REAL ESTATE ASSET MANAGER

Job Description

Job Description

SUMMARY :

The Asset Manager position functions as part of both asset and finance management team and will work directly with third-party management representatives who oversee Bear Real Estate Groups owned assets. The Asset Manager will monitor, evaluate, and support portfolio key performance tracking. They will work as a liaison, sharing pertinent information to ownership as well as ensuring 3rd party performance meets expectations and financial metrics. Communication with lenders, investors, the U.S. Department of Housing and Urban Development (“HUD”), contract administrators and owners will be needed. Experience with LIHTC, HUD, Section 42, PBV, RAD, Section 8 and other relevant housing programs or state agencies as required. Expertise in compliance policies are required with the ability to regulate or enforce compliance as needed as the Asset Manager is accountable for identifying risks, tracking inspections and audits and ensuring assets perform to investment and regulatory standards.

DUTIES AND RESPONSIBILITIES :

• Serve as Owners representative for all multifamily properties that are manages by third-party property management companies. This property set includes properties that have HUD involvement by way of Section 8 housing assistance payment (“HAP”) contracts (i.e. RAD, PBRA, RAB PBV, project based Section 8) as well as state housing agency oversight through the low income tax credit (“LIHTC”) program.
• Monitor outcomes of HUD and LIHTC reviews (e.g. MORs, NSPIRE inspections, and HUD / CA audits); ensure corrective actions are completed by management agents
• Track and monitor all Section 8 HAP contracts for annual renewals to ensure timely action.
• Oversee annual rent adjustment processes for Section 8 HAP contracts, ensuring the property management companies follow HUD protocols for rent increases, utility analyses, and utility allowance implementation.
• Analyze operating performance versus approved operating budgets to identify risks or variances and escalate concerns.
• Collaborate with ownership and investors on HUD and LIHTC compliance and performance updates.
• Oversee replacement reserve funding, replacement planning, and capital expenditure needs across sites.
• Develop performance benchmarks and hold management companies accountable through scorecards, KPIs, and contract reviews.
• Provide recommendations to ownership regarding property management company contract renewals, corrective actions, and performance issues.
• Evaluate key performance indicators (KPIs), including occupancy, rent growth, expense control, and delinquency.
• Benchmark performance against internal portfolios and industry standards.

QUALIFICATIONS

The above is intended to describe the general content of and requirements for the performance of this job. It is not to be construed as an exhaustive statement of duties, responsibilities or physical requirements. Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Bear Real Estate Group is proud to be an Equal Employment Opportunity and Affirmative Action employer. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.