TruAmerica Multifamily · 6 days ago
Director Asset Management
Los Angeles, CA
Full-time
Onsite
Mid, Senior Level
$165K/yr - $180K/yr
7+ years expTruAmerica Multifamily is a real estate investment firm focused on affordable housing. The Director of Asset Management will oversee the financial performance and operational strategy of the affordable housing portfolio, ensuring compliance and collaboration with various internal departments.
Commercial Real EstateReal EstateReal Estate Investment
Responsibilities
Establish and maintain strong relationships across the organization, collaborating closely with Acquisitions, Accounting, Construction Management, and Portfolio Management to align asset management goals with organizational strategies
Communicate regularly with third-party property management firms, ensuring they understand and execute the organization's goals regarding operational performance, compliance, and resident satisfaction
Conduct routine site visits and inspections to review leasing performance, occupancy, market trends, ongoing renovations, and property conditions
Serve as the primary contact for debt and equity partners, ensuring clear communication of portfolio performance and strategic direction
Lead strategy sessions with internal and external stakeholders to optimize revenue, control expenses, and improve Net Operating Income (NOI) across the portfolio
Demonstrate a strong understanding of Low-Income Housing Tax Credit (LIHTC) compliance requirements, including Section 42 regulations and reporting standards
Provide direction and oversight to third-party property managers to ensure adherence to LIHTC compliance requirements
Conduct regular audits of tenant files and property records to confirm regulatory compliance and resolve any identified issues
Develop and implement processes to support third-party managers in maintaining accurate LIHTC compliance documentation
Provide organizational guidance to internal departments and external partners on the subject of LIHTC compliance
Work in partnership with internal accounting teams and third-party property managers to ensure accurate, timely financial reporting
Review and approve monthly operating statements, analyzing variances against budget and recommending corrective actions as needed
Manage the annual operating and capital budgets for the portfolio, ensuring alignment with approved business plans and equity partner expectations
Proactively analyze cash flow, distribution schedules, and lender requirements to maintain financial health across the portfolio
Oversee compliance with investor and lender agreements, providing periodic updates and strategic recommendations to enhance returns
Monitor economic trends within sub-markets, forecasting potential impacts on asset performance and adjusting disposition or exit strategies accordingly
Lead efforts on tax appeals, loan compliance, partnership expenses, and ancillary income opportunities
Collaborate with Acquisitions to create comprehensive business plans for new acquisitions and existing portfolio assets
Partner with Construction Management to ensure capital projects, renovations, and maintenance plans are executed on time and within budget
Monitor and address risks, such as high management turnover, resident satisfaction issues, and operational inefficiencies, with proactive mitigation strategies
Lead annual budget creation and secure equity partner approval for each asset
Leverage in-depth knowledge of macro and micro markets to stay competitive and maximize investment returns
Identify risks and deviations from the business plan, recommending and implementing mitigation measures to protect asset performance
Ensure compliance with governmental and state guidelines, including price gouging restrictions and other regulatory requirements
Qualification
Required
Bachelor's degree in real estate, finance, business administration, or related field; master's degree preferred
Minimum of 7 years of experience in asset management, with a focus on affordable housing
Proficiency in third-party property management and accounting software such as RealPage and Yardi
Strong understanding of LIHTC compliance, HUD programs, and affordable housing financing
Exceptional analytical skills, with a proven ability to interpret financial data and recommend strategies
Excellent interpersonal and communication skills, with experience building relationships across departments and with external stakeholders
Demonstrated leadership skills with a track record of managing and mentoring teams
Proficiency in Microsoft Excel, Word, and real estate industry software
Commitment to affordable housing and community development
Preferred
Master's degree
Specialized certifications including HCCP, TCS, and C3P and a detailed understanding of HUD Handbook 4350.03 REV-1
Benefits
Discretionary bonus
Company
TruAmerica Multifamily
Multifamily Commercial Real Estate Asset & Construction Management
51-200 employees
Funding
Current Stage
Growth StageLeadership Team
Eryn Mack Legette
Chief People Officer
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