Director Of Asset Management

LDG Development and our affiliated companies are growing rapidly to produce higher levels of much-needed affordable housing across the nation. Our founding belief that “Everyone Deserves a Quality Place to Live” has resulted in an organization that has now achieved #1 Ranking as Affordable Housing Developer and our focus on our employees and company culture has resulted in the Top Best Places to Work in Louisville each of the last three years. We believe that the foundation of a stable supporting living environment allows individuals to thrive and accomplish their dreams in education, career paths, and more. The overall reputation and quality that LDG puts forward in all business practices are key to keeping our goals alive.

POSITION SUMMARY:

The Director of Asset Management is responsible for managing the existing portfolio of assets, oversees a team of direct reports who are the “eyes and ears” of the Owner/GP and LDG for a designated portfolio of communities to achieve the primary objectives of providing residents with the best living experience. Partners with key stakeholders to mitigate operational and financial risks of the investment. The role provides support to the Regional Asset Managers, and Property Management Companies associated with the Southeast region of KY, GA, LA, and TN.

ESSENTIAL JOB DUTIES AND RESPONSIBILITIES

• Responsible for leading, managing, and motivating a team of asset managers in the Southeast region on a daily basis.
• Serve as an Owner’s Representative; to understand property issues, pinpoint problem areas, and pursue solutions to maximize portfolio profitability.
• Be a highly visible role, with extensive contact with internal and external sources related to the property.
• Possess the ability to handle multiple properties and tasks through lease-up, construction operations and construction issues, stabilized operations, and through the entire compliance period.
• Be responsible for asset enhancement and financial results to increase revenue and asset value.
• Will communicate and work through diverse issues with equity partners, lenders, and departments within the organization (Accounting, Property Management, Compliance, Construction, and Development) effectively and respectfully.
• Lead and organize the annual budgeting process ( reviewing property budgets prepared by management companies, presenting budgets to owners, analyzing budgets for reasonableness, etc.).
• Complete analyses on occupancy levels, income statement variances to budget, tenant AR levels, etc. to ensure that the portfolio is operating profitably and as budgeted.
• Identify issues in underperforming properties within the portfolio to address these issues with property management.
• Review and understand partnership agreements, loan documents, LIHTC agreements, and applications to ensure the property complies and remains in compliance with IRC Section 42 requirements.
• Interact with Construction and Development Departments to follow and understand construction issues and how they will impact or relate to stabilized operations.
• Complete physical in-person inspections of properties within the portfolio.
• Follow through physical site inspections to ensure that sufficient responses are received promptly and that all AM action items are addressed.
• Participate in group visits to properties that are underperforming and follow through on action plans that are put in place to ensure improvement in operations.

PREFERRED QUALIFICATIONS:

• 7 years experience of direct supervisory experience; 5 years of relevant experience at the regional property management level. Working knowledge of Section 42 (LIHTC) principles and requirements
• Bachelor’s Degree with a concentration in Real Estate, Business or a related field preferred.
• Experience with Yardi/Real Page and MRI Developer Central a plus
• Prior experience leading, managing, and coaching a team of direct reports.
• Strong analytical and quantitative skills with an emphasis on financial analysis
• Understanding of real estate accounting principles and financial reporting procedures with the ability to analyze variances.
• Able to read, analyze, and interpret complex business documents including partnership agreements, financial reports, contracts, loan documents, and regulatory agreements.
• Proficiency with Microsoft Office suite. A strong understanding of Excel is a must.
• Able to work proactively, independently, and as a strategic partner in a team environment.
• Strong communication and organizational skills with the ability to clearly and concisely communicate both verbally and in writing to internal and external partners.