Our Client
We’ve been retained by the Head of Asset Management of an integrated Real Estate Development and Investment company focused on multifamily communities. The company and its affiliates develop, own and manage over 10,000 affordable and market-rate apartment units throughout the United States.
- A ~30-year company history of growth and success in multifamily real estate
- The largest provider of affordable housing in the state where the company is headquartered
- Expanding into numerous new states/markets
- Positive, employee-centric company culture with a focus on work/life balance
- Vertically integrated with internal Development, Construction and Property Management capabilities
- Well capitalized with a growing national portfolio
The Opportunity
Our client is looking to hire a full-time Senior Asset Manager who will be responsible for overseeing a portfolio of assets in the Dallas area with the opportunity to expand into other regions in the Southwest. The role of the Senior Asset Manager includes, but is not limited to, overseeing and managing a designated portfolio of affordable multifamily assets to optimize financial and operational performance, managing and maximizing portfolio cash flow, ensuring compliance with all lenders, investors and government agencies, managing liability risk and act as a knowledge resource to other Asset Managers. The Senior Asset Manager is the owner’s representative, and clear communication and collaboration with teams at all levels are expected in order to successfully implement initiatives, meet established KPIs, and strengthen the value of the company assets.
The Senior Asset Manager should have experience in property and portfolio-level workouts, including curing Lender and Agency non-compliance and hands-on experience working with TDHCA’s Compliance Division.
Scope of Responsibility;
- Report directly to the Head of Asset Management.
- Oversee a portfolio of affordable rental properties both under construction and stabilized, located in Texas (with an immediate focus on Dallas).
- Portfolio will primarily consist of acquisition and rehabilitation projects, and prior experience overseeing projects under development, tenant relocation, initial LIHTC qualification of households and multiple on-site teams is required.
- Develop action plans, including CapEx and physical improvement plans as well as property management plans.
- Identify, evaluate and recommend capital improvement and replacement projects in the asset manager’s portfolio, including potential energy efficiency retrofits.
- Proactively identify funding opportunities for retrofits and submit required applications.
- Coordinate cross-department issues, mutual projects and concerns with other department team members.
- Delegate responsibilities to other internal team members and lead as an accountable party where needed.
- Manage and coordinate work of the project team including architects, contractors, engineers and other consultants, with property managers to ensure adherence to project budget and schedule, cost containment, regulatory compliance and quality control.
- Responsible for overseeing the permanent loan conversion process and will be responsible for preparing DSCR Analysis, communicating with both Equity investor and lender and to ensure all project milestones occur on time to achieve Stabilization.
- Problem-solve and propose mutually beneficial solutions to financing partners while advocating for the best financial outcome for the property and Ownership.
- Responsible for management of cash flows, construction of budgets, long-term planning and goals of the Senior Asset Manager’s portfolio properties.
- Negotiate and review bids presented by Property Management companies and make recommendations for changes or approval.
- Represent ownership concerns and coordinate with Property Managers and other team members to ensure that lease-up, marketing and outreach, and maintenance of waiting lists are handled in accordance with the management plan and all regulatory requirements, and that physical plans for construction are reviewed and approved by Asset Management.
- Coordinate with Property Management to update management and marketing plans.
- Oversee and assist with obtaining lender and partner approvals.
- Arrange, conduct and perform regular site inspections and meetings.
- Responsible for the timely coordination, review and monitoring of reports prepared by property management to ensure conformance to operating budgets, management plans and regulations.
- Monitor project expenses, reconciles to financial reports and coordinates all contract payments, lender and funder reporting requirements in a timely manner.
- Review annual audited financials and tax returns and identify potential investor or lender matters, relating to losses, capital accounts or depreciation.
- Prepare and present progress reports to the executive management, as requested.
- Represent the organization to stakeholders, property managers, vendors and residents.
- Maintain knowledge of trends, best practices, and new technologies in the industry.
- Participate in team meetings and work collaboratively with other team members to complete projects as assigned.
- Expected, at times, to assist other Asset Managers on the team as a knowledge resource and provide direction.
- Additional duties as assigned by supervisor.
