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Asset Manager, III ( JR 1185)

Los Angeles, California · Real Estate
JOB ID: 1185
Full Time
Salary: $80,000 - $100,000 (DOE)

The Organization
PATH Ventures (PV) is a maturing organization with leadership dedicated to high-quality work. Its pipeline of innovative projects offers an exciting opportunity to produce critically needed housing resources and enhance the capacity of the organization. PV is a non-profit developer of permanent supportive housing with projects located throughout Southern California. It works to achieve its mission of ending homelessness by developing and operating affordable rental homes for individuals and families experiencing homelessness, paired with on-site wraparound supportive services. PV focuses on serving vulnerable and chronically homeless individuals.  It has an ownership interest in thirteen residential communities totaling over 750 affordable units. It presently has over 500 units under construction and in predevelopment.

PATH, PATH Ventures’ parent organization, is a leading services provider for people experiencing homelessness that owns or leases a portfolio of five to seven properties that include staff offices, program space for clients and temporary housing.

The Asset Manager will represent PATH Ventures in overseeing the operations and performance of its growing portfolio of properties to support a good quality of life for residents, achieve strong financial performance, meet the mission of the organization, and maintain regulatory compliance. The Asset Manager also will support PATH in maintaining and operating its portfolio. This is a growth position.

The following reflects management’s definition of essential functions for this job but does not restrict the tasks that may be assigned.  Management may assign or reassign duties and responsibilities to this job at any time due to reasonable accommodation or other reasons. Reasonable accommodations may be made to enable individuals with disabilities to perform essential job functions.
  • Establish and maintain strong, positive working relationships with internal departments (Finance, Supportive Services, Real Estate) and third-party partners (property management, owner partners, lenders, investors, government agencies).
  • Work with property management companies and owner partners to ensure regulatory compliance in accordance with financing agreements, including TCAC, investor, lender and/or government agency agreements.
  • Oversee and/or monitor the performance of third-party property management companies.
  • Review annual financial audits and residual receipts calculations; assess consistency with project financing agreements and coordinate receipt of fees and cash flow distribution.
  • Prepare and file initial and annual Welfare Tax Exemption forms, including OCC & SCC documents, to ensure property tax exemption status.
  • In collaboration with the Real Estate and Finance Departments, oversee the formation and management of all general partner limited liability companies, including Secretary of State, Franchise Tax Board and any local business license documents.
  • In collaboration with Real Estate Department, create Property Management Plan, Affirmative Marketing Plan and other documents related to leasing.
  • Review proposed project operating budgets.
  • In collaboration with the Supportive Services team, act on its behalf to negotiate business terms with property management, owner partners and financing partners, including service provider fees and site programming expenses.
  • Collect & assess monthly operating information from developer partners and/or property management; prepare a quarterly dashboard that summarizes the operating information.
  • Ensure properties are operating within budgets to maintain financial health of the property.
  • Create and maintain a database or other administrative tool that summarizes key property, regulatory and finance information about each property in PATH Venture’s and PATH’s portfolio.
  • Build a ready working knowledge of this key property information.
  • Conduct site inspections.
  • Evaluate physical maintenance needs and create a plan for addressing them.
  • Attend property meetings with Supportive Services team and property management.
  • Act as the owner’s point person for performance / operational issues that arise at the properties.
  • Support the Real Estate and Supportive Services team with initial lease-up.
  • Support the Real Estate team by reviewing operating budgets, property management agreements, and providing other operational input.
  • Support the Finance Department to re-finance properties.
  • Negotiate leases and other agreements.
  • Other tasks as assigned.

  • Excellent interpersonal skills for establishing and maintaining effective working relationships
  • Strong communication (written & verbal), mathematical and analytical skills
  • Well-organized, detail-oriented and an ability to manage multiple projects
  • Proactive and engaged problem solver
  • Must be able to work independently and as a member of a team.
  • Knowledge of affordable housing finance programs, including Low Income Housing Tax Credits, IRS Section 42 and Section 8 programs.
  • Ability to read financial statements, prepare budgets and analyze proformas
  • Proficient in Microsoft Office, Word, Excel, Outlook and Access
  • Commitment to the mission of providing affordable homes and supportive services to our state’s most vulnerable populations
Education & Experience
A combination of education and related experience may substitute for education requirements:
  • A Bachelor’s degree in business, accounting, finance, or related field and
  • Five or more years experience in asset management, property management, real estate development or related field
Required Qualifications
  • Employment Eligibility Verification
  • Reliable transportation
  • Updated tuberculosis test
  • Successful completion of background screening
  • Able to obtain First Aid/CPR certification as provided by PATH
  • Driving is an essential function of this position
  • Must have Valid CA Driver's License
  • Must provide proof of insurance coverage
  • Must be able to qualify for PATH insurance coverage
Work Environment
The employee may be in contact with individuals and families in crisis who may be ill, using alcohol and drugs, and who may not be attentive to basic personal hygiene, health and safety practices. The employee may experience a number of unpleasant sensory demands associated with the client’s use of alcohol and drugs, and lack of personal hygiene. The employee must be ready to respond quickly and effectively to many types of situations, including crisis situations and potentially hostile situations. The noise level in the work environment is usually moderate in an office setting. Sometimes work may become stressful when working under pressure.
Physical Demands
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is frequently required to stand, sit, walk, stoop, talk, hear, reach above and below shoulders; use hand and finger dexterity, keyboarding and making and receiving telephone calls. The employee may be required on occasion to lift and or carry up to 20 lbs.
PATH (People Assisting The Homeless) provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, sex, national origin, age, disability or genetics. In addition to federal law requirements, PATH complies with applicable state and local laws governing nondiscrimination in employment in every location in which the company has facilities. This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.

How to apply:
Please visit the Path Career Site to apply online. Search for Job #1185 to submit your application. A resume is required.
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