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Form of workJob Description
Job Summary
The VP, Asset & Portfolio Managementoversees a small team of asset management professionals and works in partnership with the property management team to drive NOI. The VP will be responsible for asset managing a growing portfolio of multiple funds.
SoLa Impact
SoLa Impact is a real estate private equity firm with a double bottom line strategy focused on preserving, rehabbing, and building high-quality affordable housing in Black and brown communities. SoLa currently owns and manages over $1.2 billion of multifamily assets, almost all of which are in low-income, Black and brown communities. SoLa Impact is the largest private developer of affordable and workforce housing in Los Angeles, with plans to expand across California and eventually nationwide.
We are looking to not only help alleviate, but to obliterate the obstacle of housing costs in our most marginalized communities. Having successfully raised and fully deployed its fourth fund ($300 million of equity), SoLa Impact expects to raise several $500+ million funds over the next 3-5 years from a combination of institutional investors, family offices, and high net worth investors. SoLa Impact’s work and strategy have also been the subject of business school case studies at both USC’s Marshall School and Columbia Business School’s Masters of Real Estate program.
Requirements
Responsibilities
● Works closely with the Property Management team to oversee the budget process, including annual budget preparation and performing periodic review and adjustment.
● Ensure timely and accurate monthly reporting to ownership, lenders and other stakeholders.
● Provide leadership, mentorship, and career development for team members.
● Responsible for overall Portfolio Management and profitability.
● Analyze property financials and performance metrics in pursuit of maximizing revenue and minimizing expenses.
● Twice annually (mid-year/end of year) articulates ‘storytelling’ narratives and related financials for investor reporting.
● Assist in the development and monitoring of strategies to maximize asset values across multiple funds.
● Problem-solve portfolio level issues through research, analysis, and implementation.
● Assist in conducting due diligence and financial modeling for new acquisitions and dispositions.
Qualifications
● Bachelor’s Degree, or cumulative years of experience in property and/or asset management enough for someone to have a deep understanding of the field.
● At least 15 years of progressive asset and property management experience (of which 5 have been managing a team) including, Section 8, Low-Income Housing Tax Credit (LIHTC) and Housing and Urban Development (HUD).
● Familiarity with affordable housing market dynamics.
● National compliance certification and State of California Department of Real Estate Brokers License (the broker’s license can be earned during the first year of employment with SoLa Impact.
● Experiences working in a multi-faceted, matrixed, and quickly growing organization where change management is embraced in service to social impact.
● Exceptional interpersonal, verbal, and written communication skills
Benefits
SoLa Impact offers a comprehensive benefits package that includes paid vacation, medical, dental, vision, and life insurance, as well as pet insurance, sick leave, 10 paid holidays, and bereavement days. This package is designed to provide employees with a range of important benefits that help to support their physical and emotional well-being, while also providing financial protection and peace of mind.
At SoLa Impact, we believe work environment, culture, and the opportunity to learn and grow are key elements when considering a new job. We are just the right size to provide the resources and support you need without the bureaucracy of a large corporate environment. We foster a family-friendly and supportive workplace, collaborative and employee-focused with an emphasis on quality, integrity, trust, and accountability. We are looking to bring someone on board as soon as possible. We provide a rewarding and challenging environment. We expect a lot, but give a lot in return. Strongly prefer candidates local to Los Angeles as no relocation assistance will be provided. All qualified candidates will be contacted directly.
SoLa Impact is an Equal Opportunity Employer. SoLa does not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need.
