The Vice President of Special Assets is responsible for the strategic oversight and operational execution of underperforming, distressed, or high-priority assets across the portfolio. This role leads turnaround initiatives focused on stabilizing occupancy, improving collections, enhancing operational performance, and protecting asset value.
The VP of Special Assets serves as a rapid-response leader, partnering with operations, compliance, and ownership to diagnose issues, implement corrective action plans, and drive measurable results within defined timelines.
Key Responsibilities include but are not limited to:ย Asset Stabilization & Turnaround Execution
- Assume direct oversight of designated underperforming assets
- Develop and execute 30-60-90 day recovery plans with clear KPIs
- Drive improvements in occupancy, leasing velocity, and NOI performance
- Identify and eliminate operational inefficiencies and revenue leakage
Lease-Up & Occupancy Strategy
- Oversee struggling lease-ups and assets below stabilized occupancy
- Align pricing strategies with market conditions and demand trends
- Implement targeted marketing, outreach, and conversion strategies
- Monitor traffic, applications, approvals, and move-in performance
Collections & Delinquency Management
- Lead strategy for assets with elevated delinquency or low collections
- Standardize collection practices, reporting, and escalation protocols
- Partner with legal and compliance teams on eviction and payment plan strategies
- Ensure consistent execution of collection efforts across assigned assets
Operational Oversight & Intervention
- Conduct rapid operational assessments across staffing, maintenance, and leasing
- Identify leadership gaps and implement immediate corrective actions
- Support hiring, restructuring, or reassignment of site and regional teams as needed
- Ensure operational consistency and accountability across assets
Compliance & Risk Mitigation
- Partner with compliance teams to ensure adherence to LIHTC, PBV, and regulatory requirements
- Identify and mitigate operational and financial risks
- Support audit readiness and corrective action plans for compliance findings
Financial Performance & Reporting
- Monitor and report on key performance indicators, including occupancy, collections, and NOI
- Provide regular updates to executive leadership and ownership stakeholders
- Analyze financial trends and recommend strategies to improve asset performance
- Ensure alignment with budget and pro forma expectations
Cross-Functional Leadership
- Collaborate with Asset Management, Operations, Marketing, Compliance, and Facilities
- Serve as a key liaison with ownership groups on high-priority assets
- Drive alignment across teams to ensure execution of recovery strategies
Qualifications
- Bachelorโs degree in Business, Real Estate, or related field (required)
- 10+ years of experience in multifamily property management
- Extensive experience with affordable housing programs (LIHTC, RAD, PBV)
- Proven track record of asset stabilization, lease-up execution, and turnaround performance
- Strong financial acumen with ability to analyze and improve asset performance
- Experience managing large, multi-site portfolios
Core Competencies
- Strategic thinking with strong execution focus
- Ability to operate in high-pressure, fast-paced environments
- Strong leadership and team accountability
- Data-driven decision-making
- Excellent communication and stakeholder management
Success Metrics
- Achieve stabilized occupancy targets within defined timelines
- Improve collection rates to company benchmarks (95%+)
- Reduce delinquency and bad debt exposure
- Execute successful lease-ups aligned with pro forma
- Deliver measurable NOI improvement across assigned assets
Position Impact
This role is critical to protecting asset value, improving portfolio performance, and ensuring operational excellence across high-risk and high-opportunity assets.
Benefits as a TRGM Employee:
- Base Salary + Performance Bonus.
- Medical, dental, vision, legal services, flexible spending account, and commuter benefits.
- The benefits package includes 100 percent employer-paid life and disability insurance.
- Employer Matching 401k
- Employee Engagement and Wellness programs.
- Company-paid PTO
- Opportunities for Professional Development and Tuition Reimbursement.
TRG Management is proud to be an Equal Opportunity Employer.
We are a Drug-Free Workplace.