Operating Property Asset Manager

Fairway Management, Inc.•Atlanta, GA

5d•Hybrid

About The Position

The Operating Property Asset Manager (OPAM) is the owner’s day-to-day point person for a portfolio of stabilized Low-Income Housing Tax Credit (LIHTC) properties. The role is responsible for safeguarding asset value, ensuring regulatory compliance, and driving operating performance and continuous improvement across the assigned portfolio. The OPAM coordinates closely with Property Management, Compliance, Accounting, Legal, Investor Relations, Portfolio Management, and Transactions teams. The position oversees monthly and quarterly property performance, including financial results, occupancy, rents, concessions, and utility expenses; develops corrective action plans; and monitors results against budgets and underwriting. It also manages LIHTC compliance and responses to inspections and Housing Finance Agency 8823 reports, prepares investor reporting, manages reserve draws and capital projects, and directs leasing and marketing efforts. The OPAM supports refinancing and dispositions and maintains portfolio risk ratings and supporting records in MRI. The role is based in Atlanta, Georgia. The schedule is initially in-office Monday through Friday, with the possibility of moving to a hybrid arrangement after the training period.

Requirements

Bachelor’s degree in Real Estate, Finance, Business, Construction Management, or a related field, or equivalent experience.
4–7 years of experience in multifamily asset management or affordable housing.
Strong financial analysis skills.
Knowledge of the LIHTC program.
Experience with MRI or similar asset management systems.
Advanced Excel skills.

Nice To Haves

Comfort with automation and AI tools.

Responsibilities

Own monthly and quarterly property performance, reviewing P&L, occupancy, rent variance, concession usage, and utility expense trends, and develop action plans to correct variances.
Monitor property performance against underwritten expectations and maintain the Actual Versus Underwritten tracking worksheet.
Maintain LIHTC compliance in collaboration with the Compliance team, including annual recertifications, tenant file integrity, unit set-aside and rent limit adherence, audits, and corrective actions.
Assist with responses to Housing Finance Agency (HFA) 8823 reports, manage cure documentation, and coordinate with Legal and Compliance to meet deadlines.
Prepare quarterly investor commentary and ad-hoc investor updates, and provide timely evidence in response to investor inquiries.
Update AHIC Operating Property Risk Rating categories in MRI at least quarterly for assigned assets and monthly for watchlist assets; maintain a clean audit trail for inspections, reserve draws, and capital project milestones.
Manage operating and replacement reserve draw requests by collecting supporting documentation, validating eligibility under governing documents, preparing approval packages, and obtaining required sign-offs.
Oversee capital projects from scoping through closeout, including budgets, bids, vendor selection, schedules, quality, and final acceptance; track projects in a capital register and update forecasts.
Review third-party inspection reports, including NSPIRE and HFA inspections, and ensure timely development, assignment, and closure of capital projects with property staff and contractors.
Oversee leasing and marketing strategies to maximize rents while maintaining target occupancy; evaluate rent comparables and recommend concessions, lease terms, and staffing changes; approve marketing expenditures and track results.
Work with on-site property management on lease enforcement, timely move-ins, and resident retention.
Collaborate with Portfolio Management and Transactions teams on refinancing and dispositions by providing operating histories, capital expenditure projections, lease and compliance documentation, and transition materials.
Coordinate property tours for brokers and prospective purchasers with the on-site property manager and/or Regional Director.
Support smooth asset transitions from Development Asset Management and maintain responsive communication with internal and external stakeholders.
Champion process improvement and adoption of AI and automation tools for reporting, compliance, and portfolio monitoring.