Asset Manager - Affordable Housing Real Estate

Abode Communities • Los Angeles, CA

275d • $70,000 - $80,000

About The Position

Abode Communities is seeking an Asset Manager to join our energetic and dedicated property management team. Abode Communities is a nonprofit social enterprise that has been rooted in community development throughout the State of California since 1968. More than an affordable housing provider, our work fosters a culture of housing inclusion by integrating families and individuals with neighborhoods so communities at-large can thrive. The Asset Manager is responsible for an assigned portfolio to ensure each property meets its financial and fiduciary goals while honoring Abode Communities' mission. This will be accomplished by providing tactical leadership to community onsite team members. The Asset Manager will also demonstrate their daily operational effectiveness in the areas of financial analysis, property reviews, minimizing risk, and maintaining the physical upkeep of the community.

Requirements

• Bachelor's Degree in Business, Finance, real estate or related field highly preferred.
• 3 - 5 years of relevant experience in multifamily residential property management.
• Specific knowledge of affordable programs, Tax Credit, HUD, LAHD, HCD, and CDLAC.
• Asset Management Specialist Certification a plus.
• Previous experience must include responsibilities for understanding property budgets, proformas, variance analyses, capital improvement plans, investor and lender reporting requirements.
• Collaborative, values-based team member who has a proven track record of achieving results.
• Commitment to excellent customer service; ability to demonstrate empathy and compassion in decision-making and communications.
• Attention to detail.
• Capacity to respect, understand and positively engage persons of other cultures and backgrounds.
• Understanding of the complex social and housing needs and issues of lower-income individuals, families, and seniors.
• Commitment to improving the overall quality of life for residents and building healthy communities through the provision of high-quality affordable housing.
• Strong communication skills, both verbal and written.
• Ability to write reports, business correspondence, and procedures.
• Ability to effectively present information and respond to questions from coworkers, vendors, and board members.
• Knowledge of developing, leading, and reviewing annual budgets.
• Very strong analytical, problem solving, multi-tasking, and organizational skills.
• Ability to take initiative and have proactive approach to management.
• Ability to complete multiple tasks under fixed time constraints and deadlines.
• Knowledge of organizational and affordable policies and procedures.
• Ability to apply policies and procedures to solve everyday issues.
• Ability to review and negotiate LPAs, loan agreements, regulatory agreements, and settlements.
• Proficiency in financial modeling including refinancing, re-syndication, and recapitalization scenarios.
• Proficiency in reading and responding to property audit, investor, and lender reporting.
• Proficiency in reading tax returns.
• Proficiency in Microsoft Office Suite.
• Knowledge of industry software, Boston Post/MRI preferred.
• Ability to work with people of diverse social, economic, ethnic backgrounds, and remain sensitive to issues facing veterans, homelessness, disabled, elderly, family, and other diverse populations.
• Ability to travel within the assigned service area.

Nice To Haves

• Asset Management Specialist Certification.

Responsibilities

• Ensures assigned portfolio is operating in compliance with regulatory agreements, lender requirements, and company procedures.
• Coaches and mentors site staff on process and procedures related to asset and risk guidelines and/or company policies.
• Works with the VP of Asset Management to draft operating budgets.
• Works with Director of Facilities Management to develop 5-year capital improvement plans.
• Provides financial oversight of the properties. Monitors monthly financials to assess performance against budgets. Acts swiftly to address budget variances exceeding 5%.
• Oversees revenue collection in the assigned portfolio including delinquency follow up to ensure rent is being collected, monitors collections company to address balances at move-out, and follows up on loss of subsidy/abatement concerns.
• Upholds rent growth in the assigned portfolio. Ensures rent increases and gross rent changes occur annually.
• Tracks vacancy in assigned portfolio-units need to not exceed 10 days vacancy. Works with Regional Managers and Compliance to improve performance.
• Monitors expenses, looks for ways to consolidate services for better pricing.
• Ensures 80% of the assigned portfolio meets the financial needs of the property including capital expenses.
• Conducts monthly variance analysis. Understands property specific and portfolio-wide trends.
• Proactively identifies areas related to financial and risk management for each community monthly.
• Coordinates the delivery of routine financial reporting and ensures reporting is completed on time.
• Completes quarterly reviews of each property to include site inspection, staffing review, maintenance review, marketing review, and operations review.
• Initiates planning for short term and long-term capital needs. Reviews financial performance, reserves, and long-term plans for each property.
• Conducts quarterly or annual onsite audits of all properties in assigned portfolio and reports results to pertinent parties.
• Works with the Regional Manager and Director of Facilities Management to oversee capital improvement requests.
• Works with VP of Asset Management to ensure withdrawal of replacement reserve requests are timely.
• Oversees Risk Management procedures for assigned portfolio, monitoring incidents and potential claims.
• Consults with VP of Asset Management related to legal issues or matters; makes recommendations on correspondence responses and implements procedures for compliance.
• Works in conjunction with the VP of Asset Management to recommend, develop, and implement policies/procedures related to asset and risk management, financial reporting, incident reporting, documentation, projections, and property performance evaluation tools.
• Monitors trends within Asset Management industry to determine new software, methods and ideas that improve portfolio performance or department efficiency.
• Stays current with federal, state, and local updates about various program requirements.
• Works with Finance, Accounting, and Property Management teams to provide necessary information and documentation to support accounting and audit activities.
• Conducts onsite initial due diligence of acquisition opportunities of both covenanted and unrestricted multifamily assets to preserve as affordable housing.
• Respond to asset management-related questions from Regional Managers, site staff, and corporate personnel in a timely manner.
• Collaborate with various departments on special projects, trainings, and/or implementations.
• Special projects as designated by AVP, Director, or designee.

Benefits

• Health, dental and vision insurance.
• Long term disability insurance.
• 401K plan.
• Vacation and sick leave benefits.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Industry: Real Estate
• Education Level: Bachelor's degree