Job Description:

The Director of Asset Management oversees HOC’s Asset Management function and leads a team of Asset Managers responsible for maximizing the fiscal and financial performance of the Commission’s multifamily and scattered site properties. The Director plays a key role in determining the appropriate operational and financing strategies of HOC owned real estate and recommending actions, based on those strategies, to maximize HOC and investor returns and values, while ensuring property compliance with all regulatory and lender requirements. This position requires an articulate, professional leader with a demonstrated history of excellence in Asset Management, and the ability to effectively manage people and priorities in a highly collaborative environment.

HOC’s portfolio includes approximately 10,000 units across more than 50 multifamily communities and over 1,700 scattered site units, and two (2) stand-alone commercial sites, all within Montgomery County, MD. HOC has a robust development pipeline and continually pursues acquisition opportunities to meet its mission

As part of the Executive Staff team, and reporting to the Executive Director, the Director of Asset Management works with the Director of Property Management to facilitate short-term and long-term plans for each of HOC’s assets. The incumbent also works with the Real Estate Development team to assist with real estate acquisitions, new construction, and rehabilitation of properties by actively participating in the due diligence process, with the long-term view of each asset in mind.

The Director of Asset Management must be able to work independently with minimal supervision and be able to thrive in an environment that encourages problem solving, creative and strategic thinking, multitasking, and decision making with the ability to prioritize under tight deadlines. The incumbent must possess the knowledge of financial documents, legal documents, and operational business acumen to identify, direct, and correct operational deficiencies in an effort to maintain optimal financial results.  

Examples of Essential Duties:

• Establish strategic plans for each asset including revenue, expenses, NOI, renovation, capital expenditures, and the subsequent rent, in the form of an annual capital and operating budget. This strategy must be clearly communicated to the property management team.
• Closely monitor all elements of financial performance; analyze financial statements and make necessary operating adjustments.
• Analyze monthly operating statements and reports to the organization’s Executives, any variances as compared to the budget and business plan incorporating the strategy of an action plan if necessary, proactively managing cash flow, resolving always to the business plan or better.
• Develop an analytical framework for each asset that accounts for the terms and requirements of any equity investors, lenders, subsidy providers, and other capital partners based on a thorough review of related legal and financial documents.
• Provide actionable guidance and recommendations on both existing asset financing and prospective asset financing that accounts for the term and cost of existing asset financing.
• Form a close relationship with property management personnel at all levels to successfully monitor the daily operations by conducting routine site visits and inspections, discussing weekly leasing, occupancy, capex and/or renovation programs to maximize the overall success of each asset.
• Oversee monthly financial reviews.
• Responsible for being the key contact with the internal and any external financial partners, compliance with the various agreements, monitoring the asset performance, returns and recommending operational or financial strategies to optimize returns at the asset level.
• Work with the Acquisition and/or Development and Construction Teams in conducting new property inspections, setting up Due Diligence, and working in collaboration on underwriting.
• Complete any other financial or market report and competitive analysis or other duties deemed necessary.
• Manage the execution of the asset’s investment strategy by working alongside various company functions including the acquisition team, property operations, design and construction and accounting.
• Conduct frequent site inspections and monitor competition and market conditions; develop, recommend, and implement value-add action plans; supervise the planning, budgeting and control of capital expenditures.
• Assess financial strength of portfolio assets and value-add strategies through sale recommendations, refinancing strategies, or other re-capitalizations; coordinate asset dispositions and execute refinances within the portfolio.
• While it is rare for the HOC to dispose of its assets, the incumbent in the position will work with the Real Estate team and the Executive Director to develop an overall disposition strategy in accordance with the overall strategic plan for the organization.
• Oversee a team of two to three direct reports, initially.

Preferred Skills:

Minimum Qualifications:

• Experience: Ten years of proven asset management and property management experience in the commercial real estate market, with experience in multifamily/low-income tax credits/affordable housing.
• Education: Bachelor’s degree in Business Administration, Finance, or related field; Master’s degree preferred.
• Established track record of business plan development, execution and value creation across multiple and residential asset classes.
• Highly effective leader with the ability to build strong relationships with prospective and existing clients/partners and sellers/buyers of real estate as well as direct reports.
• Maintains a high level of professionalism, leadership and analytical skills.
• Working knowledge of leasing, accounting, development and operations of projects.
• Strong leadership and teamwork ability; provide support/direction to members of the management team.
• Strong multi-tasking, time management, leadership and decision-making skills.
• Ability to set personal and project priorities and demonstrate strong organizational skills in day-to-day and long-term planning and execution.
• Strong analytical skills, problem analysis, project budget modeling and project scheduling. Ability to see the big picture.
• Excellent written and oral communication skills. Ability to effectively delegate and negotiate.
• Proficient in the use of computer software including Argus, Yardi, and MS Office.