Sr. Asset Manager

Location: Columbia, MD | Cleveland, OH | Los Angeles, CA | San Francisco, CA | Denver, CO | Portland, OR | Seattle, WA | Chicago, IL
Time Type: Full time
Posted Date: Posted 4 Days Ago
Requisition ID: REQ1969

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $54 billion and created 873,000 homes across all 50 states – all to make home and community places of pride, power and belonging.

Join us at enterprisecommunity.org.

Working at Enterprise

At Enterprise, you’ll be part of a diverse, committed team making a difference every day. You will collaborate with some of the smartest minds and biggest hearts in our field. You’ll be empowered to drive systems change and take bold steps to advance racial equity. And you will find a career home where you’re valued and supported in your growth journey.

Enterprise offers career opportunities in our offices across the country with an exceptional benefits package.

Job Description Summary

The Senior Asset Manager, Real Estate Equity will oversee a portfolio of restricted affordable housing (LIHTC, Section 8, etc.) and unrestricted workforce housing investments associated with the Real Estate Equity funds through site visits, in-depth financial review and problem resolution/workouts (as needed) to ensure execution of underwritten business plans. The position will also provide support for advanced problem-solving function for the Real Estate Equity team as investment business plans change over time and require modification, as well as leading the disposition efforts for each fund investment. The principal goal is to maintain the viability, quality and affordability of Real Estate Equity fund investments while protecting the interests of fund investors meeting or exceeding fund investor returns.

Salary Range: $115,000 - $135,000

Job Description

Essential:

• Manage real estate portfolio of approximately 25 properties for which Enterprise provides asset management for Real Estate Equity funds.
• Identify, communicate and work to mitigate risks/problems via reporting tools and information gained through communications with General Partners/Sponsors, property managers, and via on-site visits.
• Review, analyze and evaluate monthly property performance as compared to proforma and budget, and provide regular feedback and recommendations both externally to General Partners/Sponsors and investors and internally to Real Estate Equity team.
• Work closely with General Partners/Sponsors, funders and regulatory agencies to execute underwritten business plans and coordinate efforts with each to modify business plans, as necessary, including but not limited to removal of property management firms, removal of General Partner entities, restructuring debt and accelerating disposition timelines.
• Negotiate problem resolution/workout strategies with general partners, lenders and public-sector entities, as necessary.
• Conduct project site visits, review property management systems, review organizational systems and provide technical assistance, as necessary.
• Author disposition memos and refinance analyses, working with Senior Managing Director to garner feedback and approvals.
• Actively support the portfolio implementation of Enterprise’s strategic plan, ESG priorities and fund specific and/or investment-specific business plans which include but are not limited to monitoring of rent and household income affordability, climate risk mitigation strategies such as green retrofits and utility performance/benchmarking, implementation of social service plans, implementation of health action plans, renter wealth creation strategies and resident credit reporting. Proactively look for ways to implement or better manage tools and vendor relationships.
• Work with Housing Credit Regional Asset Management teams to develop communication strategies with common partners, as necessary.
• Interface regularly with Senior Managing Director during project performance reporting cycles; including standard financial reporting periods (monthly and quarterly) and complete all necessary internal and external reporting requirements.
• Interface regularly with others on Real Estate Equity team during monthly update meetings including providing input to the underwriting team on deal structuring / asset management issues.
• Interface quarterly with internal Investment Committee and external Advisory Committee during scheduled and ad hoc meetings and assist with meeting material preparation for these meetings; present portfolio updates during annual investor meetings. Anticipate the needs of these stakeholders and flag issues and trends early.
• Track insurance renewals, real estate tax payments and appeals and monitor market conditions.
• Lead or support Senior Managing Director in special projects that improve efficiency or effectiveness of Asset Management processes or outputs.
• Assist in the design, implementation and maintenance of policies and procedures and other relevant documentation in support of internal controls and training.
• Complete internal and external reports accurately and meet all deadlines.
• Interact with Enterprise staff to provide accurate and timely information.
• Proactively demonstrate leadership qualities such as collaboration, initiative, innovation, problem-solving and accountability.

Non-Essential:

• Performs other duties as assigned.

Qualifications and Skills:

• 8-10+ years’ experience with real estate, housing programs, finance, accounting, law, and/or property management.
• Master’s degree or equivalent is preferred, Bachelor’s degree required, preferably in real estate, finance, accounting or related field.
• Strong financial analysis skills are required.
• Familiarity with loan documents, partnership agreements, contracts and other legal documents is required.
• Knowledge of real estate and LIHTC are required.
• Strong computer skills are required; thorough knowledge of MS Word, MS Excel, and MS Outlook are preferred.
• Ability to adjust quickly to changing priorities and circumstances is required.
• Ability to work evening and weekend hours during peak periods is required.
• Strong organizational skills and ability to coordinate complex activities, prioritize conflicting demands and meet deadlines.
• Must be highly motivated.
• Must be able to work independently with a minimum of supervision.
• Must demonstrate strong interpersonal skills working with a wide variety of professional and non-professional personnel.
• Strong problem solving and negotiating skills are required.
• Must possess strong written and oral communication skills.
• Able to travel as necessary to accomplish the goals for the position.
• Incumbent is expected to demonstrate strong ethics in interpersonal relations and work as an effective, collaborative team member.

Physical Demands/Working Conditions:

• Ability to work under stress/pressure.
• Ability to travel for flights up to 6 hours, or in automobile, or train.
• Ability to climb stairs offsite at project sites.
• When visiting project sites, incumbent may be exposed to varying environmental conditions (e.g., outdoor weather, dirt, dust, and other construction work site hazards).
• Valid driver’s license required.

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