1149 S Hill St, Los Angeles, CA 90015, USA Full-time
Company Description
Abode Communities’ affordable housing portfolio consists of more than 40 properties with over 2,700 units which generates over $24 million in annual revenue.
Under the direction of the Vice President, Property & Asset Management, the Director, Asset Management will manage the Asset Management functions of the organization with currently two direct reports.
Responsibilities include overseeing the operations and management of the portfolio ensuring the properties’ physical and financial well-being, and making sure the properties are in compliance with their legal and regulatory requirements.
The Director, Asset Management is also responsible for analyzing and evaluating property needs and opportunities and coordinating with multiple departments, including Development, Finance and Property Management.
Job Description
The Director, Asset Management will monitor, review and analyze the physical, financial and compliance performance of the Abode Communities’ portfolio ensuring that the portfolio meets or exceeds standards set.
This position will report on the performance of the portfolio to senior management and the Board of Directors on a quarterly and annual basis.
Working with the Senior Vice President, Property & Asset Management and the Director of Facilities, the Assistant Director, Asset Management is charged with maintaining, improving and providing solutions regarding the physical health of the assets.
This position is also responsible for negotiating and executing Year 15 exits for LIHTC partnerships as well as collaborating with the Real Estate Division’s Portfolio Management staff on debt restructuring or refinancing at various stages of the property’s life cycle and during an analysis for re-syndication.
Specific Duties and Responsibilities
Under the direction of the Vice President, Property & Asset Management, oversee the operations and management of the organization’s residential portfolio ensuring that the properties’ performance meet or exceed financial expectations, are physically maintained at or above company standards, and comply with all regulatory requirements
In collaboration with the Director, Compliance and the Regional Supervisors, develop, review and present to the Vice President, Property & Asset Management, the Executive Management Team and the Board of Directors for approval, the annual property budgets
In collaboration with the Regional Supervisors, conduct monthly variance analysis to understand and explain both project specific and portfolio wide trends, including analysis and proposed resolutions to any portfolio issues
In collaboration with the Director of Facilities, maintain capital improvement plans and provide solutions to capital improvement needs through management of reserves, securing soft funding through public sources, restructuring of existing debt, seeking refinance opportunities, and ensuring timely approval of bid packages for capital improvements
Update, maintain and present to the Vice President, Property & Asset Management, the Executive Management Team and the Board of Directors various reports including but not limited to the Portfolio Performance Report and the Schedule of Real Estate Owned
Maintain property tax welfare exemption by submitting initial application and maintain ongoing compliance
Ensure properties are performing at optimal levels physically and financially and are in full compliance in all aspects; establish and maintain procedures for appropriate level of oversight over operations and compliance of properties; assist in resolving operational and compliance issues when necessary.
Oversee and manage tax credit investor buyout activities for all existing projects in the portfolio that are at the completion of the initial 15-year compliance period.
Develop and maintain portfolio-wide scan to identify and evaluate financial and physical needs of properties within Abode Communities’ existing portfolio.
Conduct physical, financial and operational due diligence of specific properties at or beyond 10 years of the initial occupancy and compliance period.
Assist the Chief Financial Officer in ensuring that limits of insurance coverage comply with minimum requirements provided for in all agreements (i.e., partnership, lender, regulatory, etc.) including but not limited to the following policies: Property, Liability, Workers’ Compensation.
Conduct initial due diligence of acquisition opportunities of both covenanted and unrestricted multifamily assets to preserve as affordable housing.
Supervise and train Asset Management staff, including prioritizing responsibilities and managing workload.
Engage in collaboration within industry including the use of industry wide tools for internal benchmarking such as databases and best practices
Establish and maintain effective business relationships with all financial partners including lenders and investors
Perform other duties as required
Qualifications
· Bachelor’s Degree and ten or more years of progressive experience in asset management or property management with at least five in affordable housing, including working with LIHTC, HUD and other public subsidy regulatory programs.
Previous management or supervisory experienced required.
· Knowledge of asset management functions including understanding property budgets, variance analyses, capital improvement plans, as well as investor and lender reporting requirements.
· Ability to initiate and maintain effective and cooperative working relationships with colleagues, consultants, team members, local government agencies, lenders/investors, and other stakeholders.
Experience working with principals and senior level officials.
· Knowledge of and experience with loan packaging, public and private affordable housing resources, and subsidy programs.
· Ability to effectively engage community representatives, including persons with diverse economic and educational backgrounds, in the real estate and community development process.
· Well-organized, detail oriented, and excellent analytical skills; proficiency in sophisticated financial analysis using Excel and with word processing software such as Microsoft Word.
· Strong analytical and problems solving skills; good client and public presentation skills; and excellent oral and written communication skills.
· Well versed and knowledgeable in key aspects of property due diligence, including regulatory review, as well as physical and operational assessments.
· An entrepreneurial and creative approach to problem-solving in the field of real estate development; enthusiasm and team building spirit.
· Access to reliable transportation.
Additional Information
Salary is commensurate with experience.
Benefits include medical, dental and vision insurance, life, AD&D and long-term disability insurance, voluntary retirement plan with employer match, vacation and sick leave, and a 9/80 flexible schedule with alternating Fridays off.
Diversity & Inclusion
Abode Communities is an equal employment opportunity employer.
We welcome candidates of diverse backgrounds and experiences, and actively seek to promote diversity and inclusion within our hiring practice and throughout our workforce.
1149 S Hill St, Los Angeles, CA 90015, USA