Head of Asset Management

1 week ago


Louisville, Kentucky, United States LDG Development LLC Full time


LDG Development and its affiliated entities are experiencing significant growth to deliver essential affordable housing across the country.

Our core belief that "* Everyone Deserves a Quality Place to Live"* has led to our recognition as the #1 Affordable Housing Developer, and our commitment to our workforce and corporate culture has earned us accolades as one of the Top Best Places to Work in Louisville for the past three years.

We understand that a stable and supportive living environment is crucial for individuals to flourish and achieve their aspirations in education, career, and beyond.

The esteemed reputation and quality standards that LDG upholds in all business operations are vital to realizing our objectives.


POSITION SUMMARY:


The Director of Asset Management is tasked with overseeing the current portfolio of assets and managing a team of direct reports who serve as the primary representatives for the Owner/GP and LDG within a specified portfolio of communities, ensuring that our primary goal is to provide residents with an exceptional living experience.

This role collaborates with key stakeholders to mitigate operational and financial risks associated with the investments.

The position supports the Regional Asset Managers and Property Management Companies linked to the Southeast region.


ESSENTIAL JOB DUTIES AND RESPONSIBILITIES:
Act as an Owner's Representative; identify property challenges, target areas for improvement, and implement solutions to enhance portfolio profitability.

Maintain a high profile within the organization, engaging extensively with both internal and external stakeholders related to the properties.


Demonstrate the capability to manage multiple properties and responsibilities throughout various phases, including lease-up, construction operations, stabilized operations, and compliance periods.

Take charge of asset enhancement initiatives and financial outcomes to boost revenue and asset value.


Effectively communicate and collaborate with equity partners, lenders, and various departments (Accounting, Property Management, Compliance, Construction, and Development) within the organization.


Lead and coordinate the annual budgeting process, which includes reviewing property budgets prepared by management companies, presenting budgets to owners, and analyzing budgets for reasonableness.

Conduct analyses on occupancy rates, income statement variances, tenant accounts receivable levels, etc., to ensure that the portfolio operates profitably and aligns with budget expectations.

Identify challenges in underperforming properties within the portfolio and work with property management to address these issues.


Review and comprehend partnership agreements, loan documents, LIHTC agreements, and applications to ensure ongoing compliance with IRC Section 42 requirements.


Engage with Construction and Development Departments to understand construction-related issues and their impact on stabilized operations.

Perform physical inspections of properties within the portfolio.


Follow up on site inspections to ensure timely responses and that all Asset Management action items are addressed.


Participate in group visits to underperforming properties and follow through on action plans to ensure operational improvements.


PREFERRED QUALIFICATIONS:
7 years of direct supervisory experience; 5 years of relevant experience at the regional property management level. Familiarity with Section 42 (LIHTC) principles and requirements.

Bachelor's Degree in Real Estate, Business, or a related field preferred.

Experience with Yardi/Real Page and MRI Developer Central is advantageous.

Strong analytical and quantitative skills with a focus on 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 in Microsoft Office suite, particularly Excel, is essential.

Able to work proactively, independently, and as a strategic partner in a collaborative team environment.

Job Type:
Full-time

Pay:
$120,000.00 - $145,000.00 per year

Benefits:
401(k)

401(k) matching

Dental insurance

Flexible schedule

Health insurance

Health savings account

Life insurance

Paid time off

Parental leave

Professional development assistance

Tuition reimbursement

Vision insurance

Schedule:
Monday to Friday

Ability to Relocate:

Work Location:
In person

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