Senior Asset Manager

Lotus Company•Salt Lake City, UT

9d•Onsite

About The Position

A mid-level role responsible for directly managing and improving the performance of a portfolio of multifamily affordable housing assets. The Asset Management Associate takes a more proactive role in implementing asset strategies than an analyst, working under the Asset Manager to ensure each property achieves its financial, physical, and compliance goals. This role serves as a bridge between analytical support and full portfolio management, often supervising Analysts and interfacing with property managers. The Associate reports to the Asset Manager.

Requirements

Strong understanding of real estate finance and accounting. Able to interpret audits, loan agreements, partnership agreements, and other key documents to understand obligations and opportunities for the assets. Experience with complex financing structures (LIHTC equity, subordinate loans, HAP contracts) is expected at this level.
Demonstrated ability to identify issues at a property (whether financial shortfalls or compliance risks) and recommend concrete solutions. Comfortable making recommendations to senior management on improving asset performance.
Effective in communicating with a range of stakeholders – property managers, auditors, lenders, and internal leadership. Capable of leading calls or meetings to discuss property performance. Can succinctly write asset narratives and action plans. Emerging leadership skills to potentially supervise junior staff.
Thorough knowledge of affordable housing compliance requirements (LIHTC, HUD programs, etc.) or ability to quickly learn them. Ensures no compliance aspect “falls through the cracks” – keeps meticulous compliance records and ticks/key dates (e.g. monitoring that real estate taxes, insurance, and reserve requirements are all in order).
Advanced Excel skills and familiarity with asset management and accounting software.
Bachelor’s degree in finance, real estate, business or related field (required).
Approximately 3–5 years of increasingly responsible experience in real estate asset management, property management, or real estate finance. Experience should include exposure to multifamily housing operations; affordable housing experience is highly advantageous.
Demonstrated track record of improving or maintaining real estate asset performance (e.g. increasing NOI, successfully navigating compliance audits, etc.).
Some experience in a leadership or training capacity (e.g. mentoring an analyst or coordinating work among peers) is beneficial as preparation for senior roles.

Nice To Haves

Master’s degree (MBA or MRED) or relevant certification is strongly preferred for advancement.
Certified Housing Asset Manager (CHAM) designation or similar, or progress toward it, is a plus at this level.

Responsibilities

Manage day-to-day asset management tasks for assigned properties, ensuring occupancy, rent collection, and expense control meet targets. Use financial models to track each property’s cash flow and investment returns over time, updating assumptions as needed.
Review monthly property reports and operating statements prepared by property management. Analyze KPIs (debt service coverage, NOI, compliance ratios) and initiate corrective actions for underperforming assets. For any property on the “watchlist” (not meeting benchmarks), work with the Asset Manager to develop a turnaround plan.
Work with property management during the annual budget cycle to set operating and capital budgets that align with the portfolio’s financial objectives. Ensure budget assumptions (rent increases, vacancy, maintenance costs) are reasonable and meet LIHTC and lender requirements. Present/justify budgets and any rent increase plans to senior asset management leadership for approval.
Prepare required quarterly and annual reports for investors and lenders, including LIHTC compliance packets and variance explanations. Handle routine communications with stakeholders, such as addressing investor inquiries about performance. Coordinate with Accounting on distribution of surplus cash, fees, and ensure timely submission of audits and financials to investors.
Ensure each asset’s compliance with LIHTC and other affordable housing regulations. Track key compliance benchmarks (e.g. year 15 planning, property regulatory agreement requirements) and coordinate with compliance specialists or property managers to address issues. Monitor that property management is renewing subsidies or rental assistance contracts on time (from analyst special responsibilities).
Assist the Asset Manager in developing mid- and long-term strategies for each asset. This could include evaluating refinancing opportunities, rehabilitation needs, or disposition potential. Provide data and preliminary analysis for scenarios like Year 15 tax credit exit strategies, refinancing, or partnership buyouts.
Provide guidance to Asset Management Analysts on data gathering and analysis. Review analysts’ reports and models for accuracy. Work closely with other departments: collaborate with Development on pro formas for new projects to ensure operating assumptions are realistic, and with Property Management to align on performance improvement plans.
Lead or contribute to special initiatives, such as implementing a new asset management software, improving the reporting process, or conducting portfolio-wide analysis (e.g., portfolio rent comparability study or energy efficiency initiative).

Benefits

Medical, dental, and vision insurance coverage, with eligibility beginning 30 days after employment
Health Savings Account (HSA) option
Access to telehealth and virtual care services
Mental health and wellness support, including expedited access to therapy and counseling resources
Basic life insurance, with the option to purchase additional coverage
Short-term disability insurance
Paid time off (PTO), accruing at 15 days per year
Ten (10) paid company holidays annually
401(k) retirement plan with employer match
Performance-based bonus program based on company and individual performance
Employee recognition and milestone celebrations
Access to an on-site fitness facility
Covered, year-round parking in an attached garage
Daily office amenities, including coffee, snacks, and beverages