This position reports to the VP 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.
Stabilized Asset Oversight:
- 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.
New Project Oversight:
- Manage lease-up efforts for new projects in coordination with third party management companies, including the qualification and selection of new residents, to ensure compliance and execution of project plan on time and within budget.
- Review design plans and solicit input from PMCs to provide feedback to AMTEX development and construction teams to optimize project design and mitigate elements that may cause operational issues.
- Monitor local market dynamics in rental rates, leasing trends and AMI changes to ensure optimal performance.
- Participate in weekly and monthly construction calls and project team meetings as needed.
- Review and approve property operations budget in line with proforma.
- Above all ensure that projects are delivered on-time, on-budget in alignment with proforma goals and capital and regulatory requirements.
Qualifications & Skills:
- Bachelor’s Degree with a concentration in Real Estate, Finance, or Business.
- 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, MRI Investor Central (formerly Integratech) is highly desirable.
- 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.
- Salary – DOE
- Health/Dental/Chiropractic coverage available for individual after three months. Dependents can be covered at employee’s expense
- Life Insurance
- 401K participation
- Three weeks leave (vacation, personal, sick) for the first six years
- Eight paid holidays
- Discretionary bonus based on individual and company performance
- No phone calls, please.
- Please email a cover letter and resume to firstname.lastname@example.org.
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, Texas and Washington, 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 https://www.amcalhousing.com. AMCAL Multi-Housing Inc. is an equal opportunity employer.
|Job Category||Asset Management|