Summary:
Macdonald & Company is partnered with their client, a distinguished real estate development firm in Evanston, IL, to appoint an Asset Manager.
The group currently oversees a portfolio of 11,000 affordable rental housing units valued at over $1.3 billion, spanning sixteen states and the District of Columbia.
The role offers a hybrid work schedule (two days from home, three days in office) each week.
Responsibilities:
- Collaborate closely with property management companies, regulatory agencies, investors, and other stakeholders to ensure the successful operation and sustainability of the housing portfolio.
- Oversee third-party property management across a diverse range of property types, including multifamily, single-family, and commercial developments.
- Manage and maintain all insurance coverages, identifying and mitigating risks effectively.
- Analyze and review financial aspects, including budgets, monthly financials, reserves, escrows, and distributions for the assigned property portfolio.
- Conduct property inspections to ensure that developments are in excellent physical condition, with occasional travel to various regions across the U.S.
- Oversee and coordinate lease-ups at buildings, ensuring that all leasing goals are met.
- Maintain an in-depth knowledge of affordable housing programs such as Low-Income Housing Tax Credits, CDBG, HOME, and other local or federal programs, ensuring compliance by third-party management companies with HUD policies.
- Utilize creative problem-solving skills to troubleshoot operational issues.
- Assist the development and finance teams with the acquisition, disposition, or recapitalization of housing assets.
- Implement strategies to maximize the value and efficiency of assets within the portfolio.
- Review and approve major operational decisions, including maintenance, capital improvements, and vendor contracts.
- Address investor inquiries and concerns regarding property performance.
Qualifications:
- Bachelors degree in real estate, finance, business administration, urban planning, or a related field. Equivalent experience in affordable housing (3-5 years) may also be considered.
- Demonstrated experience in property management, financial analysis, insurance management, property maintenance, and affordable housing compliance.