Job Description: Senior Asset Manager Job Title: Senior Asset Manager
Location: San Francisco. Hybrid.
Department: Asset Management
Reports To: Director, Asset Management
Job Status: Exempt, Full-Time
Compensation: $110,000.00 to $130,000.00 per year, DOE; medical, dental, vision & retirement plan
Summary: Under the direct supervision of the Director of Asset Management, the Senior Asset Manager will be responsible for maintaining Mission Housing's high-quality assets and for the design and implementation of strategies within the multifamily unit. The individual will oversee the third-party property management company, supervise Asset Managers, and lead projects involving the strategic management of Mission Housing's portfolio of apartments and other residential buildings.
The objective of this role is to optimize the performance of the portfolio by thinking mid-term to long-term while accomplishing short-term projects. This position requires the candidate to provide high-level financial, physical, regulatory and administrative services for Mission Housing's multifamily affordable rental communities, while functioning independently, and reporting clearly, with recommendations to the Director of Asset Management.
Essential Functions: The Senior Asset Manager will customarily and regularly exercise discretion and independent judgment in the following job duties:
- Independently monitor the activities of property management firms responsible for the daily operations of the properties and report significant information to the Director of Asset Management.
- Lead and monitor the third-party property management company in the performance of lease-ups in both new construction and occupied rehabs.
- Identify, evaluate and recommend capital improvement and replacement projects in the agency's operating portfolio, including potential energy efficiency retrofits.
- Manage LIHTC (low-income housing tax credits) capital accounts through annual analysis and exit tax projections; exit limited partner.
- Collaborate with development and finance teams to identify opportunities for rehab and re-syndication; work with Mission Housing's team to accomplish goals for portfolio, new construction and acquisitions; establish a feedback loop with the current Asset Manager and project development team to capture learnings from portfolio investigations; collaborate with Resident Services on a continual basis to help ensure current services are effective and practical.
- Represent Mission Housing's ownership concerns and coordinate with property managers, project managers and other development team members to ensure that lease-up, marketing and outreach and maintenance of waiting lists are handled in accordance with the management plan, Mission Housing's policies and all regulatory requirements; ensure that goals for development are met on time.
- Work collaboratively to create and refine reporting procedures, database and other informational systems to collect data, track projects, enhance communication and distribute to Mission Housing management.
- Directly supervise Asset Managers and effectively manage their individual performance, development, and training.
- Review and analyze monthly property financial statements for reporting to the Director of Asset Management.
- Review annual operating budgets to ensure implementation of multi-year plans and coordination with property management.
- Ensure properties are meeting financial goals as projected and required under all agreements and regulations.
- Contribute to preparation of audited financial statements, i.e., related party fees, contingent liabilities, reserves, and surplus cash analysis and distribution and ensure surplus distributions are made correctly and on a timely basis.
- Represent Mission Housing to stakeholders, partners, lenders, property managers, vendors, residents and community members as needed, with an above average level of understanding, and supporting our mission, vision and values.
- Create asset management plans for Mission Housing's operating portfolio.
- Perform site inspections once a month and oversee physical risk management.
- Manage insurance for Mission Housing-controlled portfolio, including claims, setting deductible and coverage levels, and all other insurance-related issues.
- Oversee the creation, collection, and maintenance of physical specifications with the goal of maintaining the integrity of the original designs, while updating and greening Mission Housing's multifamily portfolio.
- Lead and perform due diligence on proposed new acquisitions and make recommendations to the Director of Asset Management on new acquisitions and projects.
- Research partnership agreements, financing documents, regulatory agreements, tax returns, and other source documents to determine constraints and barriers to long-term needs.
- Negotiate with partners and/or lenders, as needed, to amend agreements.
- Facilitate approval processes with lenders and/or investors, as needed.
- Prepare and review all reporting information due to investors/lenders.
- File welfare exemptions and business entity forms.
- Complete other tasks as assigned related to real estate asset management, policy development, budgets, planning, maintenance of records and systems and administration.
- Perform other duties as considered appropriate and consistent with the mission of Mission Housing, including working at occasional community-building activities, programs and events (i.e., annual on-property community activities, Carnaval, Sunday Streets, fundraisers, etc.) - as needed or assigned, during or outside regular business hours - and ensure staff similarly participate.
Minimum Qualifications: - Experience working in affordable housing with multiple layers of funding required
- Experience applying for and obtaining funding from HCD, HUD, TCAC, CDLAC and other non-San Francisco-based funding sources.
- Minimum of 3-5 years of real estate finance or asset management experience, preferably within 100% affordable housing or multifamily real estate.
- Experience with budgeting, forecasting, and performing financial analysis, as well as compliance with regulatory agreements.
- Bachelor's degree in real estate, finance, business, or related field strongly preferred
- Certified Housing Asset Management (CHAM) designation strongly preferred
- Ability to negotiate independently on behalf of Mission Housing Development Corporation
- Strong time management and organizational skills with attention to detail, and technical project management
- Advanced proficiency in MS Office suite and property management software, i.e. YARDI
- Excellent written, verbal communication and relationship management skills
- Extensive problem-solving and flexibility while remaining focused on solutions
- At least 5 years' experience supervising other employees
Physical Demands: - While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle, or feel; reach with hands and arms and talk or hear. The employee is occasionally required to stand, walk and drive.
- The employee must occasionally lift and/or move up to 20 pounds.
Work Environment: - The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- The noise level in the work environment is usually quiet to moderate. However, construction sites may be noisy and appropriate measures should be taken to protect hearing and health on job sites.
**Disclaimer: The employer reserves the right to change or assign other duties including rotating sites if necessary.
