Asset Manager

  • Job Reference: 00000422-1
  • Date Posted: 12 October 2021
  • Recruiter: PIRHL, LLC
  • Website: https://www.pirhl.com/about
  • Location: Cleveland, Ohio
  • Remote Working: Some remote working possible
  • Salary: On Application
  • Sector: Construction, Real Estate & Property
  • Job Type: Permanent

Job Description

Founded in 2004, PIRHL is a full-service, developer, general contractor and owner of affordable and workforce housing. PIRHL’s approach leverages deep expertise in acquisitions and asset management, development and construction with strategic financial and local partnerships. To date, PIRHL has developed 65+ properties, 6500 units of real estate (including both new and renovation), serving the Midwest, Mid-Atlantic, Northeast and Southeast regions of the U.S.

PIRHL’s Mission: We bend the forces of the universe to create transformational, affordable and sustainable communities that help stabilize the lives of our residents.

Position Overview:

The ideal candidate will have a thorough understanding of multifamily real estate operations, affordable housing, compliance, and strong analytical skills. In partnership with 3rd party Property Managers, the Asset Manager will be responsible for overseeing a portfolio of multifamily apartments, to ensure their financial integrity, effective lease-up, and on-going management in line with key performance metrics that meets PIRHL’s mission and creates long term value for the company.

Core Responsibilities:

  • Analyze and ensure the integrity of monthly and quarterly property-level financial statements comparing actual to budget/ proforma performance. As necessary, communicate corrective actions to management companies to enhance profitability and overall health of the properties to defined goals.
  • Assist in developing annual cashflow projections for PIRHL’s entire portfolio of properties – understand and bring clear definition to cashflow waterfall as defined in the partnership operating agreement in order evaluate the potential for each property.
  • Track and prepare Annual and Quarterly reports for investors, lenders, owners and housing finance agencies.
  • Review and evaluate annual operating budgets as presented by PIRHL’s internal development team (for proposed projects) and from 3rd Party Managers on existing projects.
  • Assist with due diligence reviews for new multifamily investment opportunities and ensure a smooth and successful transition into the portfolio
  • This position will have a special focus, in partnership with PIRHL’s internal development team and 3rd party property managers, to ensure effective lease-up of new projects and oversight of resident relocation (during construction) in accordance federal guidelines and the Low-Income Housing Tax Credit Program.
  • During a property’s lease-up and stabilization period, the AM will manage and track the Debt Coverage Ratio and other key metrics including the status of leasing activity, to ensure the property achieves Qualified Occupancy, Stabilization and Conversion to permanent financing according to defined milestones.
  • Manage rent Increases within the context of required Income limits and other LIHTC program requirements.
  • Reviewing Set Asides and property set ups to ensure accuracy.
  • Track Replacement Reserve submissions, draws, and balances and ensure they match to the back to the financial statements.
  • Track Operating Deficit Guarantees and other Operating Account requirements, guarantees, and debt covenants for stabilized properties as well as for those transitioning out of construction.
  • Perform file audit review for the lease up and quarterly file review for properties in operations.
  • Interface/communicate across departments with Asset Management Accountant and Development Project Managers to keep abreast of physical changes at the properties which impact the financials and cash flow projections
  • Coordinate with management companies to ensure property level bills are paid and recorded timely
  • Calculate and coordinate payment of investor distributions and preferred equity payments
  • Coordinate property audits and tax returns
  • Manage and annually update PIRHL’s Real Estate Owned Schedule
  • Continuously innovate, finding new ways to grow revenue and streamline expenses, boosting property cash flow.

Qualifications:

  • Bachelor’s degree
  • At least 3 years of accounting/ finance/ asset management experience; preferably in multifamily housing financed conventionally and with Low Income Housing Tax Credits.
  • Knowledge of public and private housing finance programs and related compliance requirements, including HUD, HOME, Section 8, IRS Section 42 and other programs is a plus
  • Knowledge and experience with property management, multifamily acquisitions, LIHTC income qualification and lease-up requirements
  • Knowledge of multiple entity structure (Roll up of Companies)

Financial:

  • Manage a portfolio of operating properties and develop relationships with the management companies
  • Review property level financial reporting and ensure data integrity
  • Analyze key performance indicators for operating properties 
  • Analyze monthly/quarterly property-level financial statements comparing actual to budget/proforma performance.
  • Monitor compliance with debt covenants and guarantees
  • Provide monthly and quarterly financial reporting requirements to lenders/investors
  • Review and approve replacement reserve withdrawals
  • Coordinate with management companies to ensure property level bills are paid and recorded timely
  • Review annual property budgets in conjunction with Asset Manager
  • Understand how PIRHL earns money from its various operating properties – Deferred Developer Fee, Asset Management Fee, Operating Cashflow
  • Prepare cash flow calculations, collection and projections
  • Calculate and coordinate payment of investor distributions and preferred equity payments
  • Coordinate property audits and tax returns
  • Manage and annually update PIRHL’s Real Estate Owned Schedule

Skills & Abilities:

  • Strong interpersonal skills with a demonstrated ability to work with internal and external business partners, consultants and clients
  • Motivated self-starter
  • Effective time management skills
  • Detail Oriented
  • Proficient expertise in MS Office (Excel, Word) is required
  • Ability to work independently and within a team
  • Ability to work within a fast-paced, collaborative, and entrepreneurial environment
  • Ability to effectively communicate complex issues both verbally and in writing to senior management and clients 

To Apply:

Be prepared to upload your resume, cover letter and three (3) professional references.

We are not accepting third party submissions.

PIRHL is committed to equal employment opportunity. Visit www.pirhl.com for our complete Equal Employment Opportunity statement.