Asset Manager

About the role

The Asset Manager serves as the Owner's representative for a portfolio of multifamily assets owned by Bear Real Estate Group, including Low-Income Housing Tax Credit (LIHTC), HUD Section 8, Project-Based Voucher (PBV), Rental Assistance Demonstration (RAD), and market-rate communities.

Responsibilities

• Financial Asset Management
  • Review monthly operating statements, rent rolls, occupancy reports, delinquency reports, and variance analyses.
  • Analyze operating performance compared to approved budgets and identify operational or financial risks including Net Operating Income (NOI), cash flow, and debt service coverage.
  • Prepare quarterly asset management reports for ownership summarizing financial performance, compliance, capital projects, and operational risks.
  • Benchmark portfolio performance against internal goals and market comparables.
  • Identify opportunities to increase revenue, reduce expenses, and improve long-term asset value.
  • Oversee replacement reserve funding and reserve utilization.
  • Auxiliary with lender reporting requirements and loan compliance and monitor debt covenant compliance and reserve requirements.
  • Cook up annual reporting requested by lenders, investors, syndicators, and ownership.
• Third-Party Management Oversight
  • Serve as the primary liaison between ownership and third-party management companies.
  • Establish performance expectations through scorecards and key performance indicators and conduct regular operational reviews with management companies.
  • Evaluate management company performance and recommend contract renewals, corrective action plans, or management transitions when appropriate.
• Affordable Housing Compliance
  • Review results of Management and Occupancy Reviews (MORs), NSPIRE inspections, state agency audits, and contract administrator reviews.
  • Track timely completion of corrective action plans by management companies.
  • Monitor annual Section 8 Housing Assistance Payment (HAP) contract renewals impact on revenue and operating performance.
  • Analyze annual rent adjustments, utility allowance calculations, utility analyses, and OCAF increases against budget.
  • Incorporate compliance status and findings into performance and risk monitoring.

Qualifications

• Ability to work collaboratively and independently on multiple projects.
• Excellent interpersonal, written, and oral communication skills.
• Ability to solve practical and complex problems by utilizing internal and external resources.
• Advanced skills in Microsoft Excel and Real Page Asset Investment Management, Power Business Intelligence, or Revenue Management is a plus.
• Bachelor’s degree in business, finance, real estate, or related field.
• 5+ years of experience in multifamily housing, with specific experience in LIHTC and HUD multifamily housing asset management.
• Knowledge of HUD 4350.3, RAD PBRA/PBV, Section 8 programs, MORs, NSPIRE inspections, and HUD contract management (HAP/CHAP, rent adjustments, OCAF).
• Experience overseeing or working with third-party management companies.
• Strong financial analysis, reporting, and communication skills.
• COS, HCCP, CPM, BOMS or similar industry certifications preferred.

Benefits

Invest in Your Future: 401(k) with company match, plus annual merit-based increases
Prioritize Your Health: Comprehensive medical, dental, vision, life insurance, Long-Term Disability, and FSA and HSA options.
Recharge and Renew: Generous paid time off and 8+ paid holidays.
Voluntary Benefits: Short Term Disability, Accident, Critical Illness, and Hospital Indemnity.
Keep Growing: Ongoing education, leadership training, and advancement opportunities across all departments.
Celebrate Together: Annual employee appreciation events, team outings, and company-wide recognition programs.
Make an Impact: Contribute to meaningful projects that shape neighborhoods and improve lives.
Be Rewarded: Eligible for performance-based bonuses.