Asset Manager

LIHTC Leaders; Berkeley (CA); Hybrid; USD 104,000 - 122,000; Full time

Benefits offered by this job

Hybrid work model

Health/dental/vision insurance

Retirement savings plan

Job summary

Resources for Community Development (RCD) in Berkeley, CA is seeking an Asset Manager to oversee a growing portfolio of multifamily affordable housing. You will work with lenders, investors, property management, and social services to balance financial performance with resident quality of life.

With 2+ years in asset management or related fields, you will monitor KPIs, supervise the John Stewart Company, lead capital planning, and contribute to annual budgets and financial statements.

Qualifications

• 2+ years of experience in asset management, property management, real estate development, or another field with transferable skills.
• Team player with a ‘can-do’ attitude and an outlook that problems are to be solved.
• Strong interpersonal skills and an ability to indirectly manage others.
• Clear and effective verbal and written communication.
• Strong organizational skills and an ability to juggle and prioritize multiple responsibilities.
• Demonstrated ability to analyze property financial statements.
• Strong Excel ability.
• Associate degree required;
• Bachelor’s degree preferred or other transferable experience.

Responsibilities

• Manage a portfolio of rental housing to meet or exceed corporate revenue targets while maintaining or improving the financial and physical condition of the underlying real estate.
• Indirect management of the property management company, John Stewart Company, as well as representing RCD in management-related issues and decision-making.
• Engage in portfolio-level capital planning, business planning, and financial management.
• Collaborate with other departments, including Real Estate Development and Resident Services, as needed.
• Develop, implement, and maintain property-level strategies directed toward the financial and physical well-being of the asset and its eventual financial repositioning.
• Monitor Key Performance Indicators and oversee necessary property modifications through resolution.
• Support quality control, accuracy, and timeliness of real estate administration, including compliance tracking; lender and investor reporting; subsidy administration; property-level legal proceedings and exposure; and insurance claim administration.
• Given third-party property management by the John Stewart Company, routine and continual communication and coordination with property management staff regarding operational issues that require owner input.

Skills

Asset management

Team player

Verbal & written communication

Excel

Organizational skills

Education

Associate degree

Bachelor’s degree preferred

Tools

MRI

Yardi

RealPage

Sage

Boston Post

Salesforce

Job description

About The Employer

For more than 40 years, Resources for Community Development (RCD) has been a leading regional nonprofit developer and owner of affordable housing. RCD’s mission is to create and preserve affordable housing for people with the fewest options, to build community and enrich lives. RCD fosters strong, inclusive neighborhoods through strategies that address the health, economic development, education, and housing needs of residents across the community.

Since RCD was established in 1984, we have developed or preserved over 75 communities that provide affordable, high-quality, and service-enriched affordable rental housing to over 3,000 low-income households throughout the Bay Area. RCD is actively growing, with more than 1,000 new units of affordable housing in development or under construction. RCD strives for excellence, and we are seeking an outstanding candidate to join our team.

“What I really love about RCD is how much positive impact we have in people’s lives just by where we build, how we design, and the services we offer. It’s incredibly motivating to open the doors to residents and watch them thrive.” –Dan Sawislak, Executive Director

Location: Berkeley, CA
Employment Type: Full-time

Role Summary

The Asset Manager (AM), under the direct supervision of RCD’s Associate Director of Asset Management, will be responsible for various asset management activities related to RCD’s multifamily affordable housing portfolio. The candidate will join a growing team with a strong track record, industry position, and trajectory. In this position, you will work closely with a variety of partners and stakeholders, including lenders, investors, property management, and social services professionals, as well as with key members of RCD’s senior leadership team. You will help guide the management of a growing real estate portfolio that assigns equal value to financial performance as it does the resident quality of life. We are looking for someone who is detail-oriented, a critical thinker, and a problem solver. Just as important, we want a candidate who is good with people, has a passion for real estate, and wants to affect social change. Join us!

What You’ll Do

• Manage a portfolio of rental housing to meet or exceed corporate revenue targets while maintaining or improving the financial and physical condition of the underlying real estate.
• Indirect management of the property management company, John Stewart Company, as well as representing RCD in management-related issues and decision-making.
• Engage in portfolio-level capital planning, business planning, and financial management.
• Collaborate with other departments, including Real Estate Development and Resident Services, as needed.

General

• Develop, implement, and maintain property-level strategies directed toward the financial and physical well-being of the asset and its eventual financial repositioning.
• Monitor Key Performance Indicators and oversee necessary property modifications through resolution.
• Support quality control, accuracy, and timeliness of real estate administration, including compliance tracking; lender and investor reporting; subsidy administration; property-level legal proceedings and exposure; and insurance claim administration.
• Given third-party property management by the John Stewart Company, routine and continual communication and coordination with property management staff regarding operational issues that require owner input.

Financial

• Manage portfolio of properties to corporate revenue targets.
• Support the maintenance of RCD’s property financial tracking systems, databases, and dashboards.
• Negotiate annual operating budgets and present for approval.
• Conduct quarterly financial performance reviews with property management staff.
• Participate in the annual audited financial statement process and review.
• Issue accounting guidance and directives to the property management company.
• Manage capital planning and reserves, authorize withdrawals, and present significant expenditures for approval.
• Support layering of new financing, refinancing events, and loan modifications.

Physical

• Implement capital improvement plans in coordination with RCD’s Associate Director of Portfolio Finance.
• Collaborate on property-level physical plant initiatives, as assigned.
• Conduct annual site visits.

Business Planning & Financial Management

• Support transactional work pertaining to Year 15 acquisitions of LIHTC investor positions.
• Support Associate Director of Portfolio Finance in applications for and transactions related to new financing for identified properties and resulting renovations.
• Recommend annual fee targets for portfolio.

Required Qualifications

• 2+ years of experience in asset management, property management, real estate development, or another field with transferable skills.
• Team player with a ‘can-do’ attitude and an outlook that problems are to be solved.
• Strong interpersonal skills and an ability to indirectly manage others.
• Clear and effective verbal and written communication.
• Strong organizational skills and an ability to juggle and prioritize multiple responsibilities.
• Demonstrated ability to analyze property financial statements.
• Strong Excel ability.
• Associate degree required;

Preferred Qualifications

• Familiarity with affordable housing financing and subsidy programs preferred.
• Salesforce database development and maintenance and business analytics solutions knowledge a plus.
• Experience with property management and financial accounting systems a plus (e.g., MRI, Boston Post, Yardi, Sage, RealPage).
• bachelor’s degree preferred or other transferable experience.
• Industry training certifications or accreditations a plus (e.g., CHAM, IREM, LIHTC).

Physical Requirements & Working Conditions

Work Environment

RCD is currently practicing a hybrid work model. Depending on your distance from our main office in Berkeley, you will be expected to work up to two days in the office.

Travel Requirements

The responsibilities of this position will require occasional travel to off-site locations around the San Francisco Bay Area.

Physical Requirements

While performing the duties of the job, the employee is regularly required to sit, speak and hear. Requires frequent use of a keyboard, computer monitor and phone. Must be able to communicate clearly, both verbally and in writing. Must be able to lift up to twenty (20) pounds occasionally. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions of the job.

Compensation

The salary range for this position is $103,910 to $121,580, based on factors including experience, qualifications, role specialization, and market conditions.

Benefits

RCD offers competitive benefits including: paid vacation and sick leave; health, dental, vision, life and long-term disability insurance; pre-tax flexible spending and commuter plans; and employer contributions to a retirement savings plan.

Additional Information

Salary placement within this range considers current and past employees' salaries for similar roles, budgetary limits, and market demand.