Asset Manager - Lease-Ups & Special Assets

Völker•Madison, WI

10d•Hybrid

About The Position

The Asset Manager – Lease-Ups & Special Assets is a key member of the asset management team reporting to the Chief Financial Officer. The overall objective of this position is to protect and enhance the value of Volker's affordable housing portfolio at its two most demanding points: the transition of newly completed properties from development into stabilized operations, and the recovery of troubled or underperforming assets. This individual will own the owner-side execution of: 1) the lease-up process — shepherding properties from construction completion to stabilization; and 2) for diagnosing and turning around special assets. Day-to-day, this means holding third-party management agents accountable to Volker's performance standards, analyzing property financials and operations, and working with other Volker employees and property management agents to drive corrective action when results fall short. Success will be measured by lease-ups that reach stabilization on time and on budget, smooth development-to-asset-management transitions, and the measurable recovery of at-risk properties. The role requires strong operational knowledge with a hands-on, in-the-field presence paired with financial acumen. The Asset Manager will be organized and use judgement to make well-framed recommendations to the CFO. This position will be based out of a Volker’s Madison, WI office and carries significant travel throughout the portfolio, offering direct exposure to senior leadership.

Requirements

Proficiency with Microsoft applications (Teams, OneDrive, OneNote, Outlook, Word, Excel, PowerPoint, etc.), Adobe, and general comfort with web-based platforms required.
Professionalism, high ethical standards and professional integrity, outstanding organizational and project management skills, strong attention to detail, sound judgment and problem-solving ability, the ability to work independently and manage multiple properties and priorities simultaneously, strong interpersonal and negotiation skills, the ability to meet deadlines under pressure, and the desire and ability to work in a fast-paced, team-oriented environment is required.
Up to 50% travel expected, regularly in the field at properties throughout the portfolio.
Must be based out of Volker's Madison, WI office; candidates residing near Chicago O'Hare International Airport or other airport hubs may be considered, provided they commit to dedicated in-office time in Madison at points during each month.
A valid driver's license and proof of insurance is required.
At least 5+ years of experience in property operations or asset management with a focus on affordable housing and LIHTC-financed properties, including direct, hands-on experience overseeing property lease-ups and stabilizations as well as managing underperforming assets.
Proven experience managing third-party relationships, including property managers, state agencies, and investors, is required.

Nice To Haves

Prior experience with Yardi or other real estate asset management, accounting, and analytics platforms is preferred.
Familiarity with stabilization calculations, Form 8609 submissions, and debt covenants is strongly preferred.
Bachelor's or Associates degree in Finance, Real Estate, Business, or a related field preferred but not required.
CHAM, HCCP, COS, CPM (Certified Property Manager), or a real estate license is a bonus, but not required.

Responsibilities

Own the owner-side execution of the lease-up process for newly placed-in-service properties, ensuring management agents meet or exceed occupancy goals within established timelines and budgets.
Coordinate with Development, Building Delivery, Finance, and Property Management teams to develop and implement lease-up and marketing tactics and strategies that attract qualified residents as quickly and efficiently as possible.
Oversee initial property operations setup, confirming that management systems, staffing, utilities, vendor and service contracts, and life-safety and telecommunications systems are functional at turnover, and provide management agents with accurate rental unit information including set-asides, rent restrictions, and financing program requirements.
Conduct walkthroughs with development, design and construction team representatives to confirm construction closeout, punch-list completion, and that building quality meets or exceeds owner standards before accepting handoff.
Monitor absorption and pre-leasing pace against projections, intervening promptly when velocity, collections, or budget begin to lag.
Prepare property stabilization calculations, working directly with property management teams to gather and validate the required occupancy, collections, and financial data — with input from the Chief Financial Officer on methodology and final determination — and prepare the supporting documentation for equity installment milestones.
Perform regular, internal reporting of Lease-up KPIs and first year tenant file review.
Contribute to the preparation of Form 8609 submissions by the development team, confirming accuracy and regulatory compliance and monitoring submissions through completion, which may include fielding questions from state agencies or investors.
Manage the transition of properties from lease-up into stabilized operations, ensuring first-year compliance and guarantor transitions are executed cleanly and the property integrates into ongoing portfolio monitoring.
Develop and execute turnaround and workout plans to restore occupancy, collections, expense control, and debt service coverage with the Director of Asset Management, reporting progress to the CFO with clear milestones and measurable outcomes.
Serve as the owner's working-level lead on troubled-asset discussions with property management companies.
Where a troubled asset warrants an ownership change, support the evaluation and execution of general partner interest sales, including due diligence, documentation, and coordination with counsel, investors, and agencies. This role is not responsible for traditional property dispositions.
Coordinate with the CFO, Director of Asset Management, investors and property management personnel on remediation plans and risk mitigation for special assets.