Asset Manager

$130,000 - $150,000 yearly
  • The Paulsen Group
  • Remote
  • Mar 11, 2024
Full time LIHTC Developer Real Estate

Job Description

Join a growing multifamily real estate investment, development, and property management firm. The Asset Manager will be responsible for approx. 8-10 pre-stabilized properties in 4 states. Under the direction of the company’s principals, the Asset Manager shall be responsible for all functions of Asset Management for assigned properties including oversite of property operations and management to ensure physical and financial well-being of the properties and monitoring compliance with property specific regulatory agreements. The Asset Manager will produce reports used for analyzing and evaluating property needs and will be a key contact for coordination and collaboration with internal team and outside parties.

Essential Duties and Job Responsibilities

 

•         Responsible for the evaluation and monitoring of financial performance against benchmarks and requirements as stated in lender and limited partnership documents.

•         Prepare and coordinate the distribution of quarterly, annual and periodic reporting to lenders, investors and regulatory agencies.

•         Participate in the development of annual property budgets in collaboration with all stakeholders involved.

•         Prepare and submit in a timely manner annual renewals of welfare tax exemptions for all properties.

•         Conduct property site visits and evaluate physical condition of the asset.

•         Maximize revenue and net operating income of portfolio.

•         Maintain organized, systematic electronic and, as appropriate, traditional files for all properties in assigned portfolio.

•         Assist in negotiations of vendor contracts and ensure vendors adhere to agreed-upon terms.

•         Read, analyze, interpret, and execute project documents including but not limited to partnership agreements, bond documents, loan agreements, architectural and construction contracts.

•         Review property due diligence and collaborate on renovation scope and architectural plan development.

•         Review and approve submittals, RFIs, change orders and other construction period documents.

•         Collaborate on relocation plan development and manage tenant relocation during renovation process.

•         Manage initial tenant file certification, property lease up, and tax credit timing adjusters.

•         Work with Controller and outside auditors on Cost Certifications, place in service packages, and shepherd receipt of 8609s.

•         Manage tax credit equity pay-ins, 8609 procurement and low-income housing tax credit compliance.

•         Process construction draws and manage construction budgets/schedules for substantial renovations.

•         Other relevant duties as assigned.

 

Qualifications

 

•         Bachelor’s Degree or equivalent work experience in real estate or property management of HUD and tax credit projects.

•         Familiarity with affordable housing development, asset management or property management in the public or nonprofit required, including 4% rehab properties.

•         Familiar prepping properties for REAC inspections, MOR inspections and state compliance audits.

·         Previous experience developing and continuously improving property management operations to enhance team efficiency, quality and performance.

·         Understand the financial and nonfinancial performance drivers of affordable housing properties.

•         Strong organizational and analytical skills.

•         Ability to handle shifting and multiple priorities in a fast-paced environment.

•         Excellent judgment and decision-making, interpersonal and time management skills with the ability to work under pressure and successfully meet deadlines.

•         Strong verbal/written communication skills with demonstrated ability to exercise tact and diplomacy with internal team and outside parties.

•         Highly skilled in the use of MS Word and MS Excel software.

•         Valid driver's license and availability to drive as necessary to properties splitting time between site visits and Santa Monica office location as needed.

·         Previous experience with Yardi Voyager a plus.

•         Ability to read/interpret limited partnership agreements, loan documents and regulatory agreements.

 

Additional Information

 

This full-time exempt position comes with a competitive benefits package.