Residential Asset Manager

BPG Real Estate Service•Wilmington, DE

11d

About The Position

BPG Real Estate Services LLC is a privately held, full-service real estate acquisition, development, and management company founded in 1993. The Company maintains offices in Wilmington, DE, Chevy Chase, MD, and Conshohocken, PA, with corporate headquarters located at 200 W. Eleventh Street, Wilmington, DE 19801. The Residential Asset Manager will own the financial performance of assigned multi-family residential properties concentrated in the Wilmington, DE market, with primary responsibility for property-level budgeting, rent and proforma analysis, variance tracking, HUD and regulatory compliance, and lender and investor reporting. The Residential Asset Manager will work cross-functionally with finance, accounting, leasing, operations, legal, construction, and capital markets teams to maximize asset value and maintain lender and equity partner relationships.

Requirements

Expertise in transaction analysis, negotiation, and documentation
Strong quantitative skills and financial modeling proficiency, including Excel and Argus
Deep knowledge of real estate valuation principles related to acquisition, renovation, disposition, and financing
Excellent attention to detail and strong reasoning ability
Excellent written, verbal, and interpersonal communication skills
Proficiency in Argus, Microsoft Office Suite, and database applications
Significant experience interacting with lenders, institutional equity investors, and joint venture partners
Ability to work effectively as an individual contributor and collaboratively within a team environment

Nice To Haves

5 years of progressive real estate asset management experience, including exposure to property-level budgeting, lender reporting, and regulatory compliance
Significant experience with multi-family residential product types, preferably in the greater Delaware, Philadelphia or Mid-Atlantic market
Familiarity with HUD compliance requirements and affordable housing regulations is preferred
Experience with Yardi and business intelligence tools (e.g., Power BI, Looker) is preferred

Responsibilities

Assume day-to-day asset management responsibilities for assigned multi-family residential assets, working directly with members of senior management to implement strategies that maximize financial performance.
Serve as the primary point of contact for asset information, oversight, and decision-making for assigned assets, including communication and approvals with lenders and equity partners.
Maintain processes for tracking asset performance, compliance milestones, and institutional-level reporting to lenders and investors on a quarterly and annual basis.
Analyze and provide recommendations on investment and operational decisions, including lease negotiations, property capitalization strategies, property sales strategies, and capital improvement programs.
Own the preparation of annual property budgets, forecasts, and spend projections, and monitor overall asset performance against approved budgets, proforma projections, and established financial goals, identifying and reporting variances.
Conduct expense analysis relating to real estate tax appeals, energy conservation, insurance, cleaning, security, and other operating expenses.
Identify property capital needs and corresponding costs, evaluate impacts to cash flows and shortfalls, and coordinate with the accounting team to track capital expenditure funding, completion, and tenant improvement projects.
Analyze monthly and annual budget-versus-actual results at the individual property and portfolio levels, including rent collections against proforma and variance against budgeted spend, tracking trends and flagging potential issues.
Oversee waterfalls and distributions to investors, create and maintain annual distribution budgets, track quarterly distributions with detailed variance explanations, and continually monitor rollover exposure for effects on value.
Participate in weekly leasing meetings and establish financial leasing guidelines, including term, rate, tenant improvements, and leasing commissions, in conjunction with the in-house leasing team, ensuring prospective lease deals are consistent with projections and underwriting.
Establish leasing assumptions for annual budgets and review and analyze lease proposals using Excel and Argus to evaluate the effect on asset value.
Maintain oversight of the lease approval process, ensuring timely action on proposals and communicating directly with lenders and equity partners when lease approval is required.
Maintain general knowledge of local market conditions and competition.
Partner with the Capital Markets team on refinancing and recapitalization of assets, providing property-level financial data, market analysis, and strategic input to support transaction execution.
Track assets and sub-portfolios for disposition and financing opportunities, identifying optimal timing and market conditions for potential transactions.
Prepare hold/sell analyses and provide strategic recommendations to senior leadership regarding asset retention or disposition.
Lead efforts in coordination with the Capital Markets team on loan and partnership restructurings, including negotiation of modified terms with lenders and equity partners.
Coordinate with Operations and Accounting to produce a consolidated roll-up of monthly financial results for the portfolio.
Prepare and present investor reporting that details performance, trends, and key highlights on a quarterly and annual basis.
Monitor assets with current or potential risk issues and communicate findings to senior leadership.
Prepare annual business plans for the portfolio.
Maintain the portfolio debt schedule, monitor loan expirations and covenant compliance, and prepare lender-required reporting packages to manage upcoming maturities and mitigate financing-related risks.
Support investor calls and meetings as a representative of the asset management function.
Provide financial support and materials for Company semi-annual board meetings.
Track and maintain compliance with HUD requirements and other regulatory obligations across assigned assets, coordinating with property management and legal to resolve compliance issues promptly.
Prepare annual mark-to-market asset valuations for assigned residential assets to support disposition, refinancing, and capital infusion decisions and to determine buy, sell, or hold recommendations and forecast investor returns.
Prepare and present summaries of market valuations, underlying assumptions, and period-to-period comparisons to senior leadership and investors.
Serve as the primary point of contact for third-party appraisers, providing all required information and reviewing draft appraisals for accuracy and completeness.