Pennrose is excited to be hiring an Asset Management Associate for our Property Support Center in Philadelphia, PA
This position is responsible for implementing strategies that will maximize the financial performance and value of the Pennrose Properties portfolio. The Associate, Asset Management will also be responsible for monitoring the physical and financial condition of all Pennrose Properties owned assets. This position reports to VP, Asset Management, and works out of the Philadelphia Support Center.
Duties & Responsibilities:
• Responsible for analyzing and measuring property financial and operating metrics and providing
recommendations to property management to improve performance
• Responsible for the aggregation and reporting of property level and portfolio financial performance and
budgets; Conduct variance analysis at both the portfolio and property levels
• Work closely with Pennrose Management Company and 3rd Party Managers for financial information and with regional management staff to carry-out property strategies and business plans for each property
• Assist with making recommendations for refinancing, disposition or other capital events to achieve
determined financial milestones or outcomes
• Monitor the physical condition of the portfolio through periodic site visits
• Prepare information for real estate tax appeals as necessary
• Assist with preparation of transactional due diligence materials
• Monitor ancillary revenue contracts and maximize financial benefit for Pennrose
• Work with other internal departments regarding HUD, LIHTC and RAD programs
• Read and interpret agreements, loan documents and other compliance related documents
• Understand and analyze investment models and forecasts
• Cash flow forecasting
• Special Projects as required
Required Education & Experience:
• Bachelor degree in accounting, finance or real estate required
• MBA, graduate degree in finance/real estate or CPA desirable
• 2+ years’ multifamily real estate/financial analysis experience; Affordable Housing sector experience highly desirable
• Knowledge and experience with the Low-Income Housing Tax Credit Program gained from asset
management, operations or development work experience.
• Knowledge and experience other affordable housing programs centered on HUD, public housing and other programs which support affordable housing.
• Experience with recapitalizations, dispositions and working knowledge of real estate development financial underwriting.
• Yardi experience.
• Ability to learn quickly and desire to constantly learn about the complexities of the affordable housing
• Ability to multi-task and run projects simultaneously.
• Proven professional communication abilities to interface with a broad array of employees and housing
Pennrose is an Equal Opportunity Employer