Asset Manager

At Pennrose, the Asset Manager is responsible for monitoring the physical condition, measuring the financial performance, and managing the key relationships of the Pennrose Portfolio to optimize value for investors, lenders, partners, ownership, and the communities we serve. The Asset Manager position provides an opportunity to work with a growing and dynamic Asset Management & Analytics department within the established Pennrose organization.

The Asset Manager will report to the Vice President of Asset Management and will work closely with other departments within Pennrose and various third-party management companies. The Asset Manager will work out of the Pennrose Philadelphia office.

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Duties and Responsibilities

- Portfolio Oversight & Reporting

• Responsible for analyzing and measuring property financial and operating metrics and providing recommendations to property management to improve performance.
• Establish measurable standards for property and portfolio performance.
• Monitor and report on third-party property management companies’ performance
• Understand financing, affordable programs, and regulatory requirements
• Provide oversight for the Portfolio to remain in good standing with the applicable file & physical compliance requirements in governing documents such as loan agreements, operating agreements, tax credit programs, affordability restrictions, etc.
• Understand all investor, lender, and agency reporting requirements and work collaboratively with other departments and third-party management companies to ensure requirements are met.
• Monitor the physical condition of the Portfolio through regular inspections & site visits. Work with Capital Planning teams to ensure the long-term preservation and physical standards of Pennrose are maintained.
• Establish metrics for the evaluation and development of long-term business strategies for all Pennrose properties
• Develop a thorough understanding of each property and its challenges.
• Collaborate with site-level operations teams to formulate and implement strategies for improvement.
• Anticipate & prevent liability risks through monitoring of critical events, operational activity, & financial matters.
• Manage ancillary revenue contracts and maximize financial benefit for Pennrose
• Maintain processes for the review real estate tax assessments and management of tax appeals as necessary.

- Portfolio Financial Analysis

• Responsible for the aggregation and reporting of property level and portfolio financial performance to ownership
• Review monthly, quarterly, and annually prepared operating statements.
• Measure & manage property financial performance against projections & annual budgets.
• Provide oversight of annual budgeting process for the Portfolio
• Review tax returns & audits for the Portfolio
• Respond to questions from lenders, investors, ownership, or other agencies on property financials.
• Develop project operating forecasts to determine potential operational challenges, propose corrective actions, and identify opportunities for improvement.
• Understand & analyze investment models and cash flow forecasts.

- Portfolio Relationship Management

• Internal Relationships
• Work cross-functionally with other departments at Pennrose to develop and implement asset management plans, set operating benchmarks, and achieve defined property goals consistent with Pennrose strategic plans.
• Participate in process improvement projects within and outside of the Asset Management & Analytics department
• Prepare ownership reports on Portfolio performance, trends, goals, events, etc.
• External Relationships
• Direct third-party managers in all areas of operations as Pennrose’s ownership representative.
• Connect with funders, investors, and local partners as owner representative for Pennrose, developing trust and building consistent & constructive problem-solving approaches.

Required Education and Experience

• Bachelor’s degree in accounting, finance or real estate preferred
• 5-7 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
• Yardi experience a plus
• Power BI 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
• Excellent communicator with proven ability to interface with a broad array of employees, stakeholders, 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