WNC
Career Opportunities

Asset Management, Community Preservation Partners

Asset Manager – West Coast


The Asset Manager (AM) oversees a portfolio of affordable housing properties, acting in the capacity of a relationship manager, decision maker and problem solver. The AM reports to the Senior Portfolio Manager of Asset Management and works closely with other departments within the company. The AM will conduct review and financial analysis; schedule and execute site visits and work closely with respective partners and property managers to ensure long-term viability of the asset. The AM will work to enhance CPP’s relations with vendors, partners and investors. The AM will also be responsible for asset management concerns from development through the sale or disposition of the asset, to ensure the delivery of appropriate tax credits, increase cash flow while also preserving the asset.

Position Responsibilities:

  • Oversee a portfolio of approximately (20) assets, including tax credit, HUD, bond, HOME and Rural Development properties. Asset Manager will be the point person for the management company in their portfolio.
  • Work closely with staff to, analyze and report on financial performance; monitor budgets (comparing to actuals) and reviewing occupancy levels (rent rolls) as necessary, or in the case of concern properties, on a monthly basis, according to specified benchmarks. Monitor overall operational performance.
  • Review and approve annual budgets for reasonableness upon submission by the management companies.
  • Review and approve reserve withdrawals and track the balances in the reserve accounts.
  • Evaluate the management companies’ performance on a quarterly, annual or as needed basis.
  • Develop an “Action Plan” in conjunction with the other key partners or property management for concern properties; monitor effectiveness of the “Action Plan” on a monthly or more frequent basis.
  • Conduct all the required site visits. Concern properties must be visited more regularly.
  • Review partnership agreements, regulatory agreements, financing documents and other sources to determine financing structures and constraints, as needed.
  • Ascertain and work to resolve problems through collaboration with partners, property managers, lenders, and governmental/regulatory entities.
  • Analyze monthly, quarterly and year-end financial statements, as needed.
  • Review year-end financial audits.
  • Conduct annual calculation and collection of the Return-to-Owner (RTO).
  • Complete “special projects” assignments that are communicated to the AM by the department.
  • Participate in portfolio review discussion within the department, stakeholders or management company.

Qualifications:

  • Three to five years of experience in multifamily housing in a financial analyst , regional manager or as an asset manager.
  • Candidate must have strong financial analytics skills.
  • Must have a general understanding of Low-Income Housing Tax Credit (LIHTC) and HUD experience. Rural Development experience preferred, but not required.
  • Knowledge of multifamily real estate operations.
  • Must have strong computer skills and thorough knowledge of Outlook, MS Word, MS Access and Excel.
  • Must have excellent communication and organizational skills for communication with partners, property management companies and other team members.
  • Must have the ability to multitask and work in a fast paced environment.
  • Maximize total return for each assigned asset through the analysis of property efficiencies and identifying opportunities for improved performance.
  • Work closely with third-party property managers to provide direction for and oversight of business plans, budgets, forecasts, leases, analysis and approvals.
  • Negotiate third-party contracts.
  • Manage cash flow, distribution analysis and investment projections, if applicable.

Education:

Bachelor’s degree in real estate, finance, accounting, or related subject or comparable experience as an asset manager.

Apply Now