[Hiring] Asset Manager @Pennrose

Role Description

At Pennrose, the Asset Manager is responsible for the financial, operational, physical, compliance, and strategic performance of an assigned portfolio of affordable multifamily properties. Acting as Pennrose’s ownership representative, the Asset Manager develops and executes property-level business strategies, evaluates results against established objectives, identifies emerging risks and opportunities, and drives corrective action to protect and enhance the long-term value of each asset.

The position reports to the Vice President of Asset Management and works closely with various departments and external partners. The position may be based in Pennrose’s Philadelphia office or performed remotely from an approved location, with regular travel required.

Responsibilities

• Portfolio Strategy and Performance
  • Own the financial, operational, physical, and compliance performance of an assigned portfolio.
  • Develop and execute property business plans with clear priorities, performance targets, risks, and corrective actions.
  • Identify emerging issues early, recommend solutions, and drive decisions and commitments through completion.
• Financial Oversight
  • Analyze budgets, forecasts, financial statements, cash flow, occupancy, collections, expenses, net operating income, debt service coverage, and reserve activity.
  • Lead ownership review of annual budgets and forecasts, challenge assumptions, explain material variances, and anticipate liquidity or covenant concerns.
  • Provide concise, decision-ready reporting and recommendations to senior leadership and ownership.
• Operations, Risk, and Compliance
  • Evaluate property operations and work with responsible teams to improve leasing, occupancy, collections, expenses, staffing, service delivery, and resident outcomes.
  • Monitor significant operational, legal, compliance, life-safety, and reputational risks; ensure timely escalation and resolution.
  • Maintain working knowledge of applicable loan, partnership, affordability, subsidy, tax credit, and agency requirements.
• Physical Asset and Capital Planning
  • Assess property condition through site visits, inspections, maintenance trends, and capital planning reviews.
  • Prioritize repairs and capital investments based on urgency, resident impact, regulatory requirements, available funding, and long-term asset preservation.
  • Track significant capital projects and remediation plans through completion.
• Cross-Functional Leadership and Stakeholder Management
  • Serve as Pennrose’s ownership representative and coordinate effectively with various departments and external partners.
  • Lead property and portfolio reviews focused on results, risks, decisions, accountability, and next actions.
  • Communicate complex issues clearly to leadership, ownership, lenders, investors, public agencies, partners, and other stakeholders.

Qualifications

• Bachelor’s degree in finance, accounting, real estate, business, or a related field preferred; equivalent relevant experience will be considered.
• Five to seven years of progressively responsible experience in multifamily real estate, asset management, property operations, development, finance, or financial analysis.
• Affordable housing experience strongly preferred, including practical knowledge of the Low-Income Housing Tax Credit program.
• Experience with HUD-assisted housing, Rental Assistance Demonstration programs, public housing, project-based rental assistance, or other affordable housing programs is preferred.
• Demonstrated experience analyzing property financial statements, budgets, forecasts, operating metrics, corrective action plans, and capital needs.
• Experience working with lenders, investors, public agencies, ownership partners, property management teams, or similar external stakeholders preferred.

Requirements

• Regular travel to assigned properties, management company offices, and stakeholder meetings.
• Valid driver’s license required.
• Ability to work from the Philadelphia office in accordance with company expectations.

Company Description