DevCo is seeking two full-time Asset Managers to join our team in Bellevue, WA. The candidate ideally would be based in our Bellevue, WA office but may work remotely so long as they are located in Washington. One of the roles will be focused on our north end portfolio scaling properties from Redmond to Bellingham, whereas the south end will scale properties from Auburn to Vancouver.

The role of the Asset Manager includes, but is not limited to, oversee and manage a designated portfolio of affordable multifamily assets to optimize financial and operational performance, manage and maximize portfolio cash flow, ensure compliance with all lenders, investors and government agencies, and manage liability risk. The Asset Manager is the owner’s representative, clear communication and collaboration with teams at all levels is expected in order to successfully implement initiatives, meet established KPIs, and strengthen the value of the company assets.

About the Company
DevCo, Inc. is a privately held real estate investment company, and HNN Communities is a privately held and owner-operated professional management company. With more than 20 years of experience, together we professionally develop, build and own multi-family apartment communities. We understand the importance of quality housing and make it our mission to keep quality our top priority.

Benefits Offered

• Over 90% company paid medical benefits for employee coverage.
• 100% company paid dental and vision benefits for employee coverage.
• Healthcare and dependent care flexible spending accounts.
• Company paid life insurance, AD&D and long-term disability benefits for employee coverage.
• Best-in-class voluntary insurance benefits.
• Pre-tax and Roth 401(k) programs with a company match equal to 100% of the first 4% contributed by the employee.
• Discretionary bonus programs.
• Eligibility for a 20% housing discount consideration after 90 days of hire.
• Employee assistance program (EAP) with 24/7 counseling services.
• Company-sponsored backup childcare.
• Employee discount program through LifeMart.
• Company-sponsored industry training and certifications.
• 3 weeks of paid time off each year.
• Up to 12 paid holidays each year.

Pay Details: $140K-$160K bonus potential

Schedule: Monday-Friday 8am-5pm (hybrid or remote)

Job Responsibilities

• Oversee a portfolio of primarily stabilized affordable rental properties located in Western Washington Responsible for management of cash flows, construction of budgets, long term planning and goals of the asset manager’s portfolio properties.
• Ability to work both independently and collaboratively with affiliated property management to oversee the daily operations of the properties.
• Coordinate with internal team on issues related to asset management, real estate development and community development. Provide appropriate feedback and reporting to the team.
• Coordinate cross department issues, mutual projects and concerns with other department team members.
• Negotiate agreements or secure bids for approval.
• Review bids presented by property management companies and make recommendations for changes or approval.
• Represent ownership concerns and coordinate with property managers and other team members to ensure that lease-up, marketing and outreach, and maintenance of waiting lists are handled in accordance with the management plan and all regulatory requirements, and that physical plans for construction are reviewed and approved by Asset Management.
• Arrange, conduct and perform regular site inspections and meetings.
• Identify, evaluate and recommend capital improvement and replacement projects in the asset manager’s portfolio, including potential energy efficiency retrofits. Proactively identify funding opportunities for retrofits and submit required applications.
• Coordinate with property management to update management and marketing plans. Oversee and assist with obtaining lender and partner approvals.
• Responsible for the timely coordination, review and monitoring of reports prepared by property management to ensure conformance to operating budgets, management plans and regulations.
• Review and analyze monthly property financial statements.
• Prepare and present progress reports to the executive management, as requested.
• Work with appropriate stakeholders on strategic financial and management issues.
• Represent the organization to stakeholders, property managers, vendors and residents
• Review and manage performance to the annual operating budget. Monitor project expenses, reconciles to financial reports and coordinates all contract payments, lender and funder reporting requirements in a timely manner.
• Coordinate with internal departments for marketing and leasing programs for new properties and projects in support of the real estate development plans.
• Monitor project activities regarding quality and cost control issues.
• Field resident concerns. Works with property management when necessary, to resolve issues in the best interest of the owner, the property and the resident.
• Maintain knowledge of trends, best practices, and new technologies in the industry.

Experience

• Asset Management experience required.
• 5-7 years of applicable industry experience preferred. LIHTC experience a plus. HUD experience is preferred.
• LIHTC Compliance Certification, such as HCCP or C3P preferred.
• Experience working with Washington State Housing Finance Commission and other regional agencies within Washington.
• Available to travel as needed.
• 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.

Background Policy

• Employment is contingent on successfully passing a drug and background screening.

DevCo Management is an Equal Opportunity Employer.