Director of Asset Management, Property Management

Description

PURPOSE

The Director of Asset Management will lead the strategy, performance, and oversight of the company’s real estate portfolio (LIHTC & Market Rate) and serve as the primary steward of ownership’s and investors’ interests. This role sets the asset management vision and standards, builds and leads the asset management team, and is accountable for the financial performance, risk profile, and long-term value of every asset. The Director brings deep expertise in multifamily real estate markets, financial modeling, capital markets, and tax credit asset management, and partners with Development, Construction, Finance, Accounting, Legal, and third-party property managers to ensure that assets meet their financial and operational goals and satisfy the requirements of lenders, investors, and agencies.

CORE COMPETENCIES

• Ownership Mindset: Assesses all asset needs and opportunities from the lens of ownership and its investors and ensures that all property managers, vendors, and service providers are working in-line with ownership’s needs and desires. Sets the standard for the team in protecting ownership from risk while proactively identifying opportunities for outperformance.
• Strategic Thinking: Develops portfolio-level strategy and long-range plans, anticipates market and capital-markets shifts, and translates them into clear hold, sell, refinance, and recapitalization recommendations for senior leadership and investors.
• Leadership & Talent Development: Hires, coaches, and develops asset management staff; sets clear expectations and priorities; delegates effectively; and builds a culture of accountability, accuracy, and continuous improvement.
• External-Party Management: Assertively but professionally holds property management companies, vendors, and service providers accountable for thorough, accurate, and timely delivery of all required information, recommendations, proposals, and analysis. Manages third-party relationships at the executive level, including performance reviews and, when necessary, corrective action or transition.
• Organized & Accountable: Balances and prioritizes varied and often competing initiatives across the portfolio and the team, adjusting as needed. Ensures work is completed on time and that company leadership has the right balance of information to understand status, priorities, and anticipated timing for completion.
• Communication: Clearly and concisely articulates verbal and written communication to internal and external stakeholders, including investors, lenders, and agencies. Uses strong listening skills to ask direct, responsive questions, and engages company leadership promptly when problems or concerns arise.
• Action Oriented: Takes on new opportunities and tough challenges with a sense of urgency, high energy, and enthusiasm. Displays a can-do attitude in good and bad times and readily acts on challenges without unnecessary planning.
• Problem Solving: Makes good and timely decisions that keep projects and the organization moving forward. Evaluates complex situations calmly, identifies root causes, and uses creative thinking to leverage all available resources. Assesses risk appropriately and determines when an issue can be resolved at the team level and when it must be elevated.
• Financial Control: Manages company assets with a constant awareness of the bottom line. Owns budgets and forecasts to meet business plan objectives and ensures the team adheres to financial goals and capital partner requirements.

DUTIES & RESPONSIBILITIES

Portfolio Strategy & Management:

• Lead strategy for a diverse portfolio of real estate assets, including Low Income Housing Tax Credit Multifamily Housing, Market-Rate Multifamily Housing, and Mixed-Use Properties.
• Develop and execute asset-level business plans to maximize value and return on investment (ROI), and establish portfolio-level performance targets and KPIs.
• Monitor market conditions and lead the evaluation of dispositions, refinancings, recapitalizations, and LIHTC end-of-compliance-period strategies.
• Oversee detailed asset performance analysis, including cash flow projections, variance analysis, and long-term hold models; review and approve analysis prepared by the team.

Financial Oversight:

• Own financial performance and budgeting for all assets in the portfolio; review and approve annual operating and capital budgets prior to presentation to ownership.
• Review financial reporting from on-site property managers and ensure accurate summaries, reforecasts, and budgets are delivered to ownership on schedule.
• Collaborate with finance and accounting teams to ensure accurate financial reporting and compliance with company policies and capital partner/lender requirements.
• Identify, assess, and mitigate financial risks, implementing strategies to protect against market fluctuations; oversee reserves, loan covenants, and guaranty exposure.

Capital Partner, Lender & Agency Relations:

• Serve as the primary point of contact for investors, lenders, syndicators, and state and local agencies (e.g., IHCDA) on asset performance, reporting, and compliance.
• Ensure timely, accurate monthly and ad hoc reporting to sophisticated lenders and investors, including tax credit reporting and due diligence coordination.
• Lead investor and lender meetings and asset reviews, and negotiate consents, loan modifications, and workouts as needed.

Lease and Contract Management:

• Oversee tenant relationships and ensure lease agreements are appropriately structured, maintained, and executed.
• Negotiate, or direct the negotiation of, LOIs, leases, lease renewals, and lease amendments with commercial tenants, ensuring terms align with the company’s objectives.
• Ensure the proper enforcement of lease terms and the timely collection of rent by third-party property managers.
• Oversee third-party property management’s handling of lease non-compliance and tenant default, and approve and escalate significant defaults and workouts.

Operational Management:

• Select, evaluate, and hold accountable third-party property management companies, including management agreements, fee structures, and performance scorecards.
• Oversee tenant satisfaction programs, ensuring high occupancy rates and tenant retention.
• Ensure compliance with local, state, and federal regulations related to property management, including LIHTC compliance and fair housing requirements.

Team Leadership & Collaboration:

• Lead, coach, and develop the asset management team: assign portfolios, set priorities, evaluate performance, and establish team processes and analytical standards.
• Collaborate with development, construction, and legal teams on the delivery of new projects, lease-up, and transition to stabilized operations, ensuring alignment with business goals; provide asset management input on underwriting of new opportunities.
• Act as the senior liaison between company leadership, investors, and stakeholders, presenting portfolio performance and recommendations.
• Lead cross-functional teams to optimize asset performance and solve challenges, and maintain a proactive approach to risk analysis, providing recommendations to senior leadership.

Requirements

QUALIFICATIONS

• Bachelor’s degree (BA/BS) in Property Management, Finance, Real Estate, Urban Planning, Engineering, Construction, Architecture, or a related field; MBA or professional designation (e.g., CPM, CCIM) preferred.
• 5-7+ years’ experience in the real estate industry, including asset management, development, or capital markets for multifamily housing (market rate, senior, affordable, or mixed-income).
• 3+ years of team leadership experience, including hiring, developing, and managing direct reports.
• Demonstrated experience overseeing third-party property management companies and holding them accountable for results.
• Strong working knowledge of tax credit and market rate multifamily development, including tax credit reporting processes and due diligence coordination.
• Advanced financial modeling skills, including cash flow projections, variance analysis, and refinance and disposition analysis.
• Familiarity with real estate development, construction of commercial and/or multifamily housing, the lease-up process, review of management reports, and review of monthly accounting financials.
• Ability to provide ad hoc and monthly reporting to sophisticated lenders, investors, and local/state agencies, and to represent the company in those relationships.
• Competency in Microsoft Office products, file share sites, document tracking applications, and property management and accounting systems.
• Ability to work independently and to lead and collaborate with members of Development, Accounting, Finance, and Management teams.
• Able to adapt to changing deal structures across various deal types in a fast-paced environment.
• Displays initiative and a strong sense of personal motivation; analytical and proactive problem-solving ability, with the ability to think multiple steps ahead.
• Strong and effective organization, communication, and coordination skills, with the ability to provide consistent reporting in written and verbal form.
• Minimal travel required, primarily for property visits and investor/lender meetings.