Asset Manager

Job Description

Job Description

Summary :

The Asset Manager participates in developing, updating and implementing the company’s strategic asset management plan. The plan provides a systematic approach to ongoing oversight of Burbank’s real estate portfolio.

The Asset Manager, as Burbank’s owner representative, is involved in all stages of real estate activities from pre-development through operations to ensure that the real estate assets achieve their goals in furtherance of organizational mission.

The position is characterized by a high degree of initiative, responsibility, accountability, a strong technical aptitude and ability to work effectively with individuals and organizations with a wide variety of interests, issues and concerns.

This is a full-time exempt position that reports to the Director of Asset Management and works in close coordination with the finance, property management and housing development teams.

The Asset Manager also collaborates on compliance and reporting efforts, including relationships with agencies, investors and lenders.

Specific Duties and Responsibilities : The following reflects Burbank Housing’s definition of essential functions for this job but does not restrict tasks that may be assigned.

This job description incorporates an Asset Management Task List that more fully annotates the responsibilities of the position.

Financial Oversight

• Review and analyze property operating financial statements on a monthly, quarterly and annuals basis.
• Prepare periodic reports analyzing replacement and operating reserve funding, financial stability over varying timeframes, and progress in meeting financial performance standards.
• Act as primary contact for Burbank Housing during property operations for lenders, investors and public agencies.
• Reviews and approves annual property operating budgets and any changes to those budgets during the year, including replacement reserve budget and capital expenditures.
• Forecast property cash flows / needs.
• Review annual audit and tax filings and respond to questions from agencies, investors and lenders.

Real Estate Oversight

• Review preventive maintenance schedules.
• Identify maintenance and other operational needs.
• Order and review physical needs assessments prepared by 3rd party consultants.
• Develop and update capital replacement plans. (in coordination with Capital Improvement Team members).
• Conduct annual inspections of the portfolio.
• Identify maintenance and safety concerns.
• Ensure timely filing of initial welfare exemptions and support in annual filings.
• Assist in ensuring that all Burbank properties are operating in compliance with lender, investor, and regulatory agency requirements.
• Organize and maintain all project documents and other relevant information pertaining to Burbank’s real estate portfolio.
• Maintain and keep updated summary of all funders and investors’ project requirements.

New Development, Recapitalization and Buyout

• Serve as a liaison between Housing Operations, Finance and Real Estate Development departments during the pre-development, development and lease-up of new sites.
• Review and comment on documents related to Asset Management, such as loan agreements, limited partnership agreements, operating and other regulatory agreements.
• Monitor capital accounts of investors.
• Develop and maintain year 15 buyout plans for the portfolio.
• Manage refinance processes, as applicable and includes making recommendations to the CEO, CFO and COO for repositioning of properties for refinancing and / or resyndication.

Other

• Annual insurance renewals for existing projects, new developments and for Burbank corporate entities.
• Liaison with insurance / property on property incidents.
• Participate in companywide risk management. Identify and manage risks related to the real estate portfolio.
• Manage and serve as primary point of contact on property management contracts.
• Collaborate with Housing Operations department in managing capital improvement projects for existing sites on a case-by-case basis.

Job Knowledge / Skills :

1. Commitment & enthusiasm towards achieving Burbank Housing’s Mission and Vision Statements.

2. Ability to work cooperatively and effectively with a diverse group of people and ability to counsel and motivate employees.

3. Strong oral and written communication skills.

4. Strong time management skills, including the ability to manage multiple projects simultaneously to achieve specific goals in a timely fashion.

5. Deep working knowledge of Excel as a financial analysis tool, and Word as an effective communication tool.

6. Comprehensive understanding of and ability to review and analyze property financial statements.

7. Ability to quickly develop proficiency in property management and accounting software such as Yardi Voyager and related software applications as needed.

Qualification Requirements : The requirements listed above are representative of the knowledge, skills, and / or ability required.

Reasonable accommodations may be made (except experience levels) to enable individuals with disabilities to perform essential job functions.

Education and / or Experience : BA degree with major in finance, business administration or related field required. Three (3) to five (5) years plus of combined experience in affordable housing property management, multi-unit rental housing development and management, lending, asset management, and / or real estate development highly preferred, with extensive exposure to analyzing real estate development pro-formas, and preparing and reviewing property operating budgets.

Language Skills : Ability to read, interpret, and analyze relevant information; write reports and business correspondence;

and to effectively present information and respond to questions from groups and individuals.

Mathematical Skills : Complete competence in college level mathematics, including the ability to conceptualize and analyze financial questions in mathematical terms.

Reasoning Abilities : Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret technical instructions in mathematical and diagram form.

Physical Demands : While performing the duties of this job, employee is regularly required to walk; sit; use hands to handle objects / operate keyboards, tools or controls;

reach with hands and arms; (both above the shoulders and below the waist) lift up to 20 pounds stoop; kneel and crouch; talk and hear.

Company Description

For over forty years Burbank Housing has helped shape Sonoma County. Born out of local government, we formed as a separate nonprofit with a mission to serve as many people in the North Bay as possible.

We’ve built over 3,200 affordable rental units in over 70 properties, as well as building and selling over 900 affordable homes.

We’ve created vibrant local communities that are viable and sustainable for their residents. But while we enjoy a celebrated history, we’re focused on the future.

There’s much more work to do here in Sonoma County, and beyond.

Company Description

For over forty years Burbank Housing has helped shape Sonoma County. Born out of local government, we formed as a separate nonprofit with a mission to serve as many people in the North Bay as possible.

We’ve built over 3,200 affordable rental units in over 70 properties, as well as building and selling over 900 affordable homes.

We’ve created vibrant local communities that are viable and sustainable for their residents. But while we enjoy a celebrated history, we’re focused on the future.

There’s much more work to do here in Sonoma County, and beyond.