The Real Estate Department at CPDC specializes in acquiring, developing, rehabilitating, and operating multi-family housing with a goal of preserving and developing sustainable affordable housing. This housing frequently is in distressed communities, is HUD-subsidized or unsubsidized affordable housing, and may be threatened with conversion to higher cost housing by market pressures. The properties owned and operated by CPDC have robust resident services to assist residents in achieving their life goals.
The Asset Manager reports to the Director of Asset Management and is a part of the Real Estate team. This position exists to ensure the achievement of property-level goals that maximize the performance of CPDC’s portfolio. The Asset Manager is responsible for overseeing a growing portfolio located in multiple jurisdictions in Washington, DC, Maryland and/or Virginia, with multiple finance and compliance layers.
The Asset Manager is responsible for analyzing portfolio performance, identifying trends, and implementing strategies to insure sustainability of property performance and asset value while maximizing income available to CPDC and its affiliates. CPDC is committed to developing and engaging its staff, and has a history of building a culture of high performance, collaboration, transparency, and teamwork.
Essential Job Functions
Strategic Planning and Portfolio Analysis- 70%
- Manage the financial and physical performance of a portfolio of over 2000 units of multi- family housing (including oversight of third party fee management and collaboration with developers and resident services managers).
- Review monthly, quarterly, and annual property financial and compliance reporting.
- Track/analyze property performance to determine the effectiveness of third party fee managers.
- Identify operational and financial trends within the portfolio and implement strategies to make adjustments as needed.
- Analyze property financial performance and formulate property level strategies, goals, and policies that will maximize property cash flow and portfolio performance.
- Track and evaluate effectiveness of strategic plans and revise strategy as needed to align with changing goals
- Develop a plan for the Watch List properties in their respective portfolios and supervise management’s execution of the plan.
Oversee Property Management – 15%
- In collaboration with the third party fee manager formulate annual operating budgets, capital plans and marketing plans for each property. Review budget compliance on monthly basis.
- Set high level goals for property management by creating and maintaining a partnership with property management company
- Coordinate and conduct periodic site inspections to observe the physical condition and property management practices.
- Track and analyze property management performance and recommend needed changes by :
- monthly review of operating statements and narratives
- monthly asset reviews with Regional Property Managers
- monitoring performance against property-and portfolio-level goals
- communicating CPDC goals and policies to property management
- Perform random audits of tenant files and follow up on all compliance issues including IRS form 8823’s.
Interdepartmental Collaboration– 15%
- Identify operational issues throughout design/construction/lease-up/stabilization phases of development and work with cross-functional project teams to devise solutions.
- Provide asset management support to developers and resident services managers as requested.
- Serve as member of RED project team to accomplish the following:
- Review operating budgets for pipeline projects
- Review regulatory documents
- Hire third party fee managers for new projects and negotiate property management contracts.
- Review and provide input on project scope of work
- Review income certification process, lease-up and LIHTC delivery, including occupancy schedules
- Review relocation process and schedule
- Participate in project design and construction to ensure work is in-line with AM operating expectations and goals
- Oversee property operations to achieve break-even and receipt of 8609s.
- Performs other duties and responsibilities as assigned
- Excellent skills with Excel spreadsheets, formulas, and analysis of spreadsheet data
- Knowledge of affordable housing programs, especially LIHTC and Section 8, as they relate to project schedule and tax credit unit delivery, lease-up, initial, annual income certification, and on-going compliance.
- Very detail oriented with the ability to identify strengths, weaknesses, opportunities, and threats related to operating performance at the property level.
- Knowledge of physical asset needs and building systems, and their impact on property operations and residents.
- Excellent oral and written communication skills
- Experience creating and managing budgets and schedules
- Demonstrated ability to analyze issues, think strategically, problem-solve, make decisions, and develop an implementation strategy
- Bachelor’s Degree, plus 6 years of experience in affordable multi-family rental housing.
- Ability to collaborate effectively with cross-functional teams and diverse groups of people from different backgrounds.
- Sensitivity and respect for cultural and socioeconomic differences among affordable housing residents.
CPDC offers competitive salary, medical, dental, life, STD, LTD, 403(b), flexible spending accounts, EAP, and paid time off.