Senior Asset Manager

Senior Asset Manager Job Description

Columbia Residential is an integrated real estate development and property management company. We search for locations that are underserved and employ experienced employees and contractors to bring our ideas to life with inspired, purposeful architectural design, sustainable, innovative construction and a sincere commitment to the community, residents and staff. The Senior Asset Manager is a result driven position responsible for maximizing the financial and physical  performance of an assigned portfolio of Columbia’s affordable multifamily properties that are developed and owned by Columbia Residential.

Essential Functions of the Position

• Oversee an assigned portfolio of stabilized LIHTC properties to assess long-term financial viability and performance trends and formulate and lead the implementation of recommendations for improvement.
• Collect and analyze monthly, quarterly and annual operational and financial reports  as well annual financial audits of assigned properties for accuracy and completeness and communicate adverse findings to Owners and Managers.
• Analyze reasonableness of assessed real estate taxes and file for tax reductions as required.
• Conduct routine site visits to ensure ongoing physical maintenance of the communities and work with Owner and Property Management to address identified capital and maintenance issues.
• File, manage and conclude insurance claims for assigned portfolio.
• Develop and present comprehensive quarterly asset management reports to advise senior management of the financial and operational performance of the assigned portfolio including operational spending trends and variance analysis, physical inspections, regulatory compliance and occupancy trends.
• Develop and maintain effective professional relationships and strategic business alliances with internal and external partners, property management staff, legal professionals, developers, lenders, government entities and other parties with an interest in the property.
• Analyze for reasonableness and approve annual operating budgets for the assigned portfolio
• Reviews and understands limited partnership agreements, regulatory agreements, financing documents and other sources to determine enforceability of terms, financing structures and property operational constraints.
• Prepare for owners approval annual cash flow calculations that are accurate and adhere to the governing partnership documents
• Review and provide feedback on financial pro formas for development and operations,  operating agreements,  loan documents, and Limited Partnership Agreements for proposed projects to ensure that the terms are consistent, reasonable and enforceable.
• For new construction developments, collaborate with internal and external partners to facilitate the conversions of the construction loan to the permanent phase ensuring that all Partnership requirements are met.
• Identifies properties with operational issues, investigate causes and facilitate problem resolution; work to resolve issues through collaboration with Owners, property management, general partners and regulatory entities
• Monitor reserve balances and oversee requests for release of replacement and operating reserves.
• Meet with and respond to investor issues and inquiries as needed.
• Recommend and implement plans for property preservation such as refinancings, sale, restructuring and purchasing investor interests.
• Manages relationships with development partners,  investors and lenders as well as federal state and local government entities.

Education and Skills Required

• Bachelor’s Degree preferably in real estate, finance, public administration, business, accounting, economics or related area  or comparable experience.
• Minimum of four years of experience in multifamily underwriting or multifamily  asset management.
• Position requires demonstrated knowledge of real estate transactions, knowledge of Low Income Housing tax credit development and multifamily affordable housing operation.
• Ability to compile, analyze, interpret, and present complex financial reports, statements, and/or projections
• Strong Computer skills and proficient in Outlook, Word and Excel
• Strong interpersonal and communication skills and the ability to work effectively with a wide range of people from diverse backgrounds
• Proficiency in financial modeling, spreadsheet analysis

• Affordable and tax credit experience preferred.
• Strong quantitative skills and demonstrated analytical and problem solving ability;
• Strong organizational skills and attention to detail
• Ability to prioritize and manage multiple projects simultaneously

Compensation:

• Competitive Base Salary commensurate with experience
• Benefits – health, 401K, Paid Time off, others
• Eligible for participation the Company’s bonus program

This job description should not be considered all-inclusive. It is merely a guide of expected job duties and responsibilities. This job description is neither complete nor permanent and may be changed at any time solely to the discretion of management. The employee may be asked to perform more duties or take on additional responsibilities with little to no notice.