vmysmartpros

Compensation

Full Description

Job title: Asset Manager - Property Management, Chicagoland, IL Company: Upholdings Job description: Description: COMPANY: UPholdings is a comprehensive real estate firm that is dedicated to creating, operating, and sustaining quality affordable housing in communities throughout the United States. Our company builds, manages, and operates its projects for the entirety of their operational cycle. Our portfolio includes a wide range of project types, including family, senior and permanent supportive housing developments. We have a growing portfolio and are currently active in Illinois, Indiana, Ohio, California. JOB SUMMARY: The Asset Manager will monitor, review, and analyze the physical, financial and compliance performance of the portfolio ensuring that the portfolio meets or exceeds standards set. This position will report on the performance of the portfolio to senior management and the Owners on a quarterly and annual basis as well as compliance of the Owners properties under 3rd party management. Asset Manager is charged with maintaining, improving, and providing solutions regarding the physical health of the assets. KEY DUTIES AND RESPONSIBILITIES: - Oversee the operation and management of the organization's residential portfolio ensuring that the properties' performance meet or exceed financial expectations, are physically maintained at or above company standards, and comply with all regulatory requirements, including properties managed by 3rd parties as well as internally. - Manages the annual budget process of the portfolio, working directly with Accounting, Regional Property Management and, where applicable, Development staff to analyze budgets against UPholdings budgets, benchmarks and goals and proposes creative solutions to cash-flow and financial ratio issues. - In collaboration with the Regional Property Managers, and Operations Manager conduct monthly variance analysis to understand and explain both project specific and portfolio wide trends, including analysis and proposed resolutions to any portfolio issues - Maintain capital improvement plans and provide solutions to capital improvement needs through management of reserves, securing soft funding through public sources, restructuring of existing debt, seeking refinance opportunities, and ensuring timely approval of bid packages for capital improvements - Ensures properties are meeting affordability, operating expense per unit, reserve funding, and surplus cash distribution goals as required under all agreements or regulations. - Reviews and analyzes all reporting, resents resolutions, property performance summaries, and other items as required information due to owners, investors/lenders and reports on options to address concerns impacting the financial and/or physical health of the asset. - Works in collaboration with others to resolve issues related to cash-flow and long-term capital needs, including working with investors/lenders to free-up existing reserves or secure loans. - Maintain property tax exemptions, appeals etc and ensuring appropriate budgeting for escrows - Research partnership agreements, financing documents, regulatory agreements, tax returns, and other source documents to determine constraints and barriers to long-term needs. - Conducts site visits, reviews of property conditions and monitors progress on various initiatives. - Develops corrective action with property management and tracks progress, escalating issues through senior management, as appropriate. - As assigned, works with Development and Property Management to create accurate Proformas and long-term strategic plans for new properties. - Review all governing documents for new and existing properties, including, but not limited to, partnership agreements, regulatory agreements, ground leases, etc.; and initial proformas and stabilized/lease-up budgets for new developments. - Creates and maintains comprehensive asset management/strategy plans for each property - Establish and maintain effective business relationships with all financial partners including lenders and investors - Performs other assignments as requested. COMPENSATION: Salary and benefits will be commensurate with experience. Upholdings offers a quality benefits package to eligible team members including Medical and Dental, company paid Long Term Disability and Life and AD&D Insurance, 401k plan, and paid time off, each after completion of the required waiting period. UPholdings is an equal opportunity employer that is committed to diversity and inclusion in the workplace. We prohibit discrimination and harassment of any kind based on race, color, sex, religion, sexual orientation, national origin, disability, genetic information, pregnancy, or any other protected characteristic as outlined by federal, state, or local laws. This standard applies to all employment practices within our organization, including hiring, recruiting, promotion, termination, layoff, recall, leave of absence, compensation, benefits, training, and apprenticeship. UPholdings makes hiring decisions based solely on qualifications, merit, and business needs at the time. Requirements: QUALIFICATIONS: - Bachelor's Degree in the field of Finance, Business Administration, Accounting, or related field. - 6+ years of progressive experience in asset management, specifically property management and that experience to be in affordable housing, including working with LIHTC - Knowledge of asset management functions including understanding property budgets, variance analyses, capital improvement plans, as well as investor and lender reporting requirements. - An entrepreneurial and creative approach to problem-solving in the field of real estate development; enthusiasm and team building spirit. - Proven ability to work collaboratively with groups at various levels both internal and external, and able to lead a project where needed. - Knowledge of and experience with loan packaging, public and private affordable housing resources, and subsidy programs. - Ability to effectively engage community representatives, including persons with diverse economic and educational backgrounds, in the real estate and community development process. - Strong analytical and financial skills. - Strong written and verbal communication skills. - Ability to multitask and adapt to changing priorities in a fast-paced and collaborative environment. - Well-organized, detail oriented, and excellent analytical skills; proficiency in sophisticated financial analysis using Excel, Microsoft Word and other administrative software PI196876117 Expected salary: Location: Chicago, IL Job date: Tue, 15 Nov 2022 05:03:55 GMT Apply for the job now!