Senior Asset Manager

DevCo Residential is a privately held real estate investment company with nearly 40 years of experience, specializing in the development, ownership, and management of affordable and market-rate apartment communities across the United States. Headquartered in Bellevue, Washington, DevCo and its affiliates manage over 14,000 units and are one of the largest providers of affordable housing in Washington State.

About the role

We are seeking a full-time Senior Asset Manager to serve as the owner’s representative for a portfolio of affordable multifamily assets. This senior leadership role within the Asset Management department requires an experienced professional capable of independently analyzing complex operational, financial, compliance, legal, and strategic matters while driving asset performance and long-term value creation. The Senior Asset Manager will report directly to the Vice President of Asset Management and exercise sound judgment in making recommendations to executive leadership.

In addition to portfolio oversight, this role involves providing leadership, mentorship, and guidance to Asset Managers and other team members, helping establish departmental best practices, improve processes, strengthen internal controls, and support the continued growth and scalability of the Asset Management platform. This position may be based in our Bellevue, Washington or St. Louis Park, Minnesota offices, or performed remotely.

Responsibilities

• Serve as the senior asset management lead for a designated portfolio of affordable housing assets, demonstrating expertise across the full asset lifecycle, including development oversight, construction monitoring, tenant relocation, LIHTC lease-up and compliance, stabilized occupancy testing, institutional investor reporting, audit and tax return review, partnership interest valuation, refinancings, dispositions, and long-term asset preservation strategies.
• Provide leadership, coaching, and technical guidance to Asset Managers and other members of the Asset Management team.
• Lead the resolution of complex asset, partnership, lender, investor, compliance, and operational issues with limited oversight while recommending strategic solutions to executive leadership.
• Review, interpret, and negotiate complex partnership agreements, loan documents, regulatory agreements, development contracts, and other legal documents affecting portfolio performance and ownership objectives.
• Develop and implement portfolio-wide asset management strategies designed to maximize cash flow, preserve affordability, mitigate risk, and enhance long-term asset value.
• Identify underperforming assets, develop corrective action plans, and lead cross-functional teams to execute performance improvement initiatives.
• Provide oversight and quality control for financial analysis, investor reporting, budget reviews, capital planning, and compliance monitoring performed by other team members.
• Serve as a key liaison with executive leadership, development partners, lenders, investors, syndicators, regulatory agencies, and third-party management companies.
• Drive departmental initiatives, process improvements, technology adoption, and reporting enhancements to support portfolio growth and operational excellence.

Requirements

• 7-10 years of applicable industry experience in asset management, with LIHTC multifamily industry experience required and HUD experience preferred.
• LIHTC Compliance Certification, such as HCCP or C3P, is preferred.
• Demonstrated capacity to read, analyze, and understand complex partnership agreements, development agreements, loan documents, regulatory, and legal documents.
• Proven ability to create and manage project budgets and expenses.
• Strong analytical, interpersonal, writing, and research skills.
• Exceptional organizational skills and task-oriented approach.
• Proficiency in Microsoft Excel; Power BI experience is a plus.
• Excellent written and verbal communication skills.
• Self-motivated, resourceful, and proactive with the ability to work independently, prioritize effectively, and multitask under pressure.
• Four-year bachelor’s degree in business, finance, or a related field.
• Must be able to speak, read, and write English sufficiently to carry out duties.
• Successful completion of background check and drug screen is required.
• Must be legally qualified to work in the U.S. meeting I-9 guidelines.
• Available for periodic travel several times per year.

Supervisory Responsibilities

This position may provide direct oversight, mentorship, training, and performance guidance to Asset Managers and other members of the Asset Management team. While not necessarily a direct people manager, the Senior Asset Manager is expected to function as a departmental leader and subject matter expert.

Pay

$130,000 to $190,000 in annual salary (depending on experience level) plus a 15% annual bonus target.

Schedule

Monday-Friday with a schedule as agreed upon with the hiring manager.