CommonBond Communities

Asset Manager

Location
St. Paul, MN
Posted
Jan 10, 2022
Closes
Feb 09, 2022
Ref
ASSET001853-3
Contact
CommonBond Communities
Category
Other
Job Type
Employee
Employment Status
Full Time
\u003cp\u003e\u003cspan\u003eHome is the foundation for everything in life. Since 1971, our model has been about supporting residents in finding stability and achieving their goals. It\u0026rsquo;s why we\u0026rsquo;re more than housing\u0026mdash;we combine quality affordable homes with our on-site Advantage Services\u0026mdash;because we believe that with the right support and opportunities, all people can thrive. Today, over 12,000 people\u0026mdash;families, seniors, veterans, and people with disabilities and other barriers\u0026mdash;call a CommonBond community \u0026ldquo;home.\u0026rdquo;\u0026nbsp; Our core values are \u003cem\u003eRespect, Integrity, Partnership, Innovation,\u003c/em\u003e and\u003cem\u003e Excellence\u003c/em\u003e. We live these values and look for people who embody them to represent our organization in the community. If this sounds like you, please consider joining our team.\u0026nbsp;\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cspan\u003eWhy CommonBond Communities?:\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cspan\u003eWork-life balance\u003c/span\u003e\u003c/li\u003e\n\u003cli\u003e\u003cspan\u003eCompetitive salary\u003c/span\u003e\u003c/li\u003e\n\u003cli\u003e\u003cspan\u003eEmployee referral program\u003c/span\u003e\u003c/li\u003e\n\u003cli\u003e\u003cspan\u003eComprehensive benefits package\u003c/span\u003e\u003c/li\u003e\n\u003cli\u003e\u003cspan\u003eEmployee recognition and rewards program\u003c/span\u003e\u003c/li\u003e\n\u003cli\u003e\u003cspan\u003eA respectful and growth-oriented workplace\u003c/span\u003e\u003c/li\u003e\n\u003cli\u003e\u003cspan\u003eA chance to make a difference in the community!\u003c/span\u003e\u003c/li\u003e\n\u003cli\u003e\u003cspan\u003eOngoing training and professional development\u003c/span\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eASSET MANAGER OPPORTUNITY\u003c/strong\u003e\u003c/p\u003e\n\u003cp style=\u0022text-align: left;\u0022\u003e\u003cspan\u003e\u003cspan\u003eCommonBond Communities invites qualified applicants to apply for the Asset Manager position\u003c/span\u003e\u003cspan\u003e.\u0026nbsp;\u003c/span\u003e\u003c/span\u003e\u003cspan\u003eWith leadership and support\u0026nbsp; from the Director of Asset Management (Director), t\u003c/span\u003e\u003cspan\u003ehe primary responsibility\u003c/span\u003e\u003cspan\u003e of the Asset Manager is monitoring CommonBond\u0026rsquo;s long-term owner interests to obtain goals of each assigned property. Work is focused on maintaining high performing properties by executing on financial, physical, policy, and mission opportunities for assigned properties, contributing to the overall health of the entire portfolio. Productive and respectful collaboration with CommonBond\u0026rsquo;s property management, advantage services, accounting, compliance, facilities and housing development teams is required.\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\u0022text-align: justify;\u0022\u003e\u003cstrong\u003eAnalysis, Planning \u0026amp; Monitoring\u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eFor assigned properties, provide property managers with annual budgets/goals (including rent increases, cash flow goals, etc.) With guidance from the Director, approve final budgets.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eWork with property management/facilities to development annual updates to capital improvement plans for each assigned property. Ensure each plan contains sustainability components. Project shortfalls. Identify resources to address the needs, and secure external resources as appropriate.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003ePrepare reports for Acquisitions \u0026amp; Development team which compares underwriting proforma to actual performance (developer fees, operations, etc.).\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eAssess monthly performance of all assigned properties by reviewing financial statements on a monthly basis (e.g., review budget-to-actual and balance sheet financials). Participate in portfolio review meetings.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eWork cross functionally within CBC to generate annual asset management plans for each assigned property, ensuring each plan clearly denotes owner\u0026rsquo;s goals (e.g., population to be served, service level/outcome, affordability, etc.) and includes green/sustainability components, prioritizing watchlist properties.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eEnsure timely renewal of key rental and other subsidy contracts for assigned properties, including budget-based and OCAF Section 8 Contract renewals.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eEnsure cash flow, asset management and other fees/reimbursements, and incentives due to Owner are received, maximizing Owner\u0026rsquo;s waterfall opportunities for assigned properties.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eAnalyze, and communicate to property management, utility consumption data.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eConduct annual property tax analysis and appeals.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eParticipate in pre-audit meeting with auditors for assigned properties; analyze internal and external audit results, report findings, and oversee corrective actions.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003ePeriodically inspect assigned properties, prioritizing properties on watch list within assigned portfolio.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eAttend, and assist property management staff in coordinating inspections by investors within assigned portfolio.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eNew Projects/Deal Books\u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eEnsure receipt of \u0026ldquo;Closing Letter\u0026rdquo; for each new property acquired/developed by CBC, and other information required for creation of deal books for all properties. Create deal books.\u003c/li\u003e\n\u003cli\u003eConvene \u0026lsquo;stabilization\u0026rsquo; meetings to ensure new properties meet financial stabilizations tests as defined in Limited Partnership Agreements, and other pertinent agreements.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eManaging Portfolio Opportunities \u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eMaintain a clear understanding of requirements within Limited Partner Agreements, particularly waterfalls and responsibilities, and timing for, cash distributions to CommonBond and partners for assigned portfolio. Report refinance, limited partner exits, and other potential opportunities to Senior Asset Manager.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cspan style=\u0022color: windowtext;\u0022\u003eRelationship Management\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eBuild effective, positive, respectful working relationships across functions/business areas within CBC to achieve stated property and portfolio goals. Serve as resource for other departments regarding partnership agreements, loan documents, tax returns, restrictive covenants, and other concerns as necessary\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eIn a timely and thorough manner, address asset questions from investors and lenders.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eStay abreast of asset management industry best practices, and new industry-related policies, statutes, rules, and regulations (e.g., impact of 2018 Tax Reform Act on CommonBond investors).\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eDevelop and maintain effective relationships with investors, funders, lenders, auditors, vendors, clients, and other key external partners, ensuring prompt and thorough responses to all inquiries.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eOther duties as assigned.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eEDUCATION, EXPERIENCE, AND SKILLS REQUIREMENTS\u003c/strong\u003e\u003c/p\u003e\n\u003cp style=\u0022text-align: justify;\u0022\u003e\u003cspan style=\u0022text-decoration: underline;\u0022\u003eEducation \u0026amp; Experience\u003c/span\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003eBachelor\u0026rsquo;s degree with an emphasis in real estate, urban planning, political science, business administration, finance, public administration or a closely related field, or five+ years of housing asset management, real estate development, or other equivalent role.\u003c/li\u003e\n\u003cli style=\u0022text-align: justify;\u0022\u003e3+ years of housing asset management, real estate development, or other equivalent role.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cspan\u003e\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\u0022text-decoration: underline;\u0022\u003eSkills\u003c/span\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eAdvanced skill in financial analysis.\u003c/li\u003e\n\u003cli\u003eExcellent oral and written communication skills.\u003c/li\u003e\n\u003cli\u003eStrong ability to independently interpret and analyze business terms in legal documents (e.g., mortgages, loan and regulatory agreements, limited partnership agreements, etc.); understand and interpret deal underwriting, property audits, partnership tax returns, etc.\u003c/li\u003e\n\u003cli\u003eSkilled in drafting both persuasive and informative correspondence to investors, lenders and other external and internal parties.\u003c/li\u003e\n\u003cli\u003eGeneral understanding of real estate finance and development concepts, including all debt and equity affordable housing programs or demonstrated ability to learn.\u003c/li\u003e\n\u003cli\u003eStrong, mature interpersonal skills with the ability to interact respectfully, collaboratively, and professionally with internal colleagues, and external partners, investors, lenders, etc.\u003c/li\u003e\n\u003cli\u003eProficient in Microsoft programs including Word, Excel, PowerPoint, MS Project, and others.\u003c/li\u003e\n\u003cli\u003eAbility to work independently, establish priorities and follow through on completion of tasks.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp style=\u0022text-align: justify;\u0022\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp style=\u0022text-align: justify;\u0022\u003e\u003cstrong\u003eOTHER REQUIREMENTS\u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eMust have access to reliable transportation.\u003c/li\u003e\n\u003cli\u003eMust have willingness and ability to occasionally overnight travel.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp style=\u0022margin-left: .25in;\u0022\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp style=\u0022text-align: left;\u0022\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp style=\u0022text-align: justify;\u0022\u003e\u0026nbsp;\u003c/p\u003e

Similar jobs

More searches like this

Similar jobs