The Asset Management team is responsible for the company’s portfolio of affordable and mixed-income multifamily housing in transit-oriented or walkable locations and the preservation of its affordability, continual improvements to its economic and environmental performance, and Community of Opportunities programming that enhance the lives of its residents. The team works in collaboration with the company’s Community Management who manages the properties or work in joint venture with local partners who share our vision and commitment to making an impact. As part of this endeavor, our client is seeking an Associate Director, Asset Management who will represent the financial goals and social and environmental mission of the company in taking responsibility for the following job functions.
Key Duties and Responsibilities
- Provides financial oversight of the property and the overall portfolio. Devises and updates business plans based on the investment goals, market conditions and their own strategic expertise and provides guidance to others on same. Resources permitting, Associate Director can rely on analytical assistance from other members of the Asset Management team. Provides guidance to property management on operating budgets and 5 year cap-ex plans in context of the business plans. Acts swiftly to address pressing financial matters. Fully understands the economics of a deal and continuously seeks to optimize value across the portfolio.
- Drafts timely, detailed and accurate reporting by synthesizing relevant information and extracting data from several sources for both internal use and external investor reporting on a quarterly and annual basis. Meets or exceeds all deadlines. Supports the Managing Director by continuously seeking more efficient processes for the Practice Group. Produces effective and accurate reporting that requires with minimal input required from Managing Director.
- Visits stabilized properties quarterly and transitional properties monthly. Has a deep understanding of the company’s mission and brand therefore ensures that all properties operate to the expected environmental, health and Communities of Opportunity standards. Assesses the general physical condition of the building systems, housekeeping and grounds as well as the effectiveness of the property site staff. Acts swiftly to address and resolve areas of concern. Responsible for overall execution, including scope, design, budget and on-time completion of capital improvements in conjunction with the assigned project management staff and ensures that the work is completed in a manner that meets the company’s mission and brand expectations.
- Coordinates with sustainability team to analyze and continuously improve environmental performance. Coordinates with Community of Opportunity team to encourage and support optimal social programming. Embraces and values the company mission and is responsible for ensuring that the properties meet the mission.
- Understands that Asset Management requires after hours monitoring and accessibility. In the event of crisis management, determines how to proceed in partnership with the property. In real time, conveys the issues to executive team and to investors as appropriate. Confers with Managing Director on public relations and has the capacity to advise the team on such matters.
- Provides strategic oversight on the leasing and marketing of the property. Provides guidance to property management on occupancy issues and advises on changes to rental rates and offered concessions. Reviews property marketing materials. Seeks market data and assesses comparable properties on a regular basis. Has a strong command of the company brand. Encourages best in practice processes and seeks continual improvements.
- Leads the refinancing and disposition of properties and is responsible for the successful completion of the transaction. Drafts sales /refinance analyses in conjunction with the asset management analyst and is responsible for making the recommendation to the investment committee. Takes the lead on identifying lenders, brokers or other third parties required in the transaction and takes the lead on related communication. Provides guidance to Asset Management team members in doing same.
- Contributes to the Asset Management Practice as a whole by providing mentorship to other team members, leads and completes portfolio, practice and / or organizational initiatives that result in wide spread positive results. Maintains strong partnership and industry relationships. Publicly represents the company well, embraces its mission and effectively communicates to the communities in which we develop and within the real estate industry.
Our client is one of the country’s leading developers and investors in sustainable, affordable, and mixed- income multifamily real estate. The company’s mission is to strengthen communities of opportunity by developing innovative real estate solutions that build value, enhance resilience, and cultivate well-being. In 2017, the company was the top acquirer of affordable housing in the country, and with more than 15,000 units owned, it is the 10th largest owner.
Since its founding in 1989, the company has been recognized for design excellence and for creating successful models that enhance the ability of our residents, and the communities they live in, to thrive. The company’s innovative work has modeled widely duplicated solutions and won awards from a wide range of notable organizations, including the Urban Land Institute, the National Trust for Historic Preservation, the American Planning Association, the American Institute of Architects, and many others.
The company is committed in policy and practice to providing equal employment opportunities for all applicants and employees, based upon their training, experience, and overall qualifications. Consistent with this commitment, discrimination against an applicant or employee based upon the individual’s race, color, creed, religion, sex, gender, age, national origin, ancestry, citizenship status, marital or familial status, sexual orientation, gender identity, gender expression, disability, military status, protected veteran status, genetic information, or any other condition or characteristic protected by law is strictly prohibited.
- Experience in real estate and HUD, LIHTC or Mixed-Income Housing or State Housing Authority (10+ years).
- Undergraduate (Bachelor) Degree in Accounting, Finance, Real Estate, or a related discipline.
- Strong written and verbal communication skills.