Asset Management Director - Bethesda

Location : Bethesda, MD

Job Type : Direct

Hours : Full Time

Required Years of Experience : 10+

Required Education : Bachelor's Degree Required

Travel : No

Relocation : No

Job Description :

Responsibilities

· With an overall responsibility for the management and strategic direction of the organization’s portfolio of real estate assets, establish the strategic plan for each asset including revenue (rent and subsidies), expenses (cost of operations), NOI, capital expenditures (repairs and renovations), in the form of an annual capital and operating budget. The Asset Management Director must clearly communicate this strategy to the property management team, including third party managers.

· Closely monitor all elements of financial performance; analyze financial statements and make necessary operating adjustments to realign with budgets or take advantage of opportunities within the market. Review adverse trends and recommend corrective actions quickly to the property management team.

· Analyze monthly operating statements and reports to the organization’s Executives, significant variances from the budget and business plan by recommending the strategy of an action plan that proactively manages cash flow and resolves to the business plan or better.

· Form close relationships with property management personnel at all levels that successfully monitor the daily operations by conducting routine site visits and inspections, discussing weekly leasing, occupancy, capital expenditures, and/or renovation programs to maximize the overall success of each asset, with heavy focus on troubled assets or underperformers. Maximize opportunities for improvement even from high performers.

· Oversee monthly financial reviews.

· Serve as the key contact with the internal and any external financial partners, compliance with the various agreements, monitoring the asset performance, returns and recommending operational or financial strategies to optimize returns at the asset level.

· Work with the Acquisition and/or Development and Construction teams in conducting new property inspections, setting up Due Diligence, and working in collaboration on underwriting. Engage early and throughout the entire process to provide constructive input.

· Complete any other financial or market report and competitive analysis or other duties deemed necessary.

· Manage the execution of the asset’s investment strategy by working alongside various company functions, including the acquisition team, property operations, design and construction and accounting.

· Conduct frequent site inspections and monitor competition and market conditions; develop, recommend, and implement value-add action plans; supervise the planning, budgeting and control of capital expenditures.

· Assess financial strength of portfolio assets and value-add strategies through sale recommendations, refinancing strategies, or other re-capitalizations; coordinate asset dispositions and execute refinances within the portfolio.

· Oversee a team of two to three direct reports, initially.

· Serve as the subject matter expert and manager all Year 15 LIHTC exits as well as monitor and advise on all Extended Use Compliance.

· Create metrics by focusing on KPI for assets and monitor trends to recommend corrective actions to Property Management, Compliance, and Maintenance teams.

Qualifications

· Established track record of business plan development, execution and value creation across multiple and residential asset classes.

· Bachelor’s Degree specializing in Business Administration, Finance or related field. Master’s Degree preferred, but not required.

· 10-15 years of proven asset-management and property management experience in the commercial real estate market, with primary focus on multifamily with some low-income housing tax credit/affordable housing.

· Highly effective leader with the ability to build strong teams and relationships with prospective and existing clients/partners and sellers/buyers of real estate as well as direct reports.

· Maintains a high level of professionalism, leadership and analytical skills.

· Working knowledge of leasing, accounting, development and operations of projects.

· Excellent written and oral communication skills. Ability to effectively delegate and negotiate.

Proficient in the use of computer software including Excel, Yardi, MRI

Required Qualifications :