Company
AMCAL is a $2.5 billion developer, general contractor and owner of diverse residential real estate projects including student, market-rate and affordable housing in California and Texas. AMCAL’s headquarters are located in Agoura Hills with additional offices in West Los Angeles and Farmers Branch, TX. This position is located in Agoura Hills, CA.
Asset Manager
This position reports to the Director of Asset Management and is responsible for the performance of assets in the Company’s affordable housing portfolio. This is an opportunity to join a fast paced team environment with clear opportunities for growth. The ideal candidate has 3-5 years of experience in LIHTC asset management working for a General Partner. Success will be dependent on the candidate’s ability to thrive in an environment that is highly entrepreneurial, strategic and creative which requires rapid learning, multi-tasking and prioritizing under tight deadlines.
Responsibilities:
- Perform review of monthly property financial statements, including analysis of balance sheet, income statement and variance report, to support portfolio performance reporting for senior management, lenders and investors.
- Assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, terms of the partnership agreement, loan documents, LURAs, QAPs, and tax credit application.
- Analyze property performance, valuation, market trends and operational strengths and weaknesses to inform strategies for maximizing value to the company.
- Provide operational feedback to Construction and Development teams to inform design, leasing, financing and disposition strategies for new development projects.
- Support due diligence efforts related to the acquisition, capitalization and disposition of assets.
- Coordinate regular asset calls and site visits with property management teams to ensure goals and budgets are being met, and if not, determine strategies for corrective action.
- Negotiate and monitor contracts including leases, management agreements, vendor contracts, utility contracts, etc. to protect ownership rights and ensure contract compliance.
- Establish strategies for the resolution of insurance claims and tenant legal proceedings related to non-payment, illegal, and fraudulent activity at the property and/or tenant level.
Qualifications & Skills
- Bachelor’s Degree with a concentration in Real Estate, Finance, or Business preferred
- Advanced degree preferred but not required
- 3-5 years of relevant experience in multi-family asset management (GP side)
- Working knowledge of Section 42 (LIHTC) principles and requirements
- Experience with Yardi/Real Page and MRI Developer Central a big plus
- Strong analytical and quantitative skills with emphasis in financial analysis
- Understanding of real estate accounting principles and financial reporting procedures with ability to analyze variances.
- Able to read, analyze, and interpret complex business documents including leases, financial reports, contracts, loan documents and regulatory agreements.
- Proficiency with Microsoft Office suite. Strong understanding of Excel is a must.
- Able to work proactively, independently and as a strategic partner in a team environment
- Effective presentation and communication skills, both verbal and written
- Annual property inspections required. Approximately 5% travel annually.
Compensation
- $100 – $130K, commensurate with experience
- Annual bonus based on salary and performance
- Three weeks Paid Time Off annually (after 30 days)
- Hybrid Work Schedule Options Available (after 90 days)
- Monthly Auto and Cell Phone Stipend
- Full health coverage and benefits (after 90 days)
- 401(k) retirement plan (after six months) with up to 5% match
Applications
- No phone calls, please
- Please email a cover letter and resume to jgordon@amcalhousing.com
AMCAL Multi-Housing, Inc.
The AMCAL group of Companies, one of the Nation’s leading housing development companies is developing quality rental and ownership residential properties throughout California and Texas including Affordable Housing, Luxury Apartment Housing and Student Housing. The Company was founded in 1978. An affiliated company, AMCAL General Contractors Inc. builds all of AMCAL’s projects. For more information, visit our website at www.amcalhousing.com. AMCAL Multi-Housing Inc. is an equal opportunity employer.