AVP of Asset Management (LIHTC)

Specialty Consultants Inc.; Washington; Hybrid; USD 120,000 - 160,000; Full time

Job summary

SCI is seeking a Sr. AM or AVP of Asset Management to oversee asset performance for affordable/workforce housing. Based in the DC office with a hybrid schedule, the role supports senior management in implementing asset strategies in line with company policies.

The candidate will oversee properties nearing construction, renovation, or lease-up, coordinating with the Development Group and Property Management to ensure projected performance prior to permanent conversion.

Qualifications

• Bachelor’s Degree in Real Estate, Finance, or Business (advanced degree a plus).
• Strong analytical and quantitative skills with advanced financial analysis capabilities.
• Proficiency with Microsoft Office suite, especially Excel.

Responsibilities

• Provide strategic direction to 3rd party Property Management, Relocation and Lease-up teams to achieve occupancy and NOI targets as required by local agencies and investors.
• Lead overall property budgeting, temporary relocation, and year-end processes with auditors and Finance.
• Track monthly financial performance, lease-ups, tax credit progress, and identify issues affecting operations.
• Hold Property Management Companies accountable to meet rent, occupancy, security, and operating expense targets to maximize NOI.
• Review closing documents and operating agreements to ensure compliance with requirements.
• Identify data management and reporting improvements; enhance data-driven decision making.
• Conduct regular site visits to assess operations, engage with officials and residents.
• Collaborate with Development Group and external PM to ensure properties perform as projected before perm conversion.

Skills

Analytical skills

Quantitative skills

Financial analysis

Education

Bachelor’s Degree in Real Estate, Finance, or Business

Advanced degree

Tools

Excel

Microsoft Office

Job description

SCI, the Leader in Real Estate Executive Search®, is seeking a Sr. AM or AVP of Asset Management to join a national real estate firm, focused on affordable housing/workforce housing, with a history of transacting on over 20,000 units. Dependent on "ideal" experience, the title could be elevated all to an AVP of AM from day one.

The position will be a key member of the team supporting senior company management by working to ensure that asset strategic business plans are implemented in accordance with company policies. The position will be based in the DC office with a hybrid schedule.

The candidate will play a key role in the oversight and performance of properties that are heading to construction, under renovation, and/or going through lease-up. The candidate’s main role is to work closely with the internal Development Group and external Property Management to make sure that the property is performing as projected prior to perm conversion

Responsibilities

• Responsible to provide strategic direction to 3rd party Property Management Companies, Relocation and Lease-up Teams with the goal of achieving qualified occupancy and NOI’s projections required by the respective local agencies, lenders, investors, and applicable regulations, and other stakeholders
• Lead the overall property budget process, temporary tenant relocation, including capital repair projects, and play a key role during the year-end process with auditors, management companies, and Finance Group
• Responsible for tracking monthly financial performance, lease-ups, tax credit file progress, and identify any potential issues that may adversely impact property operations
• Make Property Management Companies accountable to meet key metrics such as rent collection and occupancy rates, security, operating expenses trends, cash-AP analysis, and maximizing NOI
• Review and understand financial reports, including operating agreements and closing
• Proactively identify issues and trends, and update stakeholders accordingly
• Act as Owner’s Rep on matters related to property fire claims, repairs, tenants’ needs, and anything required to close-out the claim
• Review closing documents (LPAs, Loan Agreements, UW, Operating Agreements, etc.) to make sure property compliance requirements are met and work with internal and external parties to ensure compliance
• Take the lead on assessing room for improvement regarding data management and reporting
• Perform regular site visits to existing properties to assess operations, meet with local officials, and residents

Requirements

• Bachelor’s Degree preferably with a concentration in Real Estate, Finance, or Business. Advanced degree a plus
• Ability to work closely and problem solve with development/acquisition counterparts on directing assets toward stabilization
• Self-motivated and hard-working
• Strong analytical skills and quantitative skills with advanced skills in financial analysis
• Knowledge of corporate finance, accounting, and valuation methodologies
• Proficiency with Microsoft Office suite, with proficiency in Excel
• Highly organized, detail-oriented, motivated, and able to multi-task effectively in a deadline-driven environment
• Excellent oral and written communication skills