Sr. Asset Manager

Community Corporation of Santa Monica

Sr. Asset Manager

About Community Corporation of Santa Monica

Community Corp is a non-profit organization that restores, builds, and manages affordable housing for working families of modest means. Since our inception in 1982, we have rehabilitated and constructed nearly 2,071 homes. By enhancing and increasing affordable housing, we improve neighborhoods, create an environment where people can thrive, and change thousands of lives. Our work contributes to the distinct character of Santa Monica and the greater Westside region, making these communities more inclusive, caring, and environmentally sustainable.

Position Overview

The Senior Asset Manager is responsible for Community Corp’s property portfolio. The objective of this role is to optimize the performance of the portfolio by thinking mid-term to long-term while accomplishing short term projects. This position is required to provide high level financial, physical, regulatory and administrative services for Community Corp’s multifamily affordable rental communities, while functioning independently, and reporting clearly, with recommendations to the Chief Financial Officer and/or Executive Director. The Senior Asset Manager manages one direct report employee, collaborates with the Property Management, Maintenance and Residential Services department staff and may interact with vendors.

-  Seeking a Sr. Asset Manager to join our team as we transition to a data-driven environment. Strong analytical skills and a background in data analysis or advanced analytics are highly preferred.

Compensation and Benefits

The compensation ranges between $94,421- $125,895. The Sr. Asset Manager is eligible for the following benefits:

• Medical insurance
• Dental and vision insurance
• 403b retirement plan
• 4 weeks of paid vacation
• 120 hours of sick time
• Paid holidays
• Paid sick leave
• Mileage reimbursement
• 9/80 work schedule
• Every other Friday off!
• Sign on Incentive

Essential Position Responsibilities

• Review budgets, financials, tax returns and audits for each property; ensure surplus distributions are made correctly and promptly
• Evaluate and monitor financial performance of buildings by reviewing quarterly financials
• Maximize revenues and control expenses; discuss any identified issues and problems with the CFO and other departments and cooperatively develop strategies and actions to correct identified issues and problems
• Review property watchlist regularly and provide strategic planning guidance for underperforming or at-risk properties so they are ultimately successful and removed from watchlist and risk to organization is minimized
• Advance portfolio-wide initiatives (in collaboration with other departments) such as sustainability, ADA, emergency preparedness, etc.
• Create and maintain a portfolio dashboard to measure and report the status of performance through a range of key indicators; report portfolio performance to the Executive Director, Board and financial partners.
• Collaborate with property management to ensure compliance with regulatory agreements and funding requirements
• Keep informed of trends within industry
• Review commercial tenant leases annually and compare to market; evaluate rent structures
• With property management, conduct regular site inspections to understand the physical condition as well as the asset’s position in the market, ensuring proper administration, marketing, curb appeal and maintenance are being upheld
• Replacement reserve withdrawal approvals; monitor Replacement reserves adequacy
• Prep for and attend third-party inspections
• Respond to and maintain relationships with lenders/investors on asset management side
• Manage low income housing tax credits (LIHTC) capital accounts through annual analysis and exit tax projection
• Monitor property taxes and oversee tax appeals where applicable
• Collaborate with and advise Housing Development on underwriting, staffing and design aspects of new/upcoming projects
• Assist other departments as needed with relationship management of residential and commercial tenants.
• Other Duties as assigned

Education and Experience

• Bachelor’s degree in business, finance, accounting, real estate or the equivalent training and experience
• Minimum of 5 years of experience in asset managing affordable housing programs. Preference for experience with Low Income Housing Tax Credit (LIHTC) Housing, and/or Section 8 Project Based Housing Programs
• Certified Occupancy Specialist Certification a plus
• Knowledge of affordable housing, Low Income Housing Tax Credits, Tax Exempt Bond Programs and HUD Affordable Housing Program requirements
• Knowledge of building codes and maintenance and housing quality standards
• Understanding of federal, state, municipal code, regulations; contract law; and real estate law
• Must possess strong research, project management, organizational, analytical, and math/quantitative skills
• Excellent communication skills: both verbal and written and small group presentation
• Ability to work collaboratively and foster team spirit
• Strong financial and analytical skills
• Computer proficiency in financial, property and communication programs (Excel and Word required; Yardi preferred)

Supervisory Responsibilities

The Senior Asset Manager will have full supervisory performance management responsibility for one direct report employee and will direct the work of others through indirect supervision.

Physical Requirements

This position will require daily use of office equipment and visiting Community Corp properties on a regular basis. Must be able to lift up to 25 pounds.

Work Environment

The essential responsibilities of this position are performed in a busy office environment. This position must be able to keep focused in an environment with many interruptions and distractions. The Senior Asset Manager will be exposed to outdoor elements and weather conditions when traveling to Community Corp properties.

Travel Requirements

Regular car travel, primarily in Santa Monica to visit Community Corp properties.  Minimal amount of air travel, generally for conferences or trainings.

- Must possess and maintain a valid California driver’s license, insurance as required by law and an acceptable driving record.

Background Check and Driving Record will be Conducted

Community Corp. is an Equal Opportunity Employer