Asset Manager II

Location: Irvine, California (Hybrid) | Full-Time | Experienced

Overview

The Asset Manager II (AM II) oversees a portfolio of high-risk and workout affordable housing properties, serving as a relationship manager, decision maker, and problem solver. The AM II reports directly to the Vice President of Asset Management and collaborates closely with other internal departments. In this role, the AM II develops and implements comprehensive workout plans through resolution, ensuring strategies are designed to preserve value and restore financial and operational stability. The AM II prepares and presents these plans in committee meetings, providing analysis, recommendations, and progress updates to leadership. Key responsibilities include conducting detailed reviews and financial analyses, scheduling and executing site visits, and working closely with joint venture partners, lenders, and property managers to drive performance and long-term viability of the assets. The AM II enhances CPP’s relationships with vendors, partners, and investors while managing asset-level concerns from development through sale or disposition. The role ensures the delivery of appropriate tax credits, optimizes cash flow, and safeguards the integrity and value of CPP’s portfolio.

Responsibilities

• Manage a portfolio of approximately 15 assets, including Tax Credit, HUD, Bond, HOME, and Rural Development properties, serving as the primary point of contact for the assigned management companies.
• Oversee financial and operational performance by monitoring budgets vs. actuals, occupancy levels, rent rolls, and monthly/quarterly/annual financial statements; review and approve annual budgets, reserve withdrawals, and year-end audits.
• Develop and implement Action Plans for high-risk properties in collaboration with partners and property management, tracking effectiveness on an ongoing basis.
• Conduct required site visits, with greater frequency for high-risk properties, and provide follow-up reporting to ensure compliance and progress.
• Evaluate management company performance and provide feedback on a quarterly, annual, or as-needed basis.
• Review governing agreements, financing documents, and regulatory requirements to assess structures, obligations, and constraints.
• Identify and resolve issues by collaborating with partners, property managers, lenders, and governmental/regulatory entities.
• Calculate and collect the annual Return-to-Owner (RTO).
• Participate in portfolio review discussions with internal teams, stakeholders, and management companies.
• Complete special projects and assignments as directed by the department.
• Partner with third-party property managers to direct and oversee business plans, budgets, forecasts, and approvals, ensuring alignment with ownership goals.
• Negotiate third-party contracts and monitor execution.
• Maximize total return for each asset by analyzing efficiencies and identifying opportunities for improved performance.

Qualifications

• Minimum of five years’ experience in multi-family housing, with direct asset management responsibility.
• Strong financial and analytical skills, with the ability to evaluate property performance, cash flow, distributions, and investment projections.
• Working knowledge of Low-Income Housing Tax Credit (LIHTC) and HUD programs; Rural Development experience preferred but not required.
• Solid understanding of multi-family real estate operations, including budgeting, forecasting, and leasing practices.
• Proficiency in Microsoft Office applications (Outlook, Word, Access, and Excel) with the ability to prepare detailed financial reports and analyses.
• Excellent communication, organizational, and interpersonal skills for collaboration with partners, property management companies, and internal teams.
• Ability to manage multiple priorities in a fast-paced environment.

Education

• Bachelor’s degree in Real Estate, Finance, Accounting, or related subject.
• Or, comparable experience as an Asset Manager.

Pay

$90,000 - $125,000

Benefits

• Medical, dental, and vision insurance
• Paid time-off
• 401k match
• Life insurance
• Long-term disability