Asset Manager

Position:  Asset Manager

Reports to:  Associate Director, Asset Management, Community Real Estate

Salary Range:  $87,000 - $95,000

Apply Here: https://medasf.bamboohr.com/hiring/jobs/192

Join our MEDA Team

At MEDA, we find meaning and fulfillment in investing in people’s lives. We work collaboratively to close the opportunity gap for low- to moderate-income Latino families in San Francisco’s Mission District by providing them access to affordable housing, career and small-business development, education and more. As MEDA continues to strengthen this community, we need more talented professionals dedicated to inspiring positive change – and driven to succeed in a fast-paced team environment. Be one of us!

Your Career Opportunity

As the Asset Manager of the Small Sites Program (SSP) portfolio within the Community Real Estate (CRE) team, you'll play a pivotal role in MEDA's mission to prevent displacement in the Mission and San Francisco by preserving and creating housing opportunities. As part of a four-person asset management team within CRE, you will monitor the operational performance of 39 residential and commercial small sites, scattered across San Francisco. Your responsibilities will include managing relationships with funders, assessing physical conditions, ensuring program compliance, and evaluating market strength for both residential and commercial purposes.

The Asset Manager of SSP collaborates closely with the Associate Director of Asset Management, Senior Financial Asset Manager, Capital Improvement Manager, and CRE leadership, as well as various cross-functional teams dedicated to the financial and physical well-being of the portfolio. These teams include Property Management, Finance, Risk Management and Compliance, and Real Estate Development in Preservation and Production. Your commitment to preserving communities and driving positive change will be invaluable in this role.

Duties and Responsibilities

The work of the asset management unit is dynamic and evolves with the growth of the CRE Team. Core areas of your work, among other duties and responsibilities, will entail:

Financial Oversight:

• Develop and implement asset management strategies to maximize the long-term value of the Small Sites Program (SSP) portfolio while ensuring optimal financial performance and operational efficiency.

• Review and analyze operating financial statements on a monthly, quarterly, and annual basis.

• Prepare monthly reports analyzing financial stability across different timeframes, and adherence to financial performance benchmarks.

• Provide quarterly analysis of eligible replacement and operating reserve expenses. Work with Finance to transfer from reserve accounts to operating accounts as applicable.

• In partnership with the Sr. Financial Asset Manager, develop an annual asset business plan for the SSP portfolio outlining strategies, financial objectives, and physical condition assessments.

• Review and approve annual property operating budgets including replacement reserve budgets and capital expenditures.

• Review annual audit and tax filings and address inquiries from agencies, investors, and lenders.

• Assist the Finance team with annual audits and address auditor inquiries promptly.

• • Provide the Real Estate Preservation Team with asset management perspective in all phases of acquisition through participation in internal and external meetings and active involvement in the development of projections, rehab scope of work and relocation.

• Outsource and manage capital needs assessments, evaluate and approve capital improvement projects according to budget, and track projects in partnership with the Capital Improvement Manager and Property Management.

Compliance, Regulatory Oversight and Risk Management:

• Ensure the SSP portfolio is operating in compliance with all regulatory requirements governing the Small Sites Program and other applicable local, state, and federal guidelines while meeting affordability, operating expense per unit, reserve funding, and surplus cash distribution goals as required under all agreements or regulations.
• Research partnership agreements, financing loan documents, regulatory agreements, tax returns, and other sources to determine and carry out ownership objectives.
• Facilitate timely submission of reports to the Mayor's Office of Housing and Community Development (MOHCD), lenders and stakeholders.
• Identify and mitigate property-related risk and liability.
• Coordinate the timely and accurate completion of initial and annual Welfare Tax Exemptions for the portfolio.
• Prepare SSP updates for Board reports as necessary.

Property Management:

• • Oversee the property management entity in accordance with long-term objectives and policies for the portfolio. Review budgets, financials, and audits and seek improvements to be in line with projections and owner's objectives.
  • Facilitate communication and collaboration between property management teams and stakeholders to ensure alignment with strategic objectives and financial goals.
  • Assess,  approve, and monitor the annual property budgets as presented by property management.
  • Coordinate with property management teams to optimize operational efficiency and drive revenue growth.

• Review monthly variance reports and address variances.

• Monitor monthly vacancies and accounts receivable, working closely with the managing agent to minimize losses and optimize financial performance through policy implementation or revision.

• Oversee the execution and implementation of annual rent increases.

• Evaluate leasing performance for residential and commercial units to meet and/ or exceed established occupancy targets.

• Identify and manage the property(ies) operating below budget and/or placed on the watch list/critical list, and develop strategic, corrective management plans, and supervise enforcement of the plans.

• • Perform annual physical inspections of the assigned portfolio to assess property conditions, identify maintenance needs, and ensure compliance with safety standards. Partner with property management teams to address identified issues and enact corrective measures to sustain property standards and enhance overall value.

• Perform other assignments and duties as assigned.

Your Keys to Success

To perform successfully in this role, you will need to leverage these key qualifications:

• Bachelor’s degree in real estate, finance, business, or related field.
• Minimum five years of real estate industry experience, preferably in affordable housing, multifamily asset or property management with exposure to commercial real estate.
• Asset Management Specialist (AMS) or Certified Housing Asset Management (CHAM) designation is a plus.
• Comprehensive understanding of all aspects of property operations, including asset and property management functions, liability, and legal issues in property operations.
• Proficient in reading and interpreting legal documents such as loan agreements, contracts, and partnership agreements.
• Demonstrated expertise in financial reporting, forecasting, budgeting, and variance analysis.
• Strong financial modeling skills, including proficiency in Microsoft Excel and Yardi.
• Exceptional communication and interpersonal abilities, adept at building rapport with diverse stakeholders.
• Highly organized and detail-oriented, capable of effectively managing multiple tasks with concurrent deadlines.
• Skilled in collaborating with senior management and cross-functional teams.
• Demonstrated success in cultivating positive relationships with individuals from diverse backgrounds, including those from low-income households.
• Ability to thrive in a fast-paced environment.
• Spanish fluency is preferred.
• Strong working knowledge of San Francisco’s Mission District is a plus.

Keywords

Asset ManagementReal EstateFinancial OversightComplianceProperty ManagementAffordable HousingMultifamilyFinancial ReportingBudgetingFinancial ModelingCommunicationInterpersonalSpanish Fluency