Asset Manager in Kenosha, Wisconsin at Bear Real Estate Group
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Job Description
SUMMARY:
The Asset Manager serves as the Owner's representative for a portfolio of multifamily assets owned by Bear Real Estate Group, including Low-Income Housing Tax Credit (LIHTC), HUD Section 8, Project-Based Voucher (PBV), Rental Assistance Demonstration (RAD), and market-rate communities. The position is responsible for maximizing financial performance, physical condition, regulatory compliance, and long-term value of assigned assets.
Working closely with third-party management companies, ownership, lenders, investors, and government agencies, the Asset Manager provides strategic oversight of operating performance, capital planning, compliance, and investment objectives while ensuring each property meets established financial and operational expectations.
DUTIES AND RESPONSIBILITIES:
Financial Asset Management
- Review monthly operating statements, rent rolls, occupancy reports, delinquency reports, and variance analyses.
- Analyze operating performance compared to approved budgets and identify operational or financial risks including Net Operating Income (NOI), cash flow, and debt service coverage.
- Review and recommend annual operating budgets and capital budgets submitted by third-party management companies.
- Prepare quarterly asset management reports for ownership summarizing financial performance, compliance, capital projects, and operational risks.
- Benchmark portfolio performance against internal goals and market comparables.
- Identify opportunities to increase revenue, reduce expenses, and improve long-term asset value.
- Oversee replacement reserve funding and reserve utilization.
- Assist with lender reporting requirements and loan compliance and monitor debt covenant compliance and reserve requirements.
- Coordinate annual reporting requested by lenders, investors, syndicators, and ownership.
Third-Party Management Oversight
- Serve as the primary liaison between ownership and third-party management companies.
- Establish performance expectations through scorecards and key performance indicators and conduct regular operational reviews with management companies.
- Evaluate management company performance and recommend contract renewals, corrective action plans, or management transitions when appropriate.
Affordable Housing Compliance
- Review results of Management and Occupancy Reviews (MORs), NSPIRE inspections, state agency audits, and contract administrator reviews.
- Track timely completion of corrective action plans by management companies.
- Monitor annual Section 8 Housing Assistance Payment (HAP) contract renewals impact on revenue and operating performance.
- Analyze annual rent adjustments, utility allowance calculations, utility analyses, and OCAF increases against budget.
- Incorporate compliance status and findings into performance and risk monitoring.
QUALIFICATIONS
- Ability to work collaboratively and independently on multiple projects.
- Excellent interpersonal, written, and oral communication skills.
- Ability to solve practical and complex problems by utilizing internal and external resources.
- Advanced skills in Microsoft Excel and Real Page Asset Investment Management, Power Business Intelligence, or Revenue Management is a plus.
- Bachelor’s degree in business, finance, real estate, or related field.
- 5+ years of experience in multifamily housing, with specific experience in LIHTC and HUD multifamily housing asset management.
- Knowledge of HUD 4350.3, RAD PBRA/PBV, Section 8 programs, MORs, NSPIRE inspections, and HUD contract management (HAP/CHAP, rent adjustments, OCAF).
- Experience overseeing or working with third-party management companies.
- Strong financial analysis, reporting, and communication skills.
- COS, HCCP, CPM, BOMS or similar industry certifications preferred.
WHAT YOU’LL LOVE ABOUT WORKING HERE:
- Invest in Your Future: 401(k) with company match, plus annual merit-based increases
- Prioritize Your Health: Comprehensive medical, dental, vision, life insurance, Long-Term Disability, and FSA and HSA options.
- Recharge and Renew: Generous paid time off and 8+ paid holidays.
- Voluntary Benefits: Short Term Disability, Accident, Critical Illness, and Hospital Indemnity.
- Keep Growing: Ongoing education, leadership training, and advancement opportunities across all departments.
- Celebrate Together: Annual employee appreciation events, team outings, and company-wide recognition programs.
- Make an Impact: Contribute to meaningful projects that shape neighborhoods and improve lives.
- Be Rewarded: Eligible for performance-based bonuses.
The above is intended to describe the general content of and requirements for the performance of this job. It is not to be construed as an exhaustive statement of duties, responsibilities or physical requirements. Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Bear Real Estate Group is proud to be an Equal Employment Opportunity and Affirmative Action employer. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.