Asset Manager – Affordable Housing

Asset Manager – Affordable Housing

Great Expectations | Seattle, WA

$125,000–$145,000 + performance bonus

Great Expectations is a Seattle-based real estate investment and development company focused on affordable and workforce housing. Together with our affiliated property management company, Arboreal Management, we own, develop, and manage a growing portfolio of multifamily housing throughout the Pacific Northwest.

We are looking for an Asset Manager to take ownership of the financial and operating performance of our affordable housing portfolio.

Our dual mission is below market housing for PNW residents and above market returns for investors. This is an owner-side role with a simple mandate:
deliver on that mission.

As Asset Manager, you will own the business plan for each property in your portfolio. You will understand what is happening operationally and financially, identify problems early, develop solutions, and drive them through to completion.

Our properties are largely self-managed through our affiliated property management company, Arboreal. You will not manage site teams directly. Instead, you will represent ownership and hold the management company accountable for results.

When a property misses budget, you will figure out why. When occupancy falls, you will understand what is happening with rents, traffic, conversions, turns and concessions. When expenses increase, you will dig into the underlying drivers. When a loan maturity, capital need or regulatory issue is approaching, you will make sure we have a plan well before it becomes urgent.

This is not a role for someone who simply reports on problems. We want someone who finds them, understands them and gets them solved.

You will be responsible for the performance of a portfolio of affordable and workforce housing properties.

You will:

• Own and continuously update the business plan for each property.

• Review monthly financial performance against budget, underwriting and prior periods.

• Analyze rent rolls, occupancy, leasing velocity, rents, concessions, collections, bad debt and operating expenses.

• Identify the underlying causes of property underperformance.

• Establish measurable recovery plans with property management and follow through until results improve.

• Review and challenge annual property budgets.

• Monitor maintenance, unit turns, physical condition and major operating issues.

• Visit properties regularly and develop a firsthand understanding of the assets.

• Identify opportunities to increase revenue, control expenses and improve NOI.

Asset management at Great Expectations goes beyond property operations. You will also help determine what we should do with the assets themselves.

You will:

• Maintain a detailed understanding of each property's debt, reserves, regulatory agreements and capital structure.

• Monitor DSCR, debt yield, loan covenants, maturities and lender requirements.

• Build and maintain property-level financial models and forecasts.

• Evaluate refinancing, recapitalization, disposition and other strategic alternatives.

• Work with lenders, brokers, attorneys, investors and other capital partners.

• Help execute refinancings and other capital transactions.

• Plan for significant capital expenditures and evaluate their financial impact.

• Maintain a forward-looking view of financing and capital needs across the portfolio.

This is not a compliance processing role
. We have dedicated professionals responsible for the detailed work of affordable housing compliance.

The Asset Manager is responsible for making sure that compliance is being managed effectively as part of the overall health of the asset.

You will:

• Understand the major…