Asset Manager, Real Estate Equity

Overview

This role oversees a portfolio of restricted affordable housing (including LIHTC and Section 8) and unrestricted workforce housing investments associated with Real Estate Equity funds. Responsibilities include site visits, in-depth financial review, and problem resolution/workouts (as needed) to ensure execution of underwritten business plans. The position also supports advanced problem-solving for the Real Estate Equity team as business plans change over time, and leads disposition efforts for fund investments.

The principal goal is to maintain the viability, quality, and affordability of Real Estate Equity fund investments while protecting fund investor interests and meeting or exceeding fund investor returns.

Responsibilities

• Manage a real estate portfolio of approximately 15–20 properties for which asset management is provided for Real Estate Equity funds.
• Identify, communicate, and mitigate risks/problems using reporting tools and information gathered through communications with General Partners/Sponsors, property managers, and on-site visits.
• Review, analyze, and evaluate monthly property performance compared to proforma and budget; provide regular feedback and recommendations to General Partners/Sponsors, investors, and internally to the Real Estate Equity team.
• Work with General Partners/Sponsors, funders, and regulatory agencies to execute underwritten business plans; coordinate modifications as needed, including:
  • Removal of property management firms
  • Removal of General Partner entities
  • Restructuring debt
  • Accelerating disposition timelines
• Negotiate problem resolution/workout strategies with General Partners, lenders, and public-sector entities as necessary.
• Conduct project site visits; review property management systems and organizational systems; provide technical assistance as needed.
• Evaluate past and forecast future property performance, including performance of Sponsors and management agents.
• Author disposition memos and refinance analyses; partner with the Vice President Asset Management for feedback and approvals.
• Support portfolio implementation of enterprise strategic plan and ESG priorities, and fund/investment-specific business plans, including:
  • Monitoring rent and household income affordability
  • Climate risk mitigation strategies such as green retrofits and utility performance/benchmarking
  • Implementation of social service plans
  • Implementation of health action plans
  • Renter wealth creation strategies and resident credit reporting
• Coordinate with Housing Credit Regional Asset Management teams to develop communication strategies with common partners as necessary.
• Provide regular updates to the Vice President Asset Management during project performance reporting cycles, including monthly and quarterly reporting, and complete all required internal and external reporting.
• Participate in monthly Real Estate Equity team update meetings; provide input to the underwriting team on deal structuring and asset management issues.
• Interface quarterly with internal Investment Committee and external Advisory Committee during scheduled and ad hoc meetings; assist with meeting material preparation; present portfolio updates during annual investor meetings.
• Track insurance renewals, real estate tax payments and appeals, and monitor market conditions.
• Complete internal and external reports accurately and meet all deadlines.
• Interact with staff to provide accurate and timely information.

Requirements

• 5–7+ years’ experience with real estate, housing programs, finance, accounting, law, and/or property management.
• Bachelor’s degree required; preferably in real estate, finance, accounting, or a related field.
• Strong financial analysis skills.
• Familiarity with loan documents, partnership agreements, contracts, and other legal documents.
• Knowledge of real estate and LIHTC.
• Strong computer skills; thorough knowledge of MS Word, MS Excel, and MS Outlook preferred.
• Ability to adjust quickly to changing priorities and circumstances.
• Ability to work evening and weekend hours during peak periods.
• Strong organizational skills; ability to coordinate complex activities, prioritize competing demands, and meet deadlines.
• Highly motivated.
• Ability to work independently with minimum supervision.
• Strong interpersonal skills across a wide range of professional and non-professional personnel.
• Strong problem-solving and negotiating skills.
• Strong written and oral communication skills.
• Able to travel as necessary to accomplish the goals for the position.
• Must demonstrate strong ethics in interpersonal relations and work effectively and collaboratively as a team member.

Preferred Qualifications

• None specified.

Compensation & Benefits

• Pay range: $100,000 – $120,000
• Annual performance bonuses and generous paid leave programs.
• Dental, health, and vision care plans.
• Family-building benefits such as adoption and surrogacy support.
• Flexible work arrangements.
• Health advocacy, an Employee Assistance Program (EAP), and mental health benefits.
• Financial education, wellness programs, and auto-enrollment in the 401(k) plan with employer matching contributions.
• Learning and development opportunities, including tuition reimbursement for job-related courses and certifications.

Location

• Offices across the country (role requires travel as necessary).

Physical Demands / Working Conditions

• Ability to work under stress/pressure.
• Ability to travel for flights up to 25% of the time.
• Ability to climb stairs offsite at project sites.
• When visiting project sites, may be exposed to varying environmental conditions (e.g., outdoor weather, dirt, dust, and other construction work site hazards).
• Valid driver’s license required.