Senior Asset Manager

About the Position

DevCo is seeking a full-time Senior Asset Manager to join our team. This position may be based in our Bellevue, Washington office, St. Louis Park, Minnesota office, or performed remotely. This position will report directly to the Vice President of Asset Management.

The Senior Asset Manager is a senior leader within the Asset Management department and serves as the owner's representative for a portfolio of affordable multifamily assets. This role requires a highly experienced professional capable of independently analyzing complex operational, financial, compliance, legal, and strategic matters while driving asset performance and long-term value creation. The Senior Asset Manager will exercise sound judgment, make recommendations to executive leadership, and lead initiatives that impact both individual assets and the broader portfolio. LIHTC multifamily industry asset management experience is required for this position.

In addition to portfolio oversight, this position is expected to provide leadership, mentorship, and guidance to Asset Managers and other team members. The Senior Asset Manager will help establish departmental best practices, improve processes, strengthen internal controls, and support the continued growth and scalability of the Asset Management platform.

About the Company

DevCo Residential is a family of companies including DevCo US Construction, DevCo Preservation and HNN Communities. DevCo Residential is a privately held real estate investment company with almost 40 years of experience. Founded in 1994, the company and its affiliates develop, own, and manage over 14,000 affordable and market rate apartment units throughout the United States. Headquartered in Bellevue, Washington, DevCo is one of the largest providers of affordable housing in Washington State. Together, we professionally develop, build and own multi-family affordable apartment communities. We understand the importance of affordable housing and make it our mission to keep quality our top priority.

Mission:

DevCo Residential Group's mission is to develop, construct and manage high-quality multifamily housing that provides stability, fosters growth and delivers long-term value to our residents and stakeholders.

Vision:

DevCo's vision is to be a leading developer, builder and manager of quality multifamily housing throughout the western US.

Values:

• Quality: We deliver excellence in every aspect of our work.
• Commitment: We honor our promises with unwavering dedication.
• Teamwork: We achieve more together through collaboration and respect.
• Integrity: We uphold the highest ethical standards in all we do.

Pay Details: $130,000 to $190,000 in annual salary (depending on experience level) + 15% annual bonus target

Schedule: Monday-Friday with a schedule as agreed upon with the hiring manager.

Essential Duties and Responsibilities:

• Serve as the senior asset management lead for a designated portfolio of affordable housing assets, demonstrating expertise across the full asset lifecycle, including development oversight, construction monitoring, tenant relocation, LIHTC lease-up and compliance, stabilized occupancy testing, institutional investor reporting, audit and tax return review, partnership interest valuation, refinancings, dispositions, and long-term asset preservation strategies.
• Provide leadership, coaching, and technical guidance to Asset Managers and other members of the Asset Management team.
• Lead the resolution of complex asset, partnership, lender, investor, compliance, and operational issues with limited oversight while recommending strategic solutions to executive leadership.
• Review, interpret, and negotiate complex partnership agreements, loan documents, regulatory agreements, development contracts, and other legal documents affecting portfolio performance and ownership objectives.
• Develop and implement portfolio-wide asset management strategies designed to maximize cash flow, preserve affordability, mitigate risk, and enhance long-term asset value.
• Identify underperforming assets, develop corrective action plans, and lead cross-functional teams to execute performance improvement initiatives.
• Provide oversight and quality control for financial analysis, investor reporting, budget reviews, capital planning, and compliance monitoring performed by other team members.
• Serve as a key liaison with executive leadership, development partners, lenders, investors, syndicators, regulatory agencies, and third-party management companies.
• Drive departmental initiatives, process improvements, technology adoption, and reporting enhancements to support portfolio growth and operational excellence.

Knowledge, Skills and Abilities

• Demonstrated capacity to read, analyze and understand complex partnership agreements, development agreements and complex loan documents., regulatory and legal documents.
• Proven ability to create and manage project budgets and expenses.
• Proven success at leading teams to achieve defined results.
• Strong analytical, interpersonal, writing and research skills.
• Excellent organizational skills and task oriented.
• Proficient with computers in all aspects with the ability to navigate file structures efficiently.
• Exceptional level of mathematical and analytical reasoning skills.
• Self-motivated, resourceful and proactive.
• Ability to work independently, effectively prioritize, and multi-task under pressure.
• Proficiency in Microsoft Excel required, use of PowerBi is a plus
• Excellent writer and verbal communicator.
• Strong work ethic, desire to learn and take on responsibility.

Supervisory Responsibilities: This position may provide direct oversight, mentorship, training, and performance guidance to Asset Managers and other members of the Asset Management team. While not necessarily a direct people manager, the Senior Asset Manager is expected to function as a departmental leader and subject matter expert.

Travel: This position may require periodic travel several times per year.

• Asset Management experience required.
• 7-10 years of applicable industry experience. LIHTC experience is required. HUD experience is preferred.
• LIHTC Compliance Certification, such as HCCP or C3P preferred.
• Available to travel as needed.
• Four-year bachelor's degree in business, finance, or related field.
• Must be able to speak, read and write English in a manner sufficient to carry out duties.
• Successful completion of background check and drug screen is required.
• Must be legally qualified to work in the U.S. meeting I-9 guidelines.

DevCo Management Company is an Equal Opportunity Employer.