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Asset Manager - Property Management

Company: CommonBond Communities
Location: Saint Paul
Posted on: January 15, 2022

Job Description:

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 Communities?:

  • 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 & Monitoring
    • 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 properties.
    • Ensure timely renewal of key rental and other subsidy contracts for assigned properties, including budget-based and OCAF Section 8 Contract renewals.
    • Ensure cash flow, asset management and other fees/reimbursements, and incentives due to Owner are received, maximizing Owner's waterfall opportunities for assigned properties.
    • Analyze, and communicate to property management, utility consumption data.
    • 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 Projects/Deal Books
      • 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 Opportunities
        • 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 Management
          • 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 necessary
          • 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 inquiries.
          • 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 equivalent role.
            • 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 returns, etc.
              • Skilled in drafting both persuasive and informative correspondence to investors, lenders and other external and internal parties.
              • 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, etc.
              • 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 travel.
                  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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