Asset Manager - Pre-Stabilization

Vitus; Seattle (WA); Hybrid; USD 85,000 - 130,000; Full time

Benefits offered by this job

Medical, dental and vision coverage

401(k) with employer match

Hybrid work schedule

Job summary

Vitus, a growing real estate development and asset management firm headquartered in Seattle, seeks an Asset Manager to oversee a portfolio of affordable housing communities during Pre-Stabilization. You will manage operations, budgets, and compliance while coordinating with third-party managers and investors across multiple states.

The role requires a bachelor’s degree, strong financial analysis, and knowledge of HUD/LIHTC programs.

Qualifications

• Knowledge of real estate terminology and exact financial analysis skills.
• Bachelor's degree is required.
• Experience with property operations and partnership compliance is preferred.

Responsibilities

• Oversight of assigned portfolio including HUD Section 8 and LIHTC properties.
• Build and maintain relationships with joint venture partners, lenders, and property managers.
• Directly manage third-party property management agents to improve operations.
• Budget ongoing operations and capital expenditures.
• Report and analyze monthly cash flow forecasts and quarterly reports.
• Coordinate annual audit and tax returns for LP entities.
• Conduct onsite quarterly property inspections and ensure compliance with loan/regs.

Skills

Real estate terminology

Financial analysis

Adaptability

Education

Bachelor's degree

Tools

Yardi Voyager

Outlook

Excel

Word

Job description

Vitus is a growing privately held real estate development and portfolio management firm. The firm includes an established and growing real estate investment platform focused on the acquisition, development and on-going asset management of a multi-family affordable housing portfolio made up of complex limited partnership interests. Vitus is a professional firm headq uartered in Seattle and a regional office in NYC.

POSITION SUMMARY

Reporting to the Associate Director - Pre-Stabilization, the Asset Manager will manage a portfolio of affordable housing communities as the go-to Vitus contact for all aspects of property operations and partnership compliance. This role will specifically oversee properties that fall within the Pre-Stabilization period – either recently acquired or undergoing LIHTC rehabilitation. Specific duties include ownership and analysis of property operations against model and budget for assigned portfolio to maximize net operating income, oversight of third-party property management agents, cash forecasting and waterfall distributions, and regular financial and compliance reporting. The Asset Manager must ensure that Vitus' financial investments are protected, and all assets maintained in a sufficient, safe, and sanitary condition and that the provisions of all loan documents, regulatory agreements, and other project documents are followed.

At Vitus, you will grow in knowledge of the affordable housing industry. You will collaborate with third parties from an array of backgrounds including property management, lending institutions, housing authorities, the insurance industry, real estate professionals, technology providers, and law firms. You will use your writing ability and verbal charisma to effectively communicate across a vast assemblage of personalities, keeping Vitus' priorities front and center while building relationships to foster Vitus' growth.

POSITION SPECIFIC RESPONSIBILITIES

• Oversight of assigned portfolio including HUD Section 8 and Section 42 LIHTC, multi-family and senior affordable housing communities.
• Build and manage strong relationships with joint venture and investment partners, lenders, housing authorities, property management, and other internal and external stakeholders.
• Direct, hire, onboard and terminate third party property management agents to improve property operations, ensure financial objectives are met, and consolidate portfolios under strongest operators.
• Budget ongoing operations and capital expenditures
• Report and analyze monthly cash flow forecasts and quarterly operational reports.
• Bi-annual distributions for ownership and investor partners.
• Annual audit and tax return coordination and review for limited partnership entities.
• Onsite (quarterly) property inspections for assigned portfolio.
• Ownership of project compliance through review and interpretation of partnership agreements, third-party contracts, and financing documents.
• Develop and manage resident relocation plan during property rehabilitation.
• Other duties and projects as assigned.

POSITION SPECIFIC EDUCATION, KNOWLEDGE, AND SKILLS

REQUIRED

• Bachelor's degree required.
• Knowledge of real estate terminology and concepts and good financial analysis skills.
• Strong computer skills, thorough knowledge of Outlook, Excel, and Word.
• Thrive in a fast-paced environment with multiple priorities.
• Quarterly travel (up to one week per month) to conduct physical inspections of sites and attend conferences across multiple states.

PREFERRED

• Familiarity with Yardi Voyager and/or other accounting platforms.
• Highly motivated and able to work independently, solve problems and possess strong written and oral communication skills.
• Affordable housing, real estate, finance and/or property management experience.
• Working knowledge of Section 42 and HUD regulations/programs and regulatory agreements.

BENEFITS

Vitus offers a very generous suite of benefits to our staff:

• Medical, dental and vision coverage
• Basic life and employer-funded long-term disability
• Health Savings Account
• 401(k) with employer match
• Hybrid work schedule - 3 days in office, 2 days work from home on a set schedule
• Generous paid time off and holiday policies
• Competitive salary and annual bonus opportunities for all positions