Manager, Asset Management – Multifamily
About the role
The Asset Manager is responsible for the overall performance and oversight of the assigned affordable housing portfolio, functioning as the primary owner’s representative for those properties. This is a seasoned professional who ensures that each asset achieves its long-range financial, physical, and compliance benchmarks.
Responsibilities
Strategic Portfolio Management: Implement the organization’s asset management plan and strategy for the portfolio. Set performance goals for each asset (financial targets, occupancy, compliance metrics) and develop property-level asset management plans. Continuously monitor portfolio performance and adjust strategies to meet overarching goals.
Financial Performance & ROI: Take ownership of property financial outcomes. Review monthly and quarterly financial results for each property in detail, including income, expenses, net operating income, and cash flow. Approve or adjust operational plans to improve performance (e.g., rent increases, expense reductions) while maintaining compliance and resident satisfaction.
Manage LIHTC capital accounts (track tax credit equity contributions, ensure IRS compliance) and perform annual analyses of tax credit yields and investor IRR, especially as projects approach Year 15.
Annual Budgets & Capital Plans: Lead the preparation and approval of annual operating budgets and capital expenditure plans for the properties. Set clear guidelines for property management on budget targets (including appropriate rent levels and operating cost benchmarks). Review and finalize budgets, then present them (with justification) to senior management or the Board for approval. Ensure capital needs (e.g., renovations, major maintenance) are properly planned and funded through reserves or financing.
Compliance & Risk Management: Ensure 100% compliance with all regulatory and investor requirements across the portfolio. Oversee compliance staff or directly manage compliance reporting (such as LIHTC tenant certifications, financial audits, lender covenants). Proactively identify compliance risks (e.g., approaching deadlines, rent limit issues) and address them. Periodically conduct property site visits and audits of property management operations to assess physical conditions, regulatory files, marketing, and overall management quality. Develop action plans for any deficiencies noted.
Stakeholder Reporting: Provide regular dashboard reports and presentations on the portfolio to senior leadership. This includes summarizing key performance indicators, notable achievements, and areas of concern. Interface with investors and lenders: deliver required quarterly/annual reports, lead annual investor property inspections or calls, and maintain strong relationships by addressing questions or concerns promptly.
Problem Resolution: For assets not meeting performance expectations, devise and implement corrective action plans. For example, if a property is underperforming financially or operationally, step in to guide or change property management, adjust leasing strategies, or invest additional resources. Lead workout strategies for troubled assets, coordinating with legal, finance, and property management as needed to protect the owner’s interests.
Acquisition & Disposition Support: Participate in due diligence for potential acquisitions (reviewing financials, compliance status, and physical condition to inform underwriting). For dispositions, coordinate with the acquisitions/finance team and ensure that all asset-related obligations (like ROFRs, use agreements) are addressed. Assist in negotiating terms with buyers or partners for sales or refinancings by providing detailed property knowledge and analysis.
Team Leadership: Supervise Asset Management Associates and Analysts. Set their work priorities, review their analyses, and provide mentorship to develop their skills. Foster a collaborative environment where the asset management team works seamlessly with other groups (e.g., Development, Accounting). Conduct performance evaluations of direct reports and guide their professional development (e.g., recommending training or certifications).
Qualifications
Expertise: Strong expertise in real estate finance, particularly in affordable multifamily housing. Thorough grasp of LIHTC program rules, property financial statements, and real estate valuation. Able to creatively structure solutions for maximizing property value and cash flow within regulatory limitations.
Leadership & Management: Proven ability to lead a team and manage multiple projects/properties simultaneously. Skills in coaching and developing junior staff are important. Able to delegate effectively but also dive into details when necessary.
Communication & Negotiation: Excellent communicator with the capacity to persuasively present asset performance and strategy to executives and boards. Strong negotiation skills to work with property management companies (for management agreements or performance issues) and to negotiate terms with lenders, investors, or partners in refinancings and dispositions.
Analytical & Systems Skills: High proficiency in financial modeling and analysis. Comfortable using advanced software for asset management and reporting. Able to identify trends and insights from complex data sets and translate them into actionable strategy.
Industry Knowledge: Up-to-date on industry best practices and market trends affecting affordable housing. Familiar with federal and state housing regulations, Fair Housing laws, and emerging issues (e.g., changes in tax credit policy or programs that could impact the portfolio).
Problem-Solving: Creative and resourceful in solving problems. Can handle high-pressure situations (like a failing project or investor issue) calmly and effectively, drawing on experience and industry contacts as needed.
Benefits
Medical, dental, and vision insurance coverage, with eligibility beginning 30 days after employment
Health Savings Account (HSA) option
Access to telehealth and virtual care services
Mental health and wellness support, including expedited access to therapy and counseling resources
Basic life insurance, with the option to purchase additional coverage
Short-term disability insurance
Paid time off (PTO), accruing at 15 days per year
Ten (10) paid company holidays annually
401(k) retirement plan with employer match
Performance-based bonus program based on company and individual performance
Employee recognition and milestone celebrations
Access to an on-site fitness facility
Covered, year-round parking in an attached garage
Daily office amenities, including coffee, snacks, and beverages