Real Estate Equity Asset Manager - Affordable Housing

Enterprise Community Partners; Los Angeles (CA); On-site; USD 100,000 - 120,000; Full time

Job summary

Enterprise Community Partners in the United States is seeking an Asset Manager, Real Estate Equity to oversee a portfolio of affordable housing investments across LIHTC and Section 8. You will perform on-site reviews, financial analyses, and work to keep investment business plans on track while protecting fund investors’ returns.

You’ll collaborate with General Partners, lenders, and regulatory agencies, drive problem solving, dispositions, and ESG/ climate risk initiatives, while ensuring

Qualifications

• 5-7+ years’ experience with real estate, housing programs, finance, accounting or property management.
• Bachelor’s degree required, preferably in real estate, finance, accounting or related field.
• Strong financial analysis skills are required.
• Familiarity with loan documents, partnership agreements, contracts and other legal documents is required.
• Knowledge of real estate and LIHTC are required.
• Strong computer skills: MS Word, MS Excel, and MS Outlook preferred.
• Ability to adjust quickly to changing priorities and circumstances.
• Willingness to travel up to 25%.

Responsibilities

• Manage real estate portfolio of approximately 15 - 20 properties for which Enterprise provides asset management for Real Estate Equity funds.
• Identify, communicate and work to mitigate risks/problems via reporting tools and information gained through communications with General Partners/Sponsors, property managers, and via on-site visits.
• Review, analyze and evaluate monthly property performance as compared to proforma and budget, and provide regular feedback and recommendations both externally to General Partners/Sponsors and investors and internally to Real Estate Equity team.
• Work closely with General Partners/Sponsors, funders and regulatory agencies to execute underwritten business plans and coordinate efforts with each to modify business plans, as necessary, including but not limited to removal of property management firms, removal of General Partner entities, restructuring debt and accelerating disposition timelines.
• Negotiate problem resolution/workout strategies with general partners, lenders and public-sector entities, as necessary.
• Conduct project site visits, review property management systems, review organizational systems and provide technical assistance, as necessary.
• Evaluate past and forecast future property performance, and performance of Sponsors and management agents.
• Author disposition memos and refinance analyses, working with Vice President Asset Management to garner feedback and approvals.
• Support portfolio implementation of Enterprise’s strategic plan, ESG priorities and fund specific and/or investment-specific business plans which include but are not limited to monitoring of rent and household income affordability, climate risk mitigation strategies such as green retrofits and utility performance/benchmarking, implementation of social service plans, implementation of health action plans, renter wealth creation strategies and resident credit reporting
• Work with Housing Credit Regional Asset Management teams to develop communication strategies with common partners, as necessary.
• Interface regularly with Vice President Asset Management during project performance reporting cycles; including standard financial reporting periods (monthly and quarterly) and complete all necessary internal and external reporting requirements.
• Interface regularly with others on Real Estate Equity team during monthly update meetings including providing input to the underwriting team on deal structuring / asset management issues.
• Interface quarterly with internal Investment Committee and external Advisory Committee during scheduled and ad hoc meetings and assist with meeting material preparation for these meetings; present portfolio updates during annual investor meetings.
• Track insurance renewals, real estate tax payments and appeals and monitor market conditions.
• Complete internal and external reports accurately and meet all deadlines.
• Interact with Enterprise staff to provide accurate and timely information.

Skills

Real estate

Finance

Accounting

Law

Property management

Communication

Education

Bachelor's degree

Tools

MS Word

MS Excel

MS Outlook

Job description

Enterprise Community Partners in the United States is seeking an Asset Manager, Real Estate Equity to oversee a portfolio of affordable housing investments across LIHTC and Section 8. You will perform on-site reviews, financial analyses, and work to keep investment business plans on track while protecting fund investors’ returns.

You’ll collaborate with General Partners, lenders, and regulatory agencies, drive problem solving, dispositions, and ESG/ climate risk initiatives, while ensuring