Head of Asset Management, Multifamily

POSITION SPECIFICATION

HEAD of ASSET MANAGEMENT

Shine Associates, LLC (‘Shine’) has been retained to search, identify, and recruit a Head of Asset Management on behalf of our client (‘Company’).  The position will be in the Greater Boston, MA office.
 CONFIDENTIALITY
Shine Associates, LLC (‘Shine’) has been exclusively retained on this assignment. Information contained in this position specification, as well as any other information concerning our client, provided, or verbally discussed is confidential. All materials and discussions are to be utilized for the sole purpose of a candidate’s personal review of the career opportunity.
 CLIENT DESCRIPTION
Our client is a private multi-family real estate investment firm founded in 2020 to invest in the complex regulated affordable housing industry. Headquartered in the Greater Boston area but focused on core and opportunistic investments around the country, the firm has over 4,000 units and is growing rapidly. The Company team is entrepreneurial and focused, while being flexible and collaborative.
JOB SUMMARY
Leads the implementation and execution of the Company’s strategies, programs, policies, and initiatives related to the investment management of Affordable Housing assets.  Responsible for leading the underwriting of the portfolio of owned assets and develops and implements business plans and practices that achieve the financial, investment, and operating goals of the business with the team. Maintains on-going communication, providing detailed reports, market updates, and financial analysis on the performance of the portfolios, acting quickly and with urgency to address ownership or investor concerns, questions, or requests. There will be some travel required depending on project stages and locations.
 ESSENTIAL RESPONSIBILITIES 

• Manage third party managers, on-site teams, contractors, and other vendors on portfolio assets during significant phases of construction, renovation, lease-up, affordable program transition, or other value-add activities.
• Assist team in due diligence on new acquisitions.
• Conduct detailed property-level analysis of tenants/in-place leases, capital projects, operating and financial statements, market and competitive position, and other relevant information.
• Prepare and refine project proformas, manage project requisitions with lenders and investors, and create various tracking reports necessary for monitoring project progress and variances to proforma.
• Review overall monthly property financial reporting, annual budget, for variances and course correction. Prepare quarterly valuations.
• Work with local authorities and regulators as needed to obtain necessary approvals and satisfy housing program compliance requirements.
• Stay informed on housing policies impacting portfolio assets.
• Partner with executive team and provide insight on project progress, variances, and opportunities, suggesting and implementing project changes as necessary to achieve business plan and investment goals.
• Communicates with and closely interacts with CEO, Investment Committee, Lenders, and Equity Partners reviewing revenue, expense, and NOI trends, and recommending strategies and programs that maximize the performance of the portfolio.
• Manages and oversees the portfolio’s compliance with debt and equity providers, develops and provides reports to ownership and equity partners, monitors investment performance, returns, and forecasts through DCF financial modeling, and recommends ways to optimize returns at the asset level.
• Reviews market, economic, and capital trends and factors impacting the performance of the assets, prepares and delivers presentations and updates to ownership/investment committee/equity partners, and participates in formulating the potential long-term disposition and exit strategy for the assets.
• Develops and leads revenue-enhancing and expense containment programs and initiatives at the property level, monitors resident turnover and satisfaction indicators, and identifies and acts on opportunities to drive operational excellence to enhance value.
• Reviews the annual asset plans of the portfolio, including revenue, expense, NOI, and other key financial and operating targets, develops the annual capital and operating budgets, and formulates strategies that create asset value and drive operational and financial performance of the portfolio.

 QUALIFICATIONS
 

• Demonstrated management and supervisory skills sufficient to build a team, lead, direct, evaluate, and mentor subordinate and peer employee staff.
• Prior institutional real estate property management, asset management, development management, or housing finance experience (or some combination of these) required
• Substantial knowledge of multifamily housing operations, affordable housing programs, property management procedures, and affordable housing asset management functions and strategies
• Complex problem-solving skills and the ability to evaluate options and implement solutions on multiple projects at once.
• Strong financial analytical ability, organized, personable, action-oriented, and enthusiastic professional.
• Highly proficient in Microsoft Excel
• Exemplify integrity, strive for self-improvement.
• Have an open-minded, self-motivated, can-do attitude.
• A valid State Driver’s License and ability to pass a pre-employment criminal background check are required for employment.
• Strong background and comprehension of the real estate industry and property management, with a solid understanding of property-level operations, marketing, and asset management.
• Employment history that demonstrates the application and usage of an operational and financial background sufficient to analyze financial data and prepare financial reports in accordance with accounting, finance, budgeting, and cost control principles.

Our client is an inclusive, Equal Opportunity Employer and does not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity, marital status, national origin, political affiliation, disability, genetic information, age, membership in an employee organization, parental status (including pregnancy), military service, any other legally protected class, or other non-merit factors.
CONTACT INFORMATION
Shine Associates, LLC
45 School Street
Suite 301
Boston, MA 02108 David Slye
Managing Director
(781) 254-0600
David@shineassociatesllc.com