Manager, Asset Management – Multifamily

Responsibilities

• Implement the organization’s asset management plan and strategy for the portfolio.
• Set performance goals for each asset and develop property-level asset management plans.
• Continuously monitor portfolio performance and adjust strategies to meet overarching goals.
• 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 while maintaining compliance and resident satisfaction.
• Manage LIHTC capital accounts and perform annual analyses of tax credit yields and investor IRR, especially as projects approach Year 15.
• 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).
• Ensure capital needs are properly planned and funded through reserves or financing.
• Ensure 100% compliance with all regulatory and investor requirements across the portfolio. Oversee compliance staff or directly manage compliance reporting.
• Proactively identify compliance risks 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.
• 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.
• Devise and implement corrective action plans for assets not meeting performance expectations. 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.
• 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.
• 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. Conduct performance evaluations of direct reports and guide their professional development.

Qualifications

• 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.
• Proven ability to lead a team and manage multiple projects/properties simultaneously.
• 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.
• 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.
• 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.
• 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.
• Demonstrated success in meeting financial targets for a portfolio and maintaining compliance.
• Familiarity with construction/rehab processes is helpful and advanced knowledge of partnership taxation as it relates to LIHTC is a plus.
• Experience tracking real estate development projects (from term sheet through closing). Ideally has experience closing both construction and permanent loans, and syndicating tax credits or other equity investments.
• Experience in a supervisory capacity (managing analysts/associates or leading deal teams). Leadership in cross-functional project settings can suffice if direct reports experience is limited, but managerial aptitude must be evident.