Director of Asset Management

2 months ago

Minneapolis, Minnesota, United States Aeon Full time

Aeon seeks an experienced asset management professional to direct a growing asset management team, which is responsible for Aeon's long-term owner interest to maintain a strong portfolio of housing communities.

The Work of the Team

The asset management team accomplishes its purpose by executing on financial, physical, policy and mission opportunities for the portfolio, engaging with a myriad of funding partners, delivering on commitments, and building productive relationships. The team's work includes, but is not limited to:

  • Property and portfolio level analytics.
  • Financial, physical, and operational performance monitoring to identify problems and opportunities.
  • Managing properties' organizational, contractual and regulatory requirements.
  • Capital improvement, reserves, and financial planning.
  • Refinancing, restructuring, and repositioning.
  • Real estate tax management.
  • Insurance management.
  • Collaborating closely with Aeon's property management, accounting, compliance and housing development teams to ensure Aeon's property ownership goals are understood and met, properties are effectively programmed and operated, reporting and compliance requirements are met, and new developments and acquisitions incorporate accumulated knowledge from long-term ownership.

Position & Accountabilities Overview

The Director of Asset Management will be accountable for the stewardship of Aeon's affordable housing portfolio, ensuring long-term mission-impact, financial and physical sustainability and that Aeon's financial expectations and requirements are met, while maintaining positive relationships with property funders and regulatory agencies. The Director of Asset Management reports to the Senior Director of Asset Management.

Specific performance accountabilities include, but are not limited to:

  • Provide leadership and development support to a team of asset managers.
  • Oversee development and execution of comprehensive annual business plans, operating and capital budgets for each asset.
  • Create or update and document relevant processes and procedures to ensure efficiency, consistency, and quality in execution of portfolio management.
  • Collaborate to procure new capital resources and grants, incorporating green strategies as applicable.
  • Oversee all portfolio statutory and regulatory requirements working collaboratively with other departments and teams.
  • Develop and present portfolio-level analytics. Review, analyze, and compare current and historical operating performance against key metrics and original underwriting.
  • Develop multiyear forecasting/planning models that support risk management as well as facilitate refinancing and exit strategies.
  • Oversee cash flow forecasting and draws from reserves to ensure properties meet monthly payable obligations.
  • Manage the waterfall calculations and timely distribution of surplus cash monthly, quarterly or annually as allowed.
  • Manage takeover of new assets, ensuring smooth transition into the portfolio.
  • Contribute to positive, productive relationships with funders, lenders, partners, and other key constituents.

Skills & Qualifications

Qualified candidates for this position ideally should also have relevant experience and knowledge in many of the following areas:

  • A minimum of seven years of experience in housing asset management, development, or another relevant field.
  • A history of significant achievement and success, which may include educational accomplishments.
  • Understanding of the due diligence process; experience in acquisition and refinancing is a plus.
  • Affordable Housing (particularly LIHTC) and the regulations and financing applicable to the industry.
  • Asset management, portfolio management, real estate development, relationship management, and/or property management.
  • Multifamily real estate transactions and associated legal documentation (mortgages, notes, loan agreements, deeds, regulatory agreements, subsidy contracts, settlement statements, limited partnership agreements, operating agreements, etc.).
  • Property audits, partnership tax returns, property budgets, deal underwriting, multiyear financial projections; etc.
  • Physical and capital needs assessment; facilities management; property renovations.

Qualified candidates should have provable ability in most or all the following areas:

  • Skilled in financial analysis using Microsoft Excel. Yardi experience a plus.
  • Strong verbal and written communication skills, including informative and persuasive correspondence.
  • Mature and emotionally intelligent behaviors, good people-skills, the ability to collaborate well with others and to successfully lead internal teams and externals consultants.
  • Ability to independently interpret and analyze the business terms included in legal documents and financial projections.
  • A high degree of accuracy, initiative, and creativity.
  • Demonstrated creativity and problem-solving skills.
  • Ability to identify and analyze situational cause-and-effect to make informed decisions.
  • Strong organizational and time management skills to meet deadlines, manage competing activities and demands, and/or generate urgency.
  • Ability to engage in interpersonal communication that is culturally responsive, ensuring consideration for differing needs and expectations.
  • Must have a commitment to learning and participating in Aeon's diversity, equity, and inclusion efforts.

Compensation & Location

Compensation is based upon level of experience and performance history. Aeon offers an impressive benefit package that includes medical, dental, vision, life insurance, short-term and long-term disability, retirement plan, generous paid time off and an employee assistance program. This is a hybrid position and will office mostly out of Aeon's Central Office in the North Loop of Minneapolis, MN with some work in the field as needed. Most weeks this position will be in-person on Tuesdays and Wednesdays and can work remotely on Mondays, Thursdays and Fridays. Variations to this schedule may occur for position or team needs. Due to the regular in-person needs of the role, this position is only open to current Minnesota residents or candidates willing to relocate prior to a start date with Aeon.

Please submit resume and cover letter detailing experience consistent with position accountabilities and qualifications outlined above to:

Position is open until filled.

Aeon values a diverse work environment. Individuals with disabilities, persons from BIPOC communities, the LGBTQ+ community, and people from underrepresented communities are strongly encouraged to apply.

Aeon is an Equal Opportunity / Affirmative Action Employer

Employees and residents are encouraged to apply.

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