Special Assets Manager

Job Description

Job Description

MRK Partners

is seeking a dynamic, experienced

Special Assets Manager, with prior affordable housing or multi-family property experience,

who will be responsible for maximizing special asset performance, cash flow, occupancy, and leasing while also ensuring that assets are in compliance with external and internal regulatory requirements. This role will have up to 40% travel to appropriately manage the portfolio.
Who we are:
MRK Partners

is a privately held real estate investment and asset management company specializing in the acquisition, preservation, and repositioning of affordable housing. MRK Partners is committed to a world of equity and a shared humanity where all may thrive and reach their highest potential. Our mission is to develop exceptional and affordable housing across the nation.

A secure home and supportive community are integral to achieving empowerment. In collaboration with our residents and partners, we identify and create opportunities for upward mobility, nurture resiliency, and support each individual’s journey toward fulfillment and wellbeing.
What you will do:
Review, edit, and approve Operating and Capital Budgets submitted by Property Manager (PM).
Track asset performance through review of reports and communications with PMs.
Ensure resident retention and outreach efforts are in place and maintained.
Ensure PM is following duties spelled out in Property Management Agreement (PMA).
Monitor Resident Services contributions and feedback.
Determine if assets should be added to Watchlist; update Watchlist status quarterly.
Review and approve Monthly Operating Reports (MOR), including P&L, bank statements, and GL.
Monitor resident and address as needed rent collections and delinquency; track ERAP

collections/programs.
Review, investigate, and comment on variance reports provided in monthly operating reports.
Provide quarterly variance reports to senior management and investors.
Monitor cash position and provide monthly estimated capital needs on any property in a poor cash position with repayment plans for that capital.
Determine if tax appeal is viable.
Perform inspections on quarterly basis unless asset is under

renovation/construction,

has performance issues, and/or is on Watchlist (WL).
Perform market tour of competing properties and neighborhood activities.
Ensure compliance with affordable housing, lender, and bond requirements; review rent schedules to ensure rents and UAs are accurate.
Take lead on Deal Memos at transition of assets to syndication.
Approve leasing and marketing strategies.
Ensure that life safety and deferred maintenance matters are addressed promptly.
Work with Construction or Senior Management as necessary to approve contracts.
Approve draws/allocation of reserves.
Create Close-Out memo post-renovation.
Use company systems to update asset status (Monday Board, AM Expectations cash cap con, capex boards, external agenda boards).
Respond to AM Expectations requests.
Qualifications and Education:
Bachelor’s Degree in Business, Finance, or related field. Relevant experience may be substituted for education.
Minimum of five years of progressive, relevant experience.
Knowledge of real estate and experience working in an Asset Management environment, with at least two years of specific experience with affordable housing, multi-family properties, and/or special assets.
Proficient in Microsoft Office Suite and virtual meeting applications.
Ability to use AIM internal portfolio system.
Experience working with Monday.com Work OS and RealPage software preferred.
The base salary for this role is $110,000-$150,000, depending on experience.
We believe diversity is essential to our organization’s growth and success. MRK Partners strives to create an inclusive, accepting culture and seeks individuals of all backgrounds to join our innovative organization. We are a proud equal opportunity employer.
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