improvement forecasting including processing any required capital calls for market rate project and/or LIHTC projects
• Monthly internal portfolio/property-level reporting including project in construction, lease up, stabilization and conversion
• Monthly financial statement review including partner distributions, operating statements, rent rolls, delinquency reports, utility reports, leasing reports, etc. to ensuring accurate accounting and budget variance approvals
• Daily monitoring stabilized state tax credit projects and on-site and reporting compliance for LITHC projects as required by IRS Section 42 guidelines
• Tracking and monitoring on-line reputations, social media and website SEO to insure market / industry leading performance

3rd Party Point of Contact: Lead and manage interactions with third-party investors, vendors and government regulators including:

• LIHTC investors, lenders, and on-site property management staff
• Debt and equity partners, including market-rate and affordable housing investors
• Third party inspectors including State Agencies and lenders
• Clients and third-party vendor partners including direction and oversight of third-party management company identifying any challenges and executing timely and effective solutions

Portfolio Value Maximization: Identify and manage issues and opportunities for revenue, expense and capital improvement optimization including:

• Assess and analyze all operational elements as part of a thorough risk assessment
• Oversee all capital projects
• Ensure assets are managed to the highest industry standards and in compliance with company standards
• Proactively analyze economic trends for each specific asset; sub-market and forecasts trends that impact to long/short term disposition and exit strategies

Internal Organizational Responsibilities:

• Coordinates activities with other departments especially Finance and Accounting
• Participates in monthly calls with the development team, property managers, and other partners
• Review and approve all RFP response and third-party contracts and ensure appropriate and consistent bidding and ultimate adherence to the contract terms

Qualifications

EDUCATION/EXPERIENCE

• Bachelor’s degree required, MBA a plus
• Minimum of 5 years of professional tax credit, HUD and asset management experience. Able to execute property level strategies
• Assisted living facility experience beneficial
• Prior property management experience in affordable housing is a requirement and additional experience in market rate is a positive

KNOWLEDGE, SKILLS & ABILITIES

• Certified Property Manager (CPM) designation is preferred
• Proven analytical and problem-solving skills
• Highly organized with the