Asset Manager - Property Management
Company: CommonBond Communities
Location: Saint Paul
Posted on: January 15, 2022
CommonBond Communities invites qualified applicants to apply for
the Asset Manager position. With leadership and support from the
Director of Asset Management, the primary responsibility of the
Asset Manager is monitoring CommonBond's long-term owner interests
to obtain goals of each assigned property. Work is focused on
maintaining high performing properties by executing on financial,
physical, policy, and mission opportunities for assigned
properties, contributing to the overall health of the entire
portfolio. Productive and respectful collaboration with
CommonBond's property management, advantage services, accounting,
compliance, facilities and housing development teams is
required.Home is the foundation for everything in life. Since 1971,
our model has been about supporting residents in finding stability
and achieving their goals. It's why we're more than housing-we
combine quality affordable homes with our on-site Advantage
Services-because we believe that with the right support and
opportunities, all people can thrive. Today, over 12,000
people-families, seniors, veterans, and people with disabilities
and other barriers-call a CommonBond community "home." Our core
values are Respect, Integrity, Partnership, Innovation, and
Excellence. We live these values and look for people who embody
them to represent our organization in the community. If this sounds
like you, please consider joining our team. Why CommonBond
- Work-life balance
- Competitive salary
- Employee referral program
- Comprehensive benefits package
- Employee recognition and rewards program
- A respectful and growth-oriented workplace
- A chance to make a difference in the community!
- Ongoing training and professional developmentAnalysis, Planning
- For assigned properties, provide property managers with annual
budgets/goals (including rent increases, cash flow goals, etc.)
With guidance from the Director, approve final budgets.
- Work with property management/facilities to development annual
updates to capital improvement plans for each assigned property.
Ensure each plan contains sustainability components. Project
shortfalls. Identify resources to address the needs, and secure
external resources as appropriate.
- Prepare reports for Acquisitions & Development team which
compares underwriting proforma to actual performance (developer
fees, operations, etc.).
- Assess monthly performance of all assigned properties by
reviewing financial statements on a monthly basis (e.g., review
budget-to-actual and balance sheet financials). Participate in
portfolio review meetings.
- Work cross functionally within CBC to generate annual asset
management plans for each assigned property, ensuring each plan
clearly denotes owner's goals (e.g., population to be served,
service level/outcome, affordability, etc.) and includes
green/sustainability components, prioritizing watchlist
- Ensure timely renewal of key rental and other subsidy contracts
for assigned properties, including budget-based and OCAF Section 8
- Ensure cash flow, asset management and other
fees/reimbursements, and incentives due to Owner are received,
maximizing Owner's waterfall opportunities for assigned
- Analyze, and communicate to property management, utility
- Conduct annual property tax analysis and appeals.
- Participate in pre-audit meeting with auditors for assigned
properties; analyze internal and external audit results, report
findings, and oversee corrective actions.
- Periodically inspect assigned properties, prioritizing
properties on watch list within assigned portfolio.
- Attend, and assist property management staff in coordinating
inspections by investors within assigned portfolio. New
- Ensure receipt of "Closing Letter" for each new property
acquired/developed by CBC, and other information required for
creation of deal books for all properties. Create deal books.
- Convene 'stabilization' meetings to ensure new properties meet
financial stabilizations tests as defined in Limited Partnership
Agreements, and other pertinent agreements. Managing Portfolio
- Maintain a clear understanding of requirements within Limited
Partner Agreements, particularly waterfalls and responsibilities,
and timing for, cash distributions to CommonBond and partners for
assigned portfolio. Report refinance, limited partner exits, and
other potential opportunities to Senior Asset Manager.Relationship
- Build effective, positive, respectful working relationships
across functions/business areas within CBC to achieve stated
property and portfolio goals. Serve as resource for other
departments regarding partnership agreements, loan documents, tax
returns, restrictive covenants, and other concerns as
- In a timely and thorough manner, address asset questions from
investors and lenders.
- Stay abreast of asset management industry best practices, and
new industry-related policies, statutes, rules, and regulations
(e.g., impact of 2018 Tax Reform Act on CommonBond investors).
- Develop and maintain effective relationships with investors,
funders, lenders, auditors, vendors, clients, and other key
external partners, ensuring prompt and thorough responses to all
- Other duties as assigned.EDUCATION, EXPERIENCE, AND SKILLS
REQUIREMENTSEducation & Experience
- Bachelor's degree with an emphasis in real estate, urban
planning, political science, business administration, finance,
public administration or a closely related field, or five+ years of
housing asset management, real estate development, or other
- 3+ years of housing asset management, real estate development,
or other equivalent role.Skills
- Advanced skill in financial analysis.
- Excellent oral and written communication skills.
- Strong ability to independently interpret and analyze business
terms in legal documents (e.g., mortgages, loan and regulatory
agreements, limited partnership agreements, etc.); understand and
interpret deal underwriting, property audits, partnership tax
- Skilled in drafting both persuasive and informative
correspondence to investors, lenders and other external and
- General understanding of real estate finance and development
concepts, including all debt and equity affordable housing programs
or demonstrated ability to learn.
- Strong, mature interpersonal skills with the ability to
interact respectfully, collaboratively, and professionally with
internal colleagues, and external partners, investors, lenders,
- Proficient in Microsoft programs including Word, Excel,
PowerPoint, MS Project, and others.
- Ability to work independently, establish priorities and follow
through on completion of tasks.OTHER REQUIREMENTS
- Must have access to reliable transportation.
- Must have willingness and ability to occasionally overnight
To b apply for our Asset Manager role, please click here:
Keywords: CommonBond Communities, St. Paul , Asset Manager - Property Management, Executive , Saint Paul, Minnesota
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