Senior Asset Manager

Job Type

Full-time

Description

Company Overview

Blue Sky Communities is a well-capitalized, entrepreneurial, full-service developer, owner, and operator of affordable and workforce housing communities. We specialize in family, elderly, and veterans' housing, with a primary focus on new construction assets using Low-Income Housing Tax Credits (LIHTC) and are experiencing tremendous growth. Based in St. Petersburg, FL, we are dedicated to high-quality development and long-term operational excellence.

Position Summary

The Senior Asset Manager will play a critical role in overseeing a designated portfolio of affordable housing assets. Reporting directly to the Vice President of Asset Management, this position will share responsibility for the company's growing portfolio. While the VP of Asset Management will maintain oversight of portfolio-wide functions—such as insurance management — both the Senior Asset Manager and the VP of Asset Management will be responsible for the day-to-day strategic performance and operational health of their assigned properties.

Key Responsibilities

Operational Oversight & Performance

• Provide strategic direction to affiliated management company to achieve qualified occupancy and maximize Net Operating Income (NOI).
• Hold property management teams accountable for key performance metrics, including rent collection, occupancy rates, security, and operating expense trends.
• Perform regular site visits to assess property conditions, operations, and to meet with residents and local officials.
• Evaluate annual real estate tax assessments for assigned portfolio and work with appraisers to adjust, where necessary.

Financial Management & Reporting

• Track monthly financial performance, including lease-up progress and tax credit file compliance, to identify and address issues impacting operations.
• Lead the annual budget process for the assigned portfolio, including planning for capital repair projects.
• Collaborate with internal finance groups, auditors, and affiliated management company during the year-end process.
• Review and analyze financial reports, operating agreements, and closing documents to ensure deep understanding of each asset.
• Calculate annual waterfall distributions for properties in assigned portfolio.
• Working with the VP, identify and implement improvements to the data management and reporting systems.

Compliance & Relationship Management

• Review closing documents (LPAs, Loan Agreements, UW) to ensure all property compliance requirements are met.
• Develop and maintain strong relationships with internal and external stakeholders, including investors, FHFC, and the development and construction teams.
• Proactively identify trends or issues and update stakeholders accordingly.

Core Values

The successful candidate must embody Blue Sky Communities’ core values:

• Integrity: Do the right thing.
• Transparency: Communicate openly and clearly.
• Quality: Build it to live there.
• Relationships: Do unto others.
• Teamwork: Work together to achieve our goals.
• Continuous Improvement: Never stop learning.
• Leadership: Take ownership of everything you do.
• Stewardship: Manage public resources responsibly.

Requirements

• Proven experience in asset management, specifically within affordable housing and LIHTC.
• Strong financial acumen and the ability to interpret complex legal and financial closing documents.
• Excellent communication skills for managing relationships with diverse stakeholders.
• Understanding of LIHTC compliance requirements to ensure properties adhere to regulations found in Limited Partnership Agreements (LPAs), Loan Agreements, and Operating Agreements.
• Proficiency in reviewing and interpreting complex closing documents, including LPAs, Underwriting (UW) files, and Loan Agreements
• Advanced proficiency in MS Excel for financial modeling and a strong working knowledge of leading property management and accounting platforms such as RealPage, Yardi or MRI.