What are the responsibilities and job description for the Vice President of Special Assets position at TRG Management Company, LLLP?
The Vice President of Special Assets is responsible for the strategic oversight and operational execution of underperforming, distressed, or high-priority assets across the portfolio. This role leads turnaround initiatives focused on stabilizing occupancy, improving collections, enhancing operational performance, and protecting asset value.
The VP of Special Assets serves as a rapid-response leader, partnering with operations, compliance, and ownership to diagnose issues, implement corrective action plans, and drive measurable results within defined timelines.
Key Responsibilities include but are not limited to:
Asset Stabilization & Turnaround Execution
- Assume direct oversight of designated underperforming assets
- Develop and execute 30-60-90 day recovery plans with clear KPIs
- Drive improvements in occupancy, leasing velocity, and NOI performance
- Identify and eliminate operational inefficiencies and revenue leakage
Lease-Up & Occupancy Strategy
- Oversee struggling lease-ups and assets below stabilized occupancy
- Align pricing strategies with market conditions and demand trends
- Implement targeted marketing, outreach, and conversion strategies
- Monitor traffic, applications, approvals, and move-in performance
Collections & Delinquency Management
- Lead strategy for assets with elevated delinquency or low collections
- Standardize collection practices, reporting, and escalation protocols
- Partner with legal and compliance teams on eviction and payment plan strategies
- Ensure consistent execution of collection efforts across assigned assets
Operational Oversight & Intervention
- Conduct rapid operational assessments across staffing, maintenance, and leasing
- Identify leadership gaps and implement immediate corrective actions
- Support hiring, restructuring, or reassignment of site and regional teams as needed
- Ensure operational consistency and accountability across assets
Compliance & Risk Mitigation
- Partner with compliance teams to ensure adherence to LIHTC, PBV, and regulatory requirements
- Identify and mitigate operational and financial risks
- Support audit readiness and corrective action plans for compliance findings
Financial Performance & Reporting
- Monitor and report on key performance indicators, including occupancy, collections, and NOI
- Provide regular updates to executive leadership and ownership stakeholders
- Analyze financial trends and recommend strategies to improve asset performance
- Ensure alignment with budget and pro forma expectations
Cross-Functional Leadership
- Collaborate with Asset Management, Operations, Marketing, Compliance, and Facilities
- Serve as a key liaison with ownership groups on high-priority assets
- Drive alignment across teams to ensure execution of recovery strategies
Qualifications
- Bachelor’s degree in Business, Real Estate, or related field (required)
- 10 years of experience in multifamily property management
- Extensive experience with affordable housing programs (LIHTC, RAD, PBV)
- Proven track record of asset stabilization, lease-up execution, and turnaround performance
- Strong financial acumen with ability to analyze and improve asset performance
- Experience managing large, multi-site portfolios
Core Competencies
- Strategic thinking with strong execution focus
- Ability to operate in high-pressure, fast-paced environments
- Strong leadership and team accountability
- Data-driven decision-making
- Excellent communication and stakeholder management
Success Metrics
- Achieve stabilized occupancy targets within defined timelines
- Improve collection rates to company benchmarks (95% )
- Reduce delinquency and bad debt exposure
- Execute successful lease-ups aligned with pro forma
- Deliver measurable NOI improvement across assigned assets
Position Impact
This role is critical to protecting asset value, improving portfolio performance, and ensuring operational excellence across high-risk and high-opportunity assets.
Benefits as a TRGM Employee:
- Base Salary Performance Bonus.
- Medical, dental, vision, legal services, flexible spending account, and commuter benefits.
- The benefits package includes 100 percent employer-paid life and disability insurance.
- Employer Matching 401k
- Employee Engagement and Wellness programs.
- Company-paid PTO
- Opportunities for Professional Development and Tuition Reimbursement.
TRG Management is proud to be an Equal Opportunity Employer.
We are a Drug-Free Workplace.