Associate Asset Manager

WNC; Irvine (CA); Remote; USD 70,000 - 90,000; Full time

Job summary

A leading real estate investment company is seeking an Associate Asset Manager to oversee a portfolio of Low-Income Housing Tax Credit (LIHTC) properties. The role focuses on financial analysis, operational oversight, and managing relationships to ensure property performance and compliance. Ideal candidates will possess financial analysis skills, relevant experience in multifamily housing, and strong communication and organizational abilities. This position offers a competitive compensation package and the option to work remotely or in one of the company’s offices.

Benefits

Medical insurance

Dental insurance

Vision insurance

Paid time-off

401k match

Life insurance

Long-term disability

Qualifications

• 1-3 years of experience in multifamily housing as an asset manager.
• 1-3 years of public accounting experience specializing in affordable housing.
• 2+ years of experience as a financial analyst at a LIHTC syndication firm.

Responsibilities

• Oversee a portfolio of approximately 65 LIHTC properties.
• Analyze and report on financial performance and monitor budgets.
• Conduct annual site visits to properties as part of management duties.

Skills

Financial analysis

Communication skills

Organizational skills

Multitasking

Proactive problem solving

Education

Bachelor’s degree in real estate, finance, or accounting

Tools

MS Word

Excel

Outlook

Job description

Associate Asset Manager

Overview

The Associate Asset Manager (“AM”) position is an opportunity to work with an established, dynamic and rapidly growing real estate investment company that has provided affordable housing nationally since 1971. We’re open to candidates who office remotely or who are located near one of WNC’s offices in Irvine, CA and Reston, VA.

The Associate AM oversees a portfolio of Low-Income Housing Tax Credit (LIHTC) multifamily properties as relationship manager and problem solver. The Associate AM reports to the Regional Team Leader and Vice President – Asset Management and works closely with other departments within the company. The Associate AM will be responsible for the cyclical reporting accountabilities and ongoing operational oversight of properties in the stabilized team. In addition, the Associate AM will perform financial analysis; schedule and execute site visits; and work closely with respective general partners and property managers to ensure long-term viability of the LIHTC asset. The Associate AM will work to enhance WNC’s relations with local general partners and investors. The Associate AM will also be responsible for asset management concerns from initial stabilization through the life of the lower-tier partnership, to ensure the delivery of appropriate tax credit benefits.

Responsibilities

• Oversee a portfolio of approximately 65 LIHTC properties.
• Oversee, analyze, and report on financial performance; monitor budgets (compared to actuals) and review occupancy levels (rent rolls) as necessary, or in the case of Watchlist properties, monthly, according to specified benchmarks.
• Monitor overall operational performance of regional portfolio and communicate progress and issues with Watchlist properties on an ongoing basis.
• Evaluate property management performance as required.
• Conduct all necessary annual site visits (including tracking those outsourced). Concerning properties must be visited more regularly; stabilized properties are to be visited annually or as reflected in the partnership agreement.
• Work closely with third-party property managers and leasing agents to provide direction for and oversight of business plans, budgets, forecasts, leases, analysis and approvals.
• Maximize total return for each assigned asset through the analysis of property efficiencies and identifying opportunities for improved performance.
• Evaluate and monitor LIHTC compliance and other risk factors quarterly, or as needed.
• Review partnership agreements, regulatory agreements, financing documents and other sources to determine enforceability of terms, financing structures and constraints, as needed.
• Review year-end financial audits for respective LIHTC partnerships.
• Analyze quarterly and annual property performance compared to budget and underwriting, and report quarterly to investors through Fund Management.
• Ascertain and work to resolve issues through collaboration with general partners, property managers, internal committees, lenders, and governmental/regulatory entities.
• Forecast and analyze benefit streams of lower-tier partnerships for Fund Management and Accounting.
• Management and collection of the partnership asset management fees and cash flow distributions (or Return-to-Owner obligation).
• Monitor reserve balances and oversee requests for release of replacement and operating reserves.
• Review and process investor capital calls and lower tier capital contributions.
• Develop and distribute periodic asset management reports to investors, consultants, and other partners. Complete ad-hoc assignments and/or projects required by the Asset Management department.

Qualifications and Skills

• Candidate must have financial analysis skills.
• Knowledge of multifamily real estate operations, including property management; marketing and leasing; budgeting; capital needs planning; financial reporting and compliance with financing covenants or regulatory agreements preferred.
• Must have strong computer skills and thorough knowledge of Outlook, MS Word and Excel.
• Must have excellent communication and organizational skills.
• Must be proactive and have ability to multitask and work in a fast-paced, deadline driven environment.
• Exhibit attributes that serve our mission and values: Quality, Responsibility, Integrity, Teamwork and Respect.

Education and Experience

• Bachelor’s degree in real estate, finance, or accounting
• 1-3 years of experience in multifamily housing as an asset manager.
• 1-3 years of experience in public accounting specializing in affordable housing.
• 2+ years of experience as a financial analyst at a LIHTC syndication firm.
• Experience in LIHTC recommended.

The above information is intended to describe the general nature and level of work being performed by employees assigned to this job. It is not intended to be an exhaustive list of all responsibilities, duties, and skills required.

Benefits and Opportunities

WNC is an equal opportunity employer that is committed to a diverse and inclusive workforce that considers all qualified applicants without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.

WNC offers a competitive benefits package which includes medical, dental, and vision insurance, paid time-off, 401k match, life insurance, and long-term disability.

The compensation listed represents the expected salary for this position. A candidate’s work experience and other job-related factors will also be considered.