Riverside Capital/The Michaels Organization has a full time position available for an Asset Manager.
The Asset Manager will be responsible for the various asset management activities associated with the long- term investment in affordable apartment communities. The core functions of this position are to monitor asset performance, identify and quantify risk and develop ways to improve performance and mitigate risk for each asset through the end of its 15-year compliance period. This is accomplished through the review and analysis of construction and lease-up reports, financial, physical, market, and compliance performance of each property and by developing and maintaining positive working relationship with local general partners, management agent, and other key stakeholders. The Asset Manager will interface with the Acquisition, Fund Management and Investor Relations staff, seeing each investment from project closing to disposition, and will actively contribute and generate ideas throughout the life cycle of an asset.
Core Duties & Responsibilities
Review and analysis of monthly construction draw schedules, inspection reports, marketing and lease-up reports to track asset performance against original assumptions, and to assign appropriate risk ratings, Prepare financial analyses and projections for assets to estimate benefits, capital adjustments, and stabilization gaps.
Analyze quarterly and annual financial reports to track asset performance, monitor revenues/expenses including trends and material divergence from original underwritten projections, and assign appropriate risk ratings. Prepare financial analyses and projections for assets to estimate stabilization gaps, ongoing cash flows, and market valuations.
Process and analyze partnership agreement consent requests including the release of capital installments, reserve withdrawals, loan refinances, general partner replacements, management company changes or proposed modifications to partnership agreements. Perform physical inspections to include evaluation of exterior/interior conditions, competency of property management, neighborhood, market conditions and compliance with the Section 2 program.
Identify and evaluate watchlist and distressed assets, and establish a plan of action or workout plan for project improvement. Communicate strategy through “Watchlist Report” and updates to the Vice President of Asset Management.
Analyze and negotiate all capital transactions such as refinancing, and end of asset life exits.
Assist in the implementation of new asset management database including the timely receipt and integrity of information collected and stored in Riverside database.
Assist with the creation of reports from the new asset management database including written specifications and pre-production testing.
Interact with general partners, property managers, accountants and other third parties to ensure timely reporting in compliance with project agreements, and to resolve problems that could jeopardize the long-term viability of the asset.
Monitor multifamily market trends, with special attention to affordable housing, to gain an understanding trends in the multifamily industry and performance of comparable properties.
Create, generate, and maintain monthly and quarterly reports from asset database for internal and external use.
Perform other duties as assigned.
5+ years of relevant real estate experience in the design, construction, financial assessment, and/or management of multifamily housing (affordable housing/Section 42 experience preferred)
Bachelor’s degree in finance, real estate, accounting or related field (graduate degree preferred)
Required Skills and Abilities
Strong analytical skills and ability to identify issues, draw logical conclusions, and interpret results for use in decision making with limited oversight.
Strong organizational, multi-tasking and prioritizing skills
Knowledge of or experience in low income housing tax credit (LIHTC)
Must be able to work independently and collaboratively in a team environment
Strong working knowledge of financial modeling
Communicate effectively both orally and in writing to convey information clearly and effectively through formal and informal documents and project a positive, professional image both internally and external with business contacts.
A team player, willing to absorb departmental work overflow when required
Possession of a valid driver's license and an acceptable driving record.
Primarily an office environment, must have flexibility to travel (30%) and work extra hours, as needed