- Job Title
- Asset Manager
- Job ID
- Work Hybrid
- Dorchester, MA 02125
- Other Location
About Dorchester Bay Economic Development Corporation (DBEDC)DBEDC acts to build a strong, thriving and diverse community in Boston’s Dorchester neighborhoods. We develop, preserve and sustain affordable housing for rent and for ownership. We create commercial and economic development opportunities. We build community through community organizing and civic engagement activities. We are focused on the concepts of equitable development without displacement and providing opportunities for economic mobility.
Since our founding in 1979, DBEDC has developed and preserved over 1100 units of rental and homeownership housing and 200,000 square feet of commercial space. We have created around 1,000 jobs and involved more than 1,500 young people in after school leadership development and organizing activities. We are one of Boston’s oldest and most established community development organizations with an annual operating budget of almost $5 million, a staff of just under 30, and $44 million in assets.
About the RoleReporting to the Director of Finance and Administration, the Asset Manager will safeguard the physical and financial health of DBEDC’s 1200-unit portfolio of affordable housing and commercial real estate. The Asset Manager will also design strategies and develop an annual asset management plan to achieve goals of long-term financial stability, cost efficiency, and resident satisfaction for the DBEDC portfolio, and ensures that goals for the properties are met.
What you can expect to do in the role:
QualificationsYou’ll do well in this role if you:
- Analyze properties’ operational performance, through review of the monthly financials, physical condition, and program compliance, identifying any current areas of risk, future vulnerabilities and opportunities to better meet DBEDC’s objectives
- Manage all commercial leasing, approve individual capital improvement proposals, and monitor the implementation of capital improvements and/or specific maintenance enhancements where needed
- Review, approve, and present annual operating and capital budgets prepared by the third-party property managers for approval
- Direct and evaluate our contracted residential and commercial property management contracts
- Hold monthly meetings with key staff of each of our three management companies to review property performance benchmarks and to establish action plans for sustainability or corrective action, as required
- Monitor property reserve funds to ensure that required deposits, withdrawals and minimum balances are maintained
- Collaborate with the Finance and Real Estate teams to manage short and long-term cash flow needs
- Identify the maturity of any property debt and the need, if required, to restructure or refinance
- Facilitate the transition of all properties from real estate development to asset management operations
- Provide support and input into real estate development operating projections and design and specifications
- Establish and maintain deal books for all properties
- Make regular asset management presentations to the Real Estate Committee of the Board
- Establish and maintain annual asset management plan by property
- Establish and build upon asset management metrics, benchmarks and goals for the portfolio
- Work collaboratively with Resident and Community Engagement staff at DBEDC or contracted service groups
- Track and monitor various compliance reports and inspections required by lenders and syndicators
- Visit properties at least once per year or on as needed basis
- Ensure properties have adequate and effective insurance and tax abatements are filed if needed
- Oversee security contracts with outside vendors
- Manage with the management firms the implementation of green energy initiatives such as solar installation to lower carbon emissions at our properties
- Prepare monthly reports for DBEDC’s CEO that capture operating performance and liquidity issues.
- Encourage, motivate, and support professional development.
- Support staff development by establishing performance expectations and work plans to meet goals and objectives.
- Monitor staff progress toward performance expectations (objectives) and adjusting work plans as necessary to accomplish them.
- Are committed to DBEDC’s mission, an understanding of racial equity it’s the importance in housing and community development
- Values Differences: Recognizes the value of different perspectives and commits to inclusion, equity, and diversity in every aspect of work
- Have five to seven years of experience in asset management, property management, or other directly relevant experience
- Strong mathematic ability and strong financial analysis ability
- In depth understanding of real estate, partnership structures, the low income housing tax credit (LIHTC) program, and other affordable housing finance programs
- Ability to interpret and analyze the business terms in legal documents and financial projections
- Strong critical thinking and ability to resolve property performance issues and opportunities
- Strong execution and organization skills and demonstrated experience in prioritizing and executing multiple priorities seamlessly
- Exceptional attention to detail
- Exceptional English language proficiency including written and verbal communication skills
- Excellent computer skills, including spreadsheet, database management software, word-processing, CRMs, and ability to learn new technologies
- Can successfully pass a background check
Total CompensationDBEDC’s total compensation package features an amazing set of benefits which we considered towards the overall compensation, including:
- Have experience working for a managing general partner in an asset management, development, or property management role
- Have experience working with both residential and commercial properties and with property finance
- Possess a Master’s Degree in Business, Real Estate, Public Administration or equivalent accreditation is helpful
- CHAM or other certification in property or asset management
- Conversational knowledge of Spanish, Haitian Creole, Cape Verdean Creole
- (5) Generous cost-sharing medical insurance packages for selection and no eligible waiting period.
- Employer paid Dental and Vision coverage
- Flexible Spending Account and Dependent Care Assistance program
- Short-Term Disability, Long-Term Disability, Life and Accident Death
- Commuter Benefits Program
- Employee Wellbeing On-Demand Services
- Perks at Work Program
- 3 personal days
- 3 weeks’ vacation to start
- Birthday leave
- 15 sick days
- 17 paid holidays
- 5 volunteer days
- 403 (b) plan with generous employer contribution
- Flexible hybrid work environment
Dorchester Bay Economic Development Corporation views diversity, inclusion and cultural competence as vital principles in all our work with clients and communities. We welcome and encourage applications from visible minority groups members, indigenous persons, members of the LGBTQ community, persons with disabilities and others who may contribute to the diversity of the organization and reflect the diversity of the communities we serve.
- Don’t be discouraged from applying if you don’t “check all the boxes”. We appreciate the uniqueness of candidates and there is no “perfect’ resume!
- Salary range: $100,000 - $120,000.
- Pay Range
- ¤100,000.00 Annually to ¤120,000.00 Annually