Company overview:
Our client is a regional leader in the development, construction, acquisition, and management of residential housing, with a specialty in affordable and mixed-income communities. A family-run business, their mission is to develop high-quality residential communities to be held and effectively managed long-term. They are an integrated real-estate company, encompassing development, construction management, and property and asset management.

Since 1977, our client has developed over 1,400 residential apartments, condominiums, and single-family homes as well as 250,000 square feet of commercial and office space throughout Northern New England and Upstate New York. In addition, the firm manages mixed-income and affordable properties for third-party owners.

Their portfolio of affordable housing remains tremendously successful, maintaining 99%+ occupancy levels with strong financial balance sheets. The firm has constructed a unique and innovative model to promote lasting, well-maintained and well-managed affordable housing for families and independent seniors of all income levels.

Position Overview:
This Chief Operating Officer (COO) will work with and report to the Chief Executive Officer (CEO) to oversee the asset management and property management operations of the firm’s Property Management Group, taking primary responsibility for asset management tasks and leading a team of Directors managing the day-to-day property management operation.

As an asset manager, the COO is expected to formulate and implement an asset management and reporting program for the residential portfolio. The COO will review operating and capital budgets, review financial and performance metrics, manage refinancings, handle tax/insurance matters, monitor asset valuations, and advise on the development of new projects. The position will help drive major capital transactions of multifamily assets starting with input on acquisition and refinancings and orchestrating asset dispositions.

As a property management executive, the COO will oversee property management operations, including direct oversight of the Finance, Property Management, and Operations Directors. The COO will identify and direct continual improvements to our portfolio’s economic performance, provide executive leadership on HR and business-related decisions, ensure consistent compliance with LIHTC and other affordable housing programs, maintain the properties’ physical upkeep and curb appeal, and ensure resident access to services and programming.

This individual is expected to institute best practices and systems to further the mission of the firm, create a welcoming, rewarding work environment, and obtain the highest possible return on assets from acquisition to implementation to disposition. We strongly believe and have proven that a committed and engaged team can create both satisfied residents and highly productive assets.

Responsibilities:
• Provides financial oversight of the properties, including drafting operating budgets and 5- year cap-ex plans, and monitors and provides monthly financials to assess performance against budgets. Acts swiftly to address budget variances exceeding 5%.
• Oversees the Director of Property Management and their team and establishes the leasing criteria for each property to ensure compliance with applicable housing programs and Fair Housing laws. Ensures that all leases and residents are in compliance with applicable programs.
• Oversees implementation of the leasing and marketing of the properties. Provides guidance to property management on occupancy issues and advises on changes to rental rates and offered concessions. Oversees property marketing materials. Seeks market data and assesses comparable properties on a regular basis.
• Visits stabilized properties no less than quarterly. Assesses the general physical condition of the building systems, housekeeping, and grounds. Confirms effectiveness and efficiency of property management staff (on-site and regional). Identifies and implements improvements to curb appeal and marketability.
• Coordinates with the Director of Property Management for the overall execution, including scope, design, budget and on-time completion of capital improvements.
• Coordinates with Director of Property Management to encourage and support optimal social programming.
• Coordinates with Chief Executive Officer and Real Estate Development team to analyze and continuously improve building design and performance standards.
• Understands that property management requires after hours monitoring and accessibility. In the event of crisis management, determines how to proceed in partnership with the property managers and staff. In real time, conveys the issues to senior leadership.
• Direct the implementation and execution of business plans for all multifamily assets, with responsibility for engaging and managing providers of property management, construction management, and other vital services.
• Responsible for managing multifamily joint venture relationships, which includes regular travel to out of state investments to monitor business plans.
• Lead the quarterly valuation and review efforts for all multifamily assets, in coordination with the Chief Executive Officer, focusing on understanding asset performance.
• Alert the Chief Executive Officer and seek advice on potential issues as they arise (and work with team to evaluate solutions).
• Lead oversight of the portfolio to achieve developed and measurable near-term and long-term goals and objectives; coordinate regular review of financial and operating results to ensure asset performance relative to those goals and objectives.
• Guide all major transactions post-development or post-acquisition, including all refinancings or debt modifications as well as the ultimate disposition of assets.
• Work with the development team to coordinate due diligence efforts on new developments and investments and ensure consistency and quality of underwriting assumptions.
• Active engagement in outside multifamily associations both locally and nationally.

Qualifications:
Ideal candidates will possess as many of the following as possible:
• 7+ years of in-depth asset management or investment management experience in residential real estate management, construction, development and /or related disciplines.
• 10+ years direct supervisory experience
• Experience managing properties funded through Section 8 Housing Choice Vouchers, federal Low-Income Housing Tax Credits (LIHTC), the HUD HOME program, and other affordable housing financing programs.
• Superior real estate-specific financial modeling, analytic, and quantitative skills, including strong computer skills and confidence in working in Excel.
• Knowledge of management principles, practices, and procedures, including landlord/tenant practices and laws.
• Proven track record of success in management of affordable and subsidized multifamily rental properties; including good record of tenant relations.
• Superior communication skills, both orally and in writing.
• Physical ability to visually assess and physically inspect all floors of multi-story properties.
• Experience within a multifamily operating company with in-house asset and property management services is ideal but not required.
• Excellent planning and organizational skills; ability to analyze complex situations and develop timely solutions and manage shifting priorities, deadlines, and workloads quickly and frequently.
• Detail-oriented with a solid ability to think and communicate strategically.
• Project management skills and the ability to multitask and prioritize workload efficiently and effectively with little direction.
• Bachelor’s degree required; Advanced Degree is a plus.