Director of Asset Management
AMCAL is a rapidly growing developer of diverse real estate projects, is seeking an energetic individual to provide asset management expertise for our extensive portfolio of multi-family and mixed-use developments. The primary responsibilities will include maximizing cash flow and longterm property values, ensuring compliance with all regulations and our partnership agreements, and timely reporting.
Candidates for the Director of Asset Management position should have a minimum of ten (10) years of operational experience for a multi-property portfolio. Additionally, familiarity with the requirements of IRC §42 is a prerequisite. A demonstrated understanding of accounting and reporting practices, operations, maintenance, leasing and tenant relations, and asset preservation is required. Experience in management of a department of five (5) or more employees is also a requirement.
Candidates should be skilled with the MS Office suite, Property management software and recognize that detail oriented tasks are critical to a business’ long-term success. Understanding of tenancy criteria for projects financed by Low Income Housing Tax Credits through the California Tax Credit Allocation Committee is critical for candidate selection and success.
- Work closely with Asset Management staff and AMCAL Department heads to develop strong relationships and open communications.
- Work with other AMCAL departments and make recommendations in the areas not limited to: project designing, budgeting, property turn-over, loans, and property/land acquisition/disposition.
- Assist in the creation and implementation of AMCAL goals and objectives.
- Create, review and approve Asset Management Department operating budgets which correspond with AMCAL’s strategic business goals.
- Create, review, recommend and organize Asset Management polices and procedures.
- Hire, supervise, train and discipline department employees.
- Perform asset valuations (hold/sell analyses and annual valuations), and perform general analysis functions.
- Manage the reporting process (business plans and monthly and quarterly reports) in an efficient and timely manner.
- Review and present annual portfolio review materials including preparing and delivering written and verbal synopsis. Develop and maintain a complete understanding of each asset.
- Monitor and resolve tax credit and fair housing compliance issues.
- Keep current on changes to compliance rules and regulations. Hold training sessions on a quarterly basis.
- Supervise General Partner duties for AMCAL investor properties including by, but not limited to, accounting reports, leasing, tenant improvements, lender relations, insurance, and budgets.
- Select and contract for third-party, on-site management contractors and outside professionals as needed.
- Review and approve accounting and marketing reports, make changes and/or improvements.
- Monitor and report on legal issues effecting the properties and/or AMCAL.
- Develop and maintain risk management program for AMCAL properties.
- Maintain and review portfolio insurance coverage and claim files. Interface with insurance broker, claims representative and attorneys assigned to the case(s).
- Approve property lease-up budget and plan, interact with general contractor/developer as needed, affirm adherence to scheduling and timelines.
- Approve the purchase of property furniture, fixtures and equipment in accordance with budget.
- Review and approve annual property operating budgets and any modifications. Review and recommend changes to property loans.
- Review and approve all capital improvements, major budget variances, collection and other legal suits, bad debt write-off, contractor/vendors and monthly financial reports.
- Review, approve and monitor property relocation plans.
- Obtain proposals and approval for auditors annually.
- Supervise the annual Audit and tax return process for AMCAL related entities.
- Monitor property funds that have been invested.
- Inspect properties at least once a quarter or as required.
Criteria for Success:
- Reports to the President(s) of AMCAL’s related entities.
- Be conscientious about assignments and quality of work product.
- Assume accountability for specific performance.
- Attend seminars and other educational offerings which will contribute to the enhancement of skills. Network at events to promote AMCAL.
- Be creative, and use forward-thinking, results-oriented approaches to all aspects of the business.
- Must be able to analyze, organize and summarize both verbally and in writing complex financial information. Possess the ability to articulate recommendations in a concise manner.
- Efficient with Word, Excel, Yardi accounting software, PowerPoint, Outlook, and other business and communication software.
- Must be able to establish management and educational objectives on a quarterly and annual basis necessary to judge their own performance and ensure growth in all aspects of the job.
- Understand how their job function interrelates to the overall goal of developing long-term growth in the business.
- Understand the impact of the capital markets and the private real estate market and understand how this impacts and interrelates to the on-going business of the organization.
- Participate in community and business organizations which will enhance business skills.
- Must be detailed, organized and communicative, while demonstrating strong presentation skills.
- Must be a responsive team player with ability to quickly prioritize among numerous tasks.
- Salary – DOE
- Health/Dental/Chiropractic coverage available for individual after three months. Dependents can be covered at employee’s expense
- Life Insurance § 401K participation with matching after six months
- hree weeks leave (vacation, personal, sick) for the first six years
- Eight paid holidays
- Discretionary bonus based on individual and company performance