Asset Manager

Pennrose•Philadelphia, PA

About The Position

At Pennrose, the Asset Manager is responsible for the financial, operational, physical, compliance, and strategic performance of an assigned portfolio of affordable multifamily properties. As Pennrose’s ownership representative, the Asset Manager develops and executes property-level business strategies, evaluates results against established objectives, identifies emerging risks and opportunities, and drives corrective action to protect and enhance each asset’s long-term value. The position reports to the Vice President of Asset Management and works with Pennrose departments including Property Management, Accounting, Compliance, Facilities, Development, Legal, and Capital Markets. It also works with investors, lenders, syndicators, housing agencies, public partners, legal counsel, and third-party management companies. The role may be based in Pennrose’s Philadelphia office or performed remotely from an approved location. Regular travel to assigned properties, third-party management company offices, and Pennrose offices is required as business needs require.

Requirements

Five to seven years of progressively responsible experience in multifamily real estate, asset management, property operations, development, finance, or financial analysis.
Demonstrated experience analyzing property financial statements, budgets, forecasts, operating metrics, corrective action plans, and capital needs.
Strong quantitative and qualitative analytical skills, including the ability to identify root causes and translate findings into practical recommendations.
Sound business judgment and confidence making recommendations, challenging assumptions, establishing priorities, and escalating material concerns.
Ability to manage multiple properties, deadlines, and workstreams while maintaining attention to detail and consistent follow-through.
Excellent written and verbal communication skills, including the ability to present complex information clearly to senior management and ownership.
Strong relationship-management, negotiation, and problem-solving skills.
Advanced proficiency in Microsoft Excel.
A valid driver’s license.
Ability to work from the Philadelphia office in accordance with company expectations.

Nice To Haves

Bachelor’s degree in finance, accounting, real estate, business, or a related field; equivalent relevant experience will be considered.
Affordable housing experience, including practical knowledge of the Low-Income Housing Tax Credit program.
Experience with HUD-assisted housing, Rental Assistance Demonstration programs, public housing, project-based rental assistance, or other affordable housing programs.
Experience working with lenders, investors, public agencies, ownership partners, property management teams, or similar external stakeholders.
Experience with Yardi or a comparable property management and general-ledger system.
Experience with Power BI or comparable business-intelligence and data-visualization tools.
Intellectual curiosity and a demonstrated commitment to learning the financial, regulatory, operational, and physical aspects of the role.

Responsibilities

Own the financial, operational, physical, and compliance performance of an assigned portfolio.
Develop and execute property business plans with clear priorities, performance targets, risks, and corrective actions.
Identify emerging issues, recommend solutions, and drive decisions and commitments through completion.
Analyze budgets, forecasts, financial statements, cash flow, occupancy, collections, expenses, net operating income, debt service coverage, and reserve activity.
Lead ownership review of annual budgets and forecasts, challenge assumptions, explain material variances, and anticipate liquidity or covenant concerns.
Provide concise, decision-ready reporting and recommendations to senior leadership and ownership.
Evaluate property operations and work with responsible teams to improve leasing, occupancy, collections, expenses, staffing, service delivery, and resident outcomes.
Monitor significant operational, legal, compliance, life-safety, and reputational risks and ensure timely escalation and resolution.
Maintain working knowledge of applicable loan, partnership, affordability, subsidy, tax credit, and agency requirements.
Assess property condition through site visits, inspections, maintenance trends, and capital planning reviews.
Prioritize repairs and capital investments based on urgency, resident impact, regulatory requirements, available funding, and long-term asset preservation.
Track significant capital projects and remediation plans through completion.
Serve as Pennrose’s ownership representative and coordinate with internal departments and external partners.
Lead property and portfolio reviews focused on results, risks, decisions, accountability, and next actions.
Communicate complex issues clearly to leadership, ownership, lenders, investors, public agencies, partners, and other stakeholders.
Travel regularly to assigned properties, management company offices, and stakeholder meetings.