Director, Asset Management

About the role

The Director of Asset Management is primarily responsible for overseeing an Asset Management team and assigned portfolio. The Director reports to the Vice President of Asset Management and works closely with internal departments, external partners, property management companies, lenders, investors, and regulatory agencies. This role is responsible for conducting financial reviews and analysis, monitoring property operations, developing and executing portfolio strategies, scheduling and completing site visits, and working closely with partners and property managers to support the long-term viability and performance of the portfolio.

Responsibilities

• Advise the Vice President of Asset Management while overseeing the portfolio, including portfolio risk, growth strategy, market conditions, operational performance, and internal team capacity.
• Oversee and coordinate the activities of the Asset Management team to protect the Company’s portfolio interests and ensure investor, lender, and regulatory requirements are met.
• Participate in investor communications and provide portfolio-level updates as needed.
• Lead the Asset Management team by fostering collaboration, supporting an inclusive stakeholder process, and developing strong working relationships across the firm.
• Participate in team and committee meetings for properties in the underwriting and acquisition process, with emphasis on market conditions, competing properties, operating assumptions, expense underwriting, and other data relevant to the underwriting process.
• Work with the Acquisitions team to review, develop, and refine initial operating budgets for new acquisitions, including assumptions related to revenue, expenses, staffing, maintenance, utilities, reserves, management fees, and other property-level operating needs.
• Provide strategic direction on integrating newly acquired or developed assets into the Company’s existing portfolio.
• Analyze market trends, market studies, income and expense reports, financial statements, and other operational data to evaluate portfolio performance and identify areas of risk or opportunity.
• Adjust portfolio and property-level strategies as needed to address unanticipated events, operational challenges, or market changes.
• Assess, revise, and implement management policies and procedures for use in the Company’s multifamily housing and monitoring programs to support the overall safety, soundness, and financial performance of the portfolio.
• Develop, refine, and execute property-level business plans for a large portfolio of properties, with a focus on newly developed or acquired properties.
• Update and manage annual asset-level business plans for each property to maximize value, preserve long-term viability, and support distributable cash flow.
• Conduct site visits to evaluate property performance, physical condition, management execution, compliance with business plans, and overall asset strategy.
• Represent Community Preservation Partners as an owner representative in partner discussions, third-party interactions, and property management matters, including the introduction and transition of new third-party management companies.
• Establish and maintain strong working relationships with owners, managers, housing partners, lenders, investors, and regulatory agencies while fulfilling the Company’s obligations and monitoring compliance with HUD, IRS, state, and local regulations.
• Communicate professionally and timely with Community Preservation Partners leadership, including the Vice President of Asset Management, Senior Vice President, and Asset Management team regarding portfolio activities, risks, and key updates.
• Represent Community Preservation Partners at industry functions and seminars while continuing to expand knowledge of the affordable housing industry.

Requirements

Education & Experience

• Minimum of 5 years of experience in asset management, development, and/or property management within affordable housing.
• Bachelor’s degree in Real Estate, Finance, Development, Business, or a related field preferred.
• Strong understanding of affordable housing programs, including Low-Income Housing Tax Credits, HUD Section 8, and other federal, state, and local affordable housing programs.
• Ability to prioritize various risk factors within the portfolio while protecting the Company’s ownership and guarantor positions.
• Ability to evaluate property operations, financial performance, budgets, market conditions, and management performance.
• Ability to develop new department procedures and advise senior leadership on recommendations, process improvements, and strategic initiatives.
• Ability to think independently, exercise sound judgment, and be self-sufficient in all aspects of the position.
• Strong communication, leadership, relationship management, and problem-solving skills.
• Travel is required within the existing portfolio and to desired markets for future acquisitions.
• Must conduct oneself and all business matters with the utmost integrity.
• Must promote a collaborative environment across multiple departments and stakeholder groups.