Vice President of Multifamily Property Oversight

2 weeks ago


Louisville, Kentucky, United States LDG Development LLC Full time

LDG Development LLC and its associated entities are experiencing significant growth to address the urgent need for affordable housing throughout the country. Our core belief that "Everyone Deserves a Quality Place to Live" has led us to become the top-ranked Affordable Housing Developer, while our commitment to our workforce and company culture has earned us recognition as one of the Best Places to Work in Louisville for three consecutive years. We understand that a solid and supportive living environment is essential for individuals to flourish and achieve their aspirations in education, career, and beyond. The esteemed reputation and quality that LDG upholds in all business endeavors are crucial to sustaining our objectives.

POSITION OVERVIEW:

The Vice President of Property Oversight is tasked with managing the current portfolio of assets, supervising a team of direct reports who serve as the primary liaison for the Owner/GP and LDG for a specific portfolio of communities, ensuring that the main goal of providing residents with an exceptional living experience is met. This role collaborates with key stakeholders to minimize operational and financial risks associated with the investment. The position provides support to the Regional Asset Managers and Property Management Companies linked to the Southeast region of KY, GA, LA, and TN.

KEY RESPONSIBILITIES

  • Lead, manage, and inspire a team of asset managers in the Southeast region on a daily basis.
  • Act as an Owner's Representative; identify property challenges, highlight areas of concern, and seek solutions to optimize portfolio profitability.
  • Maintain a high-profile presence, engaging extensively with internal and external stakeholders related to the properties.
  • Demonstrate the capability to manage multiple properties and tasks through various stages including lease-up, construction operations, and stabilized operations.
  • Be accountable for asset enhancement and financial performance to boost revenue and asset valuation.
  • Communicate and collaborate effectively with equity partners, lenders, and various departments within the organization (Accounting, Property Management, Compliance, Construction, and Development).
  • Oversee the annual budgeting process, reviewing property budgets prepared by management companies, presenting them to owners, and analyzing their reasonableness.
  • Conduct analyses on occupancy rates, income statement discrepancies to budget, 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 address these issues with property management.
  • Review and comprehend partnership agreements, loan documents, LIHTC agreements, and applications to ensure compliance with IRC Section 42 requirements.
  • Engage with Construction and Development Departments to monitor and understand construction challenges and their implications for stabilized operations.
  • Perform physical inspections of properties within the portfolio.
  • Follow up on physical site inspections to ensure timely responses and that all action items are addressed.
  • Participate in group visits to underperforming properties and follow through on action plans to enhance operational performance.
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 is preferred.
  • Experience with Yardi/Real Page and MRI Developer Central is advantageous.
  • Prior experience in leading, managing, and mentoring a team of direct reports.
  • 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.
  • Proficient in Microsoft Office suite, with a strong emphasis on Excel.
  • Able to work proactively, independently, and as a strategic partner in a team environment.
  • Excellent communication and organizational skills, with the ability to convey information clearly and concisely to internal and external partners.


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