Regional Asset Manager
3 weeks ago
REPORTS TO: Director of Portfolio Management
STATUS: Exempt
LDG Development and our affiliated companies are growing rapidly to produce higher levels of much-needed affordable housing across the nation. Our founding belief that “Everyone Deserves a Quality Place to Live” has resulted in an organization that has now achieved #1 Ranking as Affordable Housing Developer and our focus on our employees and company culture has resulted in the Top Best Places to Work in Louisville each of the last two years. We believe that the foundation of a stable supporting living environment allows individuals to thrive and accomplish their dreams in education, career paths, and more. The overall reputation and quality that LDG puts forward in all business practices are key to keeping our goals alive.
POSITION SUMMARY:
The asset manager is the “eyes and ears” of the Owner/GP and LDG for a designated portfolio of communities to achieve primary objectives: Provide residents with the best living experience possible by maintaining quality communities and programs for residents. Enhance the value of the asset/investment throughout its life cycle. Mitigate operational and financial risks of the investment. Direct oversight and collaboration with Property Management Companies associated with designated assets. Develop asset strategy and ensure expectations associated with residents are achieved by property management and that ongoing transparent communications are occurring. Reinforce LDG’s culture of transparency, integrity, dignity, respect, and professionalism in all interactions.
ESSENTIAL JOB DUTIES AND RESPONSIBILITIES:
- Evaluate overall property performance to develop and implement a strategic business plan.
- Monitor and evaluate financial operating results to enhance cash flow and profitability by completing monthly financial reviews and reviewing weekly property operating KPIs.
- Oversee cash management for properties. Review monthly cash forecasts and prepare funding requests if applicable. Management of cash needs through utilization of replacement and operating reserves and timing of major expenditures.
- Perform a detailed review of the property’s annual operating budget and approve the final budget. Project the annual cash flow for distribution and schedule cash sweeps from the properties.
- Work collaboratively with property management to identify challenges and execute timely and effective solutions. This would include management of budgets, staffing, CapEX, and other property programs.
- Conduct regular site visits as needed to include but not limited to review of: curb appeal, the status of CapEx projects, common area and vacant unit inspections, and personnel issues.
- Assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, terms of the partnership agreement, loan documents, LURAs, QAPs, and tax credit applications.
- Upon new deal handoff, review all closing documents (partnership agreement, loan documents, regulatory agreements, property management agreement, etc.), construction plans, and deal summary to understand investment underwriting, General Partner rights and responsibilities, reporting requirements, and investment benchmarks.
- For new deals, monitor construction progress and building delivery turnover schedule. Review estimated construction completion dates to underwriting and project lease-up completion dates. Provide lease-up goals to the property management company. In coordination with the management company, develop staffing schedule, rent schedule, marketing plan and lease-up budget. Develop a strategy to achieve lease-up goals and investment benchmarks. Participate in construction building walks. Monitor first-year tenant file audit and address any issues.
- Provide feedback to Development on underwriting for proposed developments.
- Collaborate with Property Management, Resident Services, and other stakeholders to develop an annual resident experience calendar and assist with implementation and oversight as needed. Tailor and adjust by community based on ongoing needs and desires of residents.
PREFERRED QUALIFICATIONS:
- 3-5 years of relevant experience in multi-family asset management or 5 years of relevant experience at the regional property management level. Working knowledge of Section 42 (LIHTC) principles and requirements
- Bachelor’s Degree with a concentration in Real Estate, Finance, or Business preferred
- Experience with Yardi/Real Page and MRI Developer Central a big plus
- Strong analytical and quantitative skills with an emphasis in financial analysis
- Understanding of real estate accounting principles and financial reporting procedures with the ability to analyze variances.
- Able to read, analyze, and interpret complex business documents including partnership agreements, financial reports, contracts, loan documents, and regulatory agreements.
- Proficiency with Microsoft Office suite. A strong understanding of Excel is a must.
- Able to work proactively, independently, and as a strategic partner in a team environment
- Effective presentation and communication skills, both verbal and written
- Strong ability to communicate effectively, both in oral and written form.
- Must be articulate with the ability to be persuasive and organized in thought and composition when speaking with others and when formulating emails, memos, and letters
- Very organized and detailed with the ability to see the big picture
- Ability to exchange ideas, information, and opinions with others to formulate policies and programs and/or arrive jointly at decisions, conclusions, or solutions
- Ability to handle pressure, meet deadlines, and set priorities for workload
- Must be able to identify and resolve problems in a timely manner and gather and analyze information skillfully
- Ability to demonstrate accuracy and thoroughness and monitor own work to ensure quality
- Must have self-motivation and discipline to follow up on action items assigned to the management company and meet deadlines.
- Ability to interpret responsibilities and possess initiative and willingness to assume additional responsibilities
- Actively promotes and personally observes safety procedures and uses equipment and materials properly
- Acts as a team member with all employees
- Ability to work effectively with external vendors and customers; consistently exhibits a professional demeanor in dealing with others and works to maintain constructive working relationships
- Must be able to adapt to changes in the work environment; manages competing demands and is able to deal with change, delays, or unexpected events.
- Complies with all LDG/XDC affiliate policies and procedures
- Ability to meet the highest attendance requirements
- Ability to travel to and from destinations as necessary
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