Asset Manager

Description

Seattle, WA • Finance

Full-Time, Exempt, Hybrid

Hiring range: $86,000 - 108,500 annual, depending on experience

Organization Overview:

Bellwether was founded in 1980 to create housing in downtown Seattle so city workers could live close to their jobs. Over the years, we have lowered barriers to housing which has allowed us to serve more households coming out of homelessness, individuals and families connected with the criminal justice system, and others excluded by typical landlord screening criteria, all of whom are disproportionately BIPOC.

To meet the intense need for affordable housing in our region, we plan to build and acquire 2,500 homes by 2025. Come join us on this exciting and ambitious adventure!

Position Summary 

Under the guidance of the Senior Asset Manager, the Asset Manager is responsible for overseeing the due diligence work, onboarding and ongoing oversight of third-party property management for Bellwether acquired properties. The role requires on-going successful communication with existing and potential third-party managers, fiscal oversight including income maximization and expense control, and preparing budgets and monthly financial analysis. The Asset Managers are also expected to be transparent, strong communicators who convey compassion and interact with humility. The asset Manager is also responsible for a portfolio of self-managed properties. 

Work location:

South Lake Union Administrative office with regular travel between Bellwether properties as needed (all within Seattle and Tukwila). 

This position is a hybrid role, with the expectation of at least 3 days a week being in-person/on-site.

Position Responsibilities: 

Acquisitions & Contractor Oversight:  

• Be a key stakeholder of internal feasibility team in assessing viability of acquiring multifamily real estate
• Conduct property walk throughs to assess the condition of property, site and units
• In conjunction with Bellwether Compliance, provide input on regulatory requirements for new projects
• Evaluate operational data including CapEx and financial statements
• Lead internal cross-departmental acquisition meetings, setting agendas and enforcing mutual accountability for Acquisition RACI
• Solicit proposals, evaluate and interview third party management companies to manage new developments, make recommendations to Senior Asset Manager
• Manage relationships with third-party management agents to meet goals, build annual budgets and oversee capital assessments and improvements 
•  Onboard firms, create a business plan and establish regular meeting cadence and reporting to BW to ensure benchmarks are being met and properties are being managed in accordance with Bellwether’s goals and values

Financial Analysis and Reporting: 

• Conduct iterative stakeholder conversations with other teams, investors, lenders and leadership to confer about organizational needs, identify opportunities for optimizing asset performance
• Refine and implement team goals and objectives to maximize the long-term health of the portfolio and drive superior financial performance
• Assist portfolio managers in developing annual building operations budgets to meet targeted debt service coverage ratios and other benchmarks
• Monitor and forecast reserve levels, capital accounts and cash flow. Evaluates cash flow and reserve projections to ensure that each property will meet cash flow targets and compliance with financial covenants
• Facilitate approval process with lenders and/or investors for capital work, reserve draws, financing, and other items required under the property's governing documents
• Oversee property performance, prepare quarterly reports, forecasts and dashboards that summarize the financial status of assets for leadership team and board of directors

Cross Departmental Collaboration: 

• Collaborate with Facilities, Project Management and Property Management to identify, plan and implement capital projects, and propose projects annually at budget time based upon building CNAs, energy-efficiency audits, and building inspections. 
• Collaborate with Facilities, Property Management and insurance adjusters to manage insurance claims  
• Provide property and asset management expertise to Real Estate Development team in due diligence in property acquisition and in the functional design of new construction and rehabilitation projects. 

Requirements

• Bachelor's degree in Finance, Real Estate and/or Accounting, 
• A minimum of 4 to 6 years of experience in multi-unit asset management or portfolio management; 3 years of experience with risk/financial analysis, valuations, relationship management, workouts, capital markets and Asset Management 
• Ability to clearly and concisely draft and write detailed notes and effectively communicate  with tenants, vendors, and contracted firms to prepare reports and presentations, technical information
• Highly organized with strong attention to detail and capable of taking personal initiative in a project as needed, making sure all work is completed and of high quality
• Able to work in a fast-paced, team-oriented environment with multiple deadlines, and adapt readily to changing priorities  
• Seasoned and well-honed financial skills able to apply financial modeling techniques and critical analytical frameworks to solve for effective real estate decisions and outcomes
• Ability to conduct walk-throughs and inspections
• Ability to always exercise discretion and confidentiality
• Proficient in Microsoft Office applications, specifically Excel, Word, and Outlook
• Ability to read and understand real estate contracts and complex legal documents

Desired Qualifications 

• Proficiency with property management systems such as Yardi 
• Project management skills

Other Job Requirements 

• A willingness to learn about one’s own prejudices and biases
• An ability to work toward equal status relationships with people who are different
• An ability to question personal assumptions about the skills and competencies of employees who are different
• A desire to learn as much as possible about how one’s own culture is different from others, and how that contributes to a particular way of viewing self and others
• An ability to take risks to communicate with people from other cultures

 Other Requirements:

• Applicants must successfully pass a background check, which will be conducted in accordance with Seattle’s Fair Chance Employment Ordinance, SMC 14.17. Applicants will be given a chance to explain or correct background information and provide verifiable information of good conduct and rehabilitation.

Bellwether Housing is an equal opportunity employer. We will not discriminate based on race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
We support the Americans with Disabilities Act (ADA) to reasonably accommodate all qualified applicants [and employees] by providing reasonable accommodations to people with disabilities. To request a Reasonable Accommodation for the application or interview process please contact recruiting@bellwetherhousing.org.
Bellwether Housing is dedicated to building a diverse, equitable, and inclusive workplace. We value having employees whose skills, experiences, and backgrounds reflect the populations we serve. We are committed to being an anti-racist organization, while acknowledging we have a long way to go. You can learn more about our DEI work on our website.
Any internal candidate that is selected for this position will be subject to a 90-probationary period regardless of the previous role at Bellwether. 

Salary : $86,000 - $108,500