Asset Manager

Bedrijf: Pennrose
Type werk: Full-time

The Asset Manager is responsible for assisting in implementing strategies that will maximize the financial performance and value of the Pennrose New York portfolio. The Asset Managerwill also be responsible for monitoring the physical and financial condition of Pennrose owned assets within the New York region, which is currently comprised of 1,900+ units in Brooklyn and 300 units within the Albany-Schenectady-Troy MSA. The Asset Manager will report to the VP of Asset Management, and work out of Pennrose NY regional office, located at 45 Main Street, Brooklyn NY 11201.
Duties and Responsibilities
Oversight of third-party property management companies’ performance, including adherence to all investor and agency reporting requirements
Responsible for the aggregation and reporting of property level financial performance and budgets; Conduct variance analysis at the property level
Oversight of annual budgeting process for assigned properties
Responsible for analyzing and measuring property financial and operating metrics and providing recommendations to the VP, Asset Management to improve performance
Assist in the monitoring of the physical condition of the property portfolio through weekly site visits; ability to work with operations teams on the site level
Attend tenant, stakeholder and Community Board meetings, as necessary
Interface with representatives of elected officials offices, as necessary
Read and interpret agreements, loan documents and other compliance related documents
Understand and analyze investment models and forecasts
Oversight of cash flow forecasting, as necessary
Special Projects, as required
Performance Metrics
Contribute to the increase in profitability of the NYC-based Pennrose owned properties
Timely and accurate production of financial and analysis reports
Positive feedback from internal and external stakeholders
Required Education and Experience
Bachelor’s degree in accounting, finance or real estate preferred
3-5 years multifamily real estate/financial analysis experience; Affordable Housing sector experience highly desirable
Knowledge and experience with the Low-Income Housing Tax Credit Program gained from asset management, operations or development work experience a plus
Knowledge and experience other affordable housing programs centered on HUD, Rental Assistance Demonstration (RAD), public housing and other programs which support affordable housing a plus
Working knowledge of NY agencies including but not limited to, NYC Housing Authority (NYCHA); Housing Preservation and Development (HPD); Housing Development Corporation (HDC); Homes and Community Renewal (HCR); and, Housing Finance Agency (HFA) is highly desirable
Familiarity and comfort interfacing directly with public and private elected bodies (e.g., Community Boards, City Council Districts, Tenant Associations, etc.) and elected public officials on behalf of the property owner
Yardi experience a plus
Ability to learn quickly and desire to constantly learn about the complexities of the affordable housing business
Ability to multi-task and run projects simultaneously
Proven professional communication abilities to interface with a broad array of employees and housing partners
Knowledge, Skills and Abilities
Strong analytical skills, both quantitative and qualitative
Must be able to compile, monitor, examine various financial and performance reports
Ability to provide recommendations for changes or improvements to current processes
Excellent verbal and written communications skills to present to and work with senior management and ownership
Advanced Microsoft Excel; Strong Word, PowerPoint and Outlook skills
Strong work ethic, attention to detail, and commitment to meeting deadlines
Experience with accessing information from a GL Accounting System, Yardi preferred
Additional Requirements
Requires the ability to travel
Valid driver’s license required


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