Asset Manager, Real Estate Equity

Enterprise Residential•Cleveland, NY

13d

About The Position

The Asset Manager, Real Estate Equity oversees a portfolio of restricted affordable housing investments, including LIHTC and Section 8 properties, as well as unrestricted workforce housing investments associated with Real Estate Equity funds. The role monitors investments through site visits, detailed financial review, and problem resolution or workouts to help ensure execution of underwritten business plans. It also supports advanced problem-solving as investment plans change and leads disposition efforts for fund investments. The principal goal is to maintain the viability, quality, and affordability of investments while protecting fund investors’ interests and meeting or exceeding investor returns. The position manages approximately 15–20 properties and works with General Partners/Sponsors, property managers, lenders, funders, regulatory agencies, internal teams, and investors. The Asset Manager reviews property performance, identifies and mitigates risks, supports changes to business plans, prepares analyses and reports, and contributes to Enterprise’s strategic, ESG, affordability, and resident-focused priorities. Travel is required, including flights up to 25% of the time, and evening or weekend work may be needed during peak periods.

Requirements

5–7+ years of experience in real estate, housing programs, finance, accounting, law, and/or property management.
Bachelor’s degree required.
Strong financial analysis skills.
Familiarity with loan documents, partnership agreements, contracts, and other legal documents.
Knowledge of real estate and LIHTC.
Strong computer skills.
Ability to adjust quickly to changing priorities and circumstances.
Ability to work evening and weekend hours during peak periods.
Strong organizational skills and ability to coordinate complex activities, prioritize conflicting demands, and meet deadlines.
Highly motivated and able to work independently with minimal supervision.
Strong interpersonal skills when working with a wide variety of professional and non-professional personnel.
Strong problem-solving and negotiating skills.
Strong written and oral communication skills.
Ability to travel as necessary to accomplish the position’s goals.
Strong ethics in interpersonal relations and ability to work as an effective, collaborative team member.
Valid driver’s license.
Ability to work under stress or pressure.
Ability to travel by air up to 25% of the time.
Ability to climb stairs at offsite project sites.

Nice To Haves

Bachelor’s degree preferably in real estate, finance, accounting, or a related field.
Thorough knowledge of MS Word, MS Excel, and MS Outlook.

Responsibilities

Manage a portfolio of approximately 15–20 properties for which Enterprise provides asset management for Real Estate Equity funds.
Identify, communicate, and help mitigate risks and problems using reporting tools and information from General Partners/Sponsors, property managers, and site visits.
Review, analyze, and evaluate monthly property performance against pro forma and budget, and provide feedback and recommendations to partners, investors, and the Real Estate Equity team.
Work with General Partners/Sponsors, funders, and regulatory agencies to execute underwritten business plans and coordinate modifications when needed, including management changes, debt restructuring, or accelerated dispositions.
Negotiate problem-resolution and workout strategies with General Partners, lenders, and public-sector entities as necessary.
Conduct project site visits, review property management and organizational systems, and provide technical assistance as needed.
Evaluate past and forecast future property performance, including the performance of Sponsors and management agents.
Author disposition memoranda and refinance analyses, working with the Vice President Asset Management on feedback and approvals.
Support implementation of Enterprise’s strategic plan, ESG priorities, and fund- or investment-specific business plans, including affordability monitoring, climate-risk mitigation, green retrofits, utility benchmarking, social service and health action plans, renter wealth creation, and resident credit reporting.
Coordinate communication strategies with Housing Credit Regional Asset Management teams for common partners as needed.
Interface with the Vice President Asset Management during monthly and quarterly reporting cycles and complete required internal and external reporting.
Participate in monthly Real Estate Equity team update meetings and provide underwriting input on deal structuring and asset management issues.
Interface with internal Investment Committee and external Advisory Committee at quarterly scheduled and ad hoc meetings, help prepare meeting materials, and present portfolio updates at annual investor meetings.
Track insurance renewals, real estate tax payments and appeals, and market conditions.
Complete internal and external reports accurately and on time, and provide Enterprise staff with accurate, timely information.