Asset Manager, Real Estate Equity
Location: New York, NY | Cleveland, OH | Los Angeles, CA | Columbia, MD | San Francisco, CA
Time Type: Full time
Requisition ID: REQ4113

At Enterprise, we scale housing affordability solutions for millions of people. For more than 40 years, we've championed big ideas that create more housing opportunity for everyone, investing more than $92 billion to create or preserve more than 1 million homes. Our greatest strength is bringing together the right partners, capital, and capabilities to help what's working reach more communities, faster. Join us as we unlock access to a quality, affordable home for millions across the country.

Working at Enterprise

At Enterprise, you’ll be part of a diverse, committed team making a difference every day. You will collaborate with some of the smartest minds and biggest hearts in our field. You’ll be empowered to drive systems change and take bold steps to advance racial equity. And you will find a career home where you’re valued and supported in your growth journey.

Enterprise offers career opportunities in our offices across the country with an exceptional benefits package.

Job Description Summary

The Asset Manager, Real Estate Equity will oversee a portfolio of restricted affordable housing (LIHTC, Section 8, etc.) and unrestricted workforce housing investments associated with the Real Estate Equity funds through site visits, in-depth financial review and problem resolution/workouts (as needed) to ensure execution of underwritten business plans. The position will also provide support for advanced problem-solving function for the Real Estate Equity team as investment business plans change over time and require modification, as well as leading the disposition efforts for each fund investment. The principal goal is to maintain the viability, quality and affordability of Real Estate Equity fund investments while protecting the interests of fund investors meeting or exceeding fund investor returns.

Job Description

Responsibilities:

• Manage real estate portfolio of approximately 15 - 20 properties for which Enterprise provides asset management for Real Estate Equity funds.
• Identify, communicate and work to mitigate risks/problems via reporting tools and information gained through communications with General Partners/Sponsors, property managers, and via on-site visits.
• Review, analyze and evaluate monthly property performance as compared to proforma and budget, and provide regular feedback and recommendations both externally to General Partners/Sponsors and investors and internally to Real Estate Equity team.
• Work closely with General Partners/Sponsors, funders and regulatory agencies to execute underwritten business plans and coordinate efforts with each to modify business plans, as necessary, including but not limited to removal of property management firms, removal of General Partner entities, restructuring debt and accelerating disposition timelines.
• Negotiate problem resolution/workout strategies with general partners, lenders and public-sector entities, as necessary.
• Conduct project site visits, review property management systems, review organizational systems and provide technical assistance, as necessary.
• Evaluate past and forecast future property performance, and performance of Sponsors and management agents.
• Author disposition memos and refinance analyses, working with Vice President Asset Management to garner feedback and approvals.
• Support portfolio implementation of Enterprise’s strategic plan, ESG priorities and fund specific and/or investment-specific business plans which include but are not limited to monitoring of rent and household income affordability, climate risk mitigation strategies such as green retrofits and utility performance/benchmarking, implementation of social service plans, implementation of health action plans, renter wealth creation strategies and resident credit reporting
• Work with Housing Credit Regional Asset Management teams to develop communication strategies with common partners, as necessary.
• Interface regularly with Vice President Asset Management during project performance reporting cycles; including standard financial reporting periods (monthly and quarterly) and complete all necessary internal and external reporting requirements.
• Interface regularly with others on Real Estate Equity team during monthly update meetings including providing input to the underwriting team on deal structuring / asset management issues.
• Interface quarterly with internal Investment Committee and external Advisory Committee during scheduled and ad hoc meetings and assist with meeting material preparation for these meetings; present portfolio updates during annual investor meetings.
• Track insurance renewals, real estate tax payments and appeals and monitor market conditions.
• Complete internal and external reports accurately and meet all deadlines.
• Interact with Enterprise staff to provide accurate and timely information.

Qualifications and Skills:

• 5-7+ years’ experience with real estate, housing programs, finance, accounting, law, and/or property management.
• Bachelor’s degree required, preferably in real estate, finance, accounting or related field.
• Strong financial analysis skills are required.
• Familiarity with loan documents, partnership agreements, contracts and other legal documents is required.
• Knowledge of real estate and LIHTC are required.
• Strong computer skills are required; thorough knowledge of MS Word, MS Excel, and MS Outlook are preferred.
• Ability to adjust quickly to changing priorities and circumstances is required.
• Ability to work evening and weekend hours during peak periods is required.
• Strong organizational skills and ability to coordinate complex activities, prioritize conflicting demands and meet deadlines.
• Must be highly motivated.
• Must be able to work independently with a minimum of supervision.
• Must demonstrate strong interpersonal skills working with a wide variety of professional and non-professional personnel.
• Strong problem solving and negotiating skills are required.
• Must possess strong written and oral communication skills.
• Able to travel as necessary to accomplish the goals for the position.
• Incumbent is expected to demonstrate strong ethics in interpersonal relations and work as an effective, collaborative team member.

Physical Demands/Working Conditions:

• Ability to work under stress/pressure.
• Ability to travel for flights up to 25% of the time.
• Ability to climb stairs offsite at project sites.
• When visiting project sites, incumbent may be exposed to varying environmental conditions (e.g., outdoor weather, dirt, dust, and other construction work site hazards).
• Valid driver’s license required.

Salary Transparency

You will be joining a team of talented professionals motivated by serving the community and addressing the need for affordable housing.

Enterprise offers a comprehensive total rewards package for you and your family. The pay range for this position is $100,000 - $120,000. The salary range represents the low and high end of what may be paid for this position. It is not typical for an individual to be hired at or near the top of the pay range, and compensation decisions may be influenced by a variety of factors, including skills, qualifications, experience, and location.

Total Rewards at Enterprise

This range is just one component of our total rewards package, which also includes annual performance bonuses and generous paid leave programs.

Our benefits form a major part of the total rewards package. These include dental, health, and vision care plans, as well as family-building benefits such as adoption and surrogacy support. Enterprise supports flexible work arrangements to promote work-life balance and offers health advocacy, an Employee Assistance Program (EAP), and mental health benefits. We round out our package with financial education, wellness programs, and auto-enrollment in the company’s 401(k) plan with employer matching contributions.

Finally, you will have access to learning and development opportunities, including tuition reimbursement for job-related courses and certifications. Thank you for your interest in joining the Enterprise team and contributing to our mission to serve others.

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