Regional Asset Manager chez LDG Development

POSITION: Regional Asset Manager

REPORTS TO: Director of Asset Management

COMPENSATION: Salary, plus benefits, and eligible for bonus

LOCATION: On-Site, with travel to portfolio of properties

SUMMARY

The asset manager is the “eyes and ears” of the Owner/GP and LDG for a designated portfolio of communities to achieve primary objectives: Provide residents with the best living experience possible by maintaining quality communities and programs for residents. Enhances the value of the asset/investment throughout its life cycle.  Mitigates operational and financial risks of the investment. Directs oversight and collaboration with Property Management Companies associated with designated assets.   Develops asset strategy and ensures expectations associated with resident experience are achieved by property management and that ongoing transparent communications are occurring.  Reinforces LDG’s culture of transparency, integrity, dignity, respect, and professionalism in all interactions. 

RESPONSIBILITIES

• Evaluate overall property performance to develop and implement a strategic business plan. 
• Monitor and evaluate financial operating results to enhance cash flow and profitability by completing monthly financial reviews and reviewing weekly property operating KPIs.
• Oversee cash management for properties. Review monthly cash forecasts and prepare funding requests if applicable.  Management of cash needs through utilization of replacement and operating reserves and timing of major expenditures. 
• Perform a detailed review of the property’s annual operating budget and approve the final budget. Project the annual cash flow for distribution and schedule cash sweeps from the properties.
• Work collaboratively with property management to identify challenges and execute timely and effective solutions. This would include managing budgets, staffing, CapEx, and other property programs.
• Conduct regular site visits as needed to include, but not limited to, review of curb appeal, the status of CapEx projects, common area and vacant unit inspections, and personnel issues.
• 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 applications.
• Upon new deal handoff, review all closing documents (partnership agreement, loan documents, regulatory agreements, property management agreement, etc.), construction plans, and deal summary to understand investment underwriting, General Partner rights and responsibilities, reporting requirements, and investment benchmarks.
• For new deals, monitor construction progress and building delivery turnover schedule.  Review estimated construction completion dates to underwriting and project lease-up completion dates. 
• Provide lease-up goals to the property management company.   In coordination with the management company, develop staffing schedule, rent schedule, marketing plan and lease-up budget.  
• Develop a strategy to achieve lease-up goals and investment benchmarks.     Participate in construction building walks.  
• Monitor first-year tenant file audit and address any issues.
• Provide feedback to Development on underwriting for proposed developments.
• Collaborate with Property Management, Resident Services, and other stakeholders to develop an annual resident experience calendar and assist with implementation and oversight as needed.   
•  Tailor and adjust by community based on ongoing needs and desires of residents.

QUALIFICATIONS

• 3-5 years of relevant experience in multi-family asset management or 5 years of relevant experience at the regional property management level. Working knowledge of Section 42 (LIHTC) principles and requirements
• Bachelor’s Degree with a concentration in Real Estate, Finance, or Business preferred
• Strong analytical and quantitative skills with an emphasis in financial analysis
• Understanding of real estate accounting principles and financial reporting procedures with the ability to analyze variances.
• Proficiency with the Microsoft Office suite. A strong understanding of Excel is a must.
• Able to work proactively, independently, and as a strategic partner in a team environment
• Strong ability to communicate effectively, both in oral and written form. 
• Must be articulate with the ability to be persuasive and organized in thought and composition when speaking with others and when formulating emails, memos, and letters
• Ability to exchange ideas, information, and opinions with others to formulate policies and programs and/or arrive jointly at decisions, conclusions, or solutions
• Ability to manage time effectively, meet deadlines, and set priorities for workload
• Must be able to identify and resolve problems in a timely manner and gather and analyze information skillfully
• Ability to demonstrate accuracy and thoroughness and monitor own work to ensure quality
• Must have valid drivers license/passport for travel
• Travel required up to 25% of the time. 

BENEFITS 

• Medical, Dental, and Vision Insurance 
• Health Savings Account (HSA) 
• Paid Time Off (PTO) 
• Paid Holidays 
• 401k Retirement Plan 
• Employee Assistance Program (EAP) 
• Competitive bonus structure 
• Tuition Reimbursement
• Paid Group Life Insurance
• Ancillary Benefits: Pet Insurance, Parental Leave etc. 

WORK CONDITIONS 

You are required to work both inside and outside of the office and in all areas of the residential property, including amenities, and have frequent exposure to outside elements where temperature, weather, odors, and landscape may be unpleasant and/or hazardous.  This includes working in climate-controlled office space, cubicles, and outdoors on assigned properties.  Noise level is moderate to loud due to meetings, location, foot traffic, telephones, and office equipment.  

PHYSICAL DEMANDS: 

To successfully perform the essential functions of this role, the Employee must be able to engage in routine physical activities such as standing, walking, climbing, stooping, squatting, and using hands for typing and handling materials. The position requires the ability to access all areas of the property—both interior and exterior—in varying weather conditions, including rain, snow, heat, and wind. 

Employees must be capable of lifting or moving items up to 20 pounds and possess adequate visual abilities, including close and distance vision, color and peripheral vision, depth perception, and the ability to adjust focus. Occasional travel may be required for training, property support, or other job-related needs. 

This job description is not intended to be an exhaustive list of all duties. Employees are expected to follow additional instructions and perform other related tasks as assigned by their manager.