Asset Manager - Real Estate

We are looking for an experienced Asset Manager to join our team at Trellis Co. to promote financial sustainability for our portfolio of properties. The ideal candidate must have previous real estate industry experience, preferably in affordable housing, LIHTC and/or Section 8 multifamily asset management or property management.

Trellis Mgmt Co. has been managing properties in the Twin Cities and surrounding metro area since 1990. We are a professional management company that prides itself on excellent management services and the respectful treatment of our residents.

We take pride in our communities, our residents and in our employees. With over 65 properties and 4000 units, we hire the most skilled and knowledgeable individuals in their respective careers to drive business success.

Responsibilities:

Asset Managers will assist with the development of long-term strategic plans for our portfolio of properties. This will include providing guidance to property management, implementing action plans for properties, and managing relationships with partners on behalf of Trellis.

In addition to the duties and responsibilities listed below, the employee is expected to maintain a positive work atmosphere by behaving and communicating in a manner that gets along with residents, customers, clients, co-workers and supervisors.

Duties include but are not limited to:

Oversee Property Operations and Physical Conditions as an Owner's Representative

• Monitor property performance and measure against Trellis standard benchmarks by completing the quarterly performance reporting.
• Assist or run monthly watchlist meetings with property management.
• Inspect properties with property management on a regular schedule and/or during 3rd party inspections.
• Collect property capital needs assessments from property management and procure 3rd party capital needs assessments as needed.
• Provide direction on capital improvement plans, and review and approve capital budgets.
• Review property reserve accounts and approve replacement reserve withdrawal requests.
• Assist with reporting to Trellis’ Board of Directors.

Implement Strategies to Maximize Asset Values

• Analyze assessor valuations and identify appeal opportunities.
• Track Section 8 renewals and work with property management to make strategic decisions on renewals and rent increase requests.
• Collaborate with property management and insurance broker on insurance policies and renewals, Work on risk mitigation and insurance premium control strategies.
• Monitor rents in the portfolio compared to market.
• Identify solutions to support residents and projects.

Cash Flow Management

• Develop property cash flow goals with senior leadership.
• Set bottom-line goals for operating budgets. Review and approve annual budgets with property management.
• Calculate cash flow distributions to Trellis and partners.
• Develop cash flow projections and reports.

Execute Transactions for Projects in the Portfolio

• Track debt maturity and tax credit year-15 in the portfolio.
• Develop and carry out plans for debt maturity, such as debt modifications, debt extensions, or refinances.
• Acquire the Limited Partnership interest from investors after year-15.
• Work with the development team on identifying rehabilitation and/or recapitalization opportunities in the portfolio.
• Assist the development team with refinancing and rehab projects in the portfolio, bringing the long-term owners perspective.

Manage Project Handoff from Development to Operations

• Coordinate with management on lease-up, tenant certifications, and compliance requirements.
• Monitor and ensure projects meet lease-up goals, stabilization tests, and other requirements.
• Develop project summaries to be used as an organizational reference.

Manage and Maintain Data, Records, Reports

• Manage distribution of required reports to 3rd parties with property management.
• Update the Schedule of Real Estate Owned (REO) for Trellis properties on an annual basis and as needed for new funders.
• Ensure project ownership entities are in Good Standing with the Secretary of State and annual filings are completed.

Other Duties and Tasks as Assigned, such as

• Attending and speaking at public meetings on behalf of Trellis.
• Traveling to review potential property acquisitions.

In addition, the Asset Manager will perform other reasonable business-related duties as assigned.

Qualifications:

• Bachelor’s degree or higher in real estate, finance, or related field.
• 4 years of real estate industry experience, preferably in affordable housing, LIHTC and/or Section 8 multifamily asset management or property management.
• Experience and interest in financial analysis.
• Excellent oral and written communication skills.
• Strong ability to independently interpret and analyze business terms in legal documents (e.g., mortgages, loan and regulatory agreements, limited partnership agreements, etc.); understand and interpret deal underwriting, property audits, partnership tax returns, etc.
• Skilled in drafting both persuasive and informative correspondence to investors, lenders, and other external and internal parties.
• General understanding of real estate finance and development concepts, including debt and equity affordable housing programs or demonstrated ability to learn.Strong, mature interpersonal skills with the ability to interact respectfully, collaboratively, and professionally with internal colleagues and external partners.
• Proficient in Microsoft Excel and Word; Experience or proficiency in Yardi.
• Ability to work independently, establish priorities and follow through on completion of tasks.

Daily Travel is required-Must have a reliable vehicle, valid driver’s license and valid vehicle insurance.

EOE

Job Type: Full-time

Pay: $80,000.00 - $120,000.00 per year

Benefits:

• Dental insurance
• Employee assistance program
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Retirement plan

Schedule:

• 8 hour shift
• Monday to Friday

Experience:

• Section 8: 2 years (Preferred)
• LIHTC: 2 years (Preferred)
• Property management: 2 years (Preferred)

License/Certification:

• Driver's License & a reliable vehicle (Required)

Work Location: In person

Salary : $80,000 - $120,000