Asset Manager

Our Client:

Our client, a New York City-based national real estate investment firm specializing in Low Income Housing Tax Credit (LIHTC) syndication, is thrilled to announce a newly created position within their organization, driven by their continued growth and commitment to excellence. With a strong 25-year history in the Low-Income Housing Tax Credit (LIHTC) sector, they pride themselves on cultivating long-standing relationships and a highly credible reputation that has resulted in an impressive 80% rate of repeat business.

As a privately held company, our client thrives in an entrepreneurial environment that fosters a great culture. Their commitment to treating people well is reflected in their very limited turnover throughout the past decade, and they take pride in their strong focus on diversity.

They have successfully built long-standing relationships with a select group of investors, managing these partnerships effectively by providing an exceptional level of service without over-accommodating, a typical practice among some syndicators. This approach has allowed them to understand their clients' needs deeply, leading to streamlined working relationships and consistent satisfaction—no investor has ever expressed a desire to sever ties with them.

The Opportunity

The Asset Manager (AM) role is particularly exciting, as each Asset Manager will be responsible for managing all aspects of the investment life cycle, from closing to disposition. This includes direct interaction with developers, guiding lease-up processes, financial reviews, legal matters, and relationship management. Unlike many companies where roles can be siloed, at this firm, the AM will engage in a broad and encompassing range of responsibilities, providing a truly entrepreneurial and stimulating work environment. This role demands critical thinking and offers significant opportunities to work cross-functionally.

As an Asset Manager, you will have the chance to dive deep into deals, working closely with both developers and investors, allowing you to understand the full story and become intimately knowledgeable about the assets from early in the deal process through to stabilization.

Looking ahead, our client recognizes that succession planning will become increasingly important over the next few years, and they are dedicated to fostering the development of their team in this regard.

The Real Estate Asset Manager's primary responsibility is for the day-to-day oversight of a specifically-assigned portfolio of multi-family properties located throughout the US and its territories. This includes all aspects of the operational, financial and regulatory compliance administration of the assigned portfolio. The Real Estate Asset Management Group is structured in an entrepreneurial manner – where each Real Estate Asset Manager has responsibility for all aspects of the life-cycle of investments – from closing through disposition. This includes monitoring pre-stabilized activity (alongside the Development Risk Management Group), processing capital contribution requests, lease-up activity, operational oversight, etc.

Primary Responsibilities:

• Maintaining in-depth familiarity with assigned portfolio of properties, including ownership structure; investment objectives; financing structure (including maintenance of relationships with various lenders, as needed); management structure (including maintenance of relationships with third-party management agents; guarantor structure; underwritten and actual operating results; LIHTC and other regulatory requirements and compliance.

• Oversight of portfolio performance by ongoing monitoring of the operational, financial, management, regulatory compliance and budgetary compliance for all assigned assets, continually comparing actual asset performance to underwritten expectations.

• Maintaining independent relationships with development partners, lenders, investor clients, third-party management agents and agencies to ensure that all assets continue to meet their investment goals.

• Evaluation of economic and demographic and multifamily market trends – and benchmarking these trends against the assigned properties.

• Ensuring continuing program compliance with all LIHTC and other regulatory guidelines at all times. Where deficiencies are identified, the Real Estate Asset Manager works directly with appropriate parties to timely resolve issues to avoid any reduction of expected benefits.

• Preparation and presentation of financial analyses and reporting to the Company's management - as well as assisting with the preparation and distribution of required periodic financial reporting to investor clients.

• Performing periodic on-site property inspections to all properties within assigned portfolio, focusing on physical condition, local market conditions, overall property administration and continuing program compliance. The Real Estate Asset Manager will be required to travel extensively – up to 25% of their time.

• Identification and analysis of under-performing assets, and preparation and implementation of proactive operational work-out strategies - working closely with development partners and third-party management agents.

• Ability to actively participate with and contribute to the Company’s work-out group in strategies associated with materially under-performing assets.

Our Firm

KM Partners is the only KM Partners is the only Executive Search & Professional Recruitment Firm in the U.S. fully dedicated to Commercial Real Estate, Multifamily Affordable, Senior, and Workforce Housing, Tax Credits (LIHTC, Historic, Renewable, Carbon, & NMTC), as well as Impact-Investing and related financial and professional services. We partner with clients and place industry-specific professionals across occupations, including C-level executives, middle management, and experienced associates throughout the United States. We represent C-level Executive Leadership, Middle Management, and experienced Associates across industry professions.