Asset Manager

Asset Manager

Overland Property Group (OPG) has been developing innovative affordable, historic revitalization and ultra-luxury apartments since 2002.

OPG has developed over 70 properties with over 4,000 units across six states. The Asset Manager position reports to the VicePresident of Asset Management.

The position will have asset management responsibilities for a portfolio of rental communities, including the following primary responsibilities :

Essential Functions :

• Oversees third-party management companies responsible for day-to-day operations of communities.
• Provides portfolio reporting and strategic recommendations to address issues related to the financial performance of the property, capital planning or operation issues.
• Evaluates each asset's performance and determines which properties are on a watch list based on the AHIC rating. Works with third-party management to prioritize issues, develops action plans to address them and is responsible for turning the property around.
• Approves annual budgets and guides third-party management companies to meet or exceed the budget.
• Completes annual on-site inspections, fills out property inspection reports, evaluates physical needs of the property, reviews files for LIHTC and program compliance and reviews financial performance of asset with site staff.
• Monitors weekly leasing activity and looks for a discrepancy in asking rents vs. max allowable rents.
• Assists in ensuring compliance with LIHTC, and all state regulations that apply to assigned properties.
• Ensures budgeted capital projects are completed and replacement reserve requests are submitted for capital projects.
• Reviews resident service programs to ensure compliance with regulations.
• Leads weekly call with property management / development on lease-up properties for occupancy and meeting investor tax credit obligations.
• Analyzes monthly financial reports of stabilized properties, discusses and documents discrepancies with the third-party management, and ensures corrections are completed.
• Ensures income is maximized according to the funding programs, and monitors rent collections, bad debt write-offs and evictions each month.
• Supervises and coordinates the preparation of annual operating budgets, paying attention to accurate staffing plans, rent increases, resident services, capital expenditures and DSCR is meeting requirements.
• Responsible for the oversite of all reporting requirements, reviews all reporting for accuracy and ensures delivery to external partners on-time.
• Recommends refinancing debt to improve the financial performance and assists with investor exits.
• Responsible for properties adhering to all local, state, regional, and federal regulations to maintain program compliance.
• Ensures third-party management agents report all incidents and determine if insurance claims need to be filed. Making sure all external partners are notified of all incidents.
• Reviews audits and completes annual distributable cash per the waterfalls.
• Monitors and resolves property taxes.
• Works independently and continues to increase industry knowledge.

Knowledge, Skills and Abilities :

• Strong ability to independently interpret and analyze the business terms included in legal documents and financial projections.
• Strong familiarity with LIHTC, HUD, HOME and AHP regulations.
• Strong organizational and time management skills
• Skill in financial analysis using Excel.
• Strong verbal and written communication skills.

Education & Experience :

• Bachelor’s Degree
• Minimum of three years of experience in affordable housing asset management
30+ days ago