Chief Operating Officer

Keller Augusta - Burlington, VT

Full-time - Executive

Burlington, VT

Administrative and Support Services

About the position

The Chief Operating Officer (COO) will play a pivotal role in overseeing the asset management and property management operations of the firm's Property Management Group. Reporting directly to the Chief Executive Officer (CEO), the COO will take primary responsibility for asset management tasks and lead a team of Directors who manage the day-to-day property management operations. This position is crucial for formulating and implementing an asset management and reporting program for the residential portfolio, which includes reviewing operating and capital budgets, financial and performance metrics, managing refinancings, handling tax and insurance matters, monitoring asset valuations, and advising on the development of new projects. The COO will also drive major capital transactions of multifamily assets, starting with input on acquisitions and refinancings and orchestrating asset dispositions. In addition to asset management, the COO will oversee property management operations, which includes direct oversight of the Finance, Property Management, and Operations Directors. The COO will be responsible for identifying and directing continual improvements to the portfolio's economic performance, providing executive leadership on HR and business-related decisions, ensuring compliance with LIHTC and other affordable housing programs, maintaining the properties' physical upkeep and curb appeal, and ensuring resident access to services and programming. This individual is expected to institute best practices and systems to further the mission of the firm, create a welcoming and rewarding work environment, and obtain the highest possible return on assets from acquisition to implementation to disposition. The firm believes that a committed and engaged team can create both satisfied residents and highly productive assets.

Responsibilities

• Provides financial oversight of the properties, including drafting operating budgets and 5-year cap-ex plans, and monitors and provides monthly financials to assess performance against budgets. Acts swiftly to address budget variances exceeding 5%.
• Oversees the Director of Property Management and their team and establishes the leasing criteria for each property to ensure compliance with applicable housing programs and Fair Housing laws. Ensures that all leases and residents are in compliance with applicable programs.
• Oversees implementation of the leasing and marketing of the properties. Provides guidance to property management on occupancy issues and advises on changes to rental rates and offered concessions. Oversees property marketing materials. Seeks market data and assesses comparable properties on a regular basis.
• Visits stabilized properties no less than quarterly. Assesses the general physical condition of the building systems, housekeeping, and grounds. Confirms effectiveness and efficiency of property management staff (on-site and regional). Identifies and implements improvements to curb appeal and marketability.
• Coordinates with the Director of Property Management for the overall execution, including scope, design, budget and on-time completion of capital improvements.
• Coordinates with Director of Property Management to encourage and support optimal social programming.
• Coordinates with Chief Executive Officer and Real Estate Development team to analyze and continuously improve building design and performance standards.
• Understands that property management requires after hours monitoring and accessibility. In the event of crisis management, determines how to proceed in partnership with the property managers and staff. In real time, conveys the issues to senior leadership.
• Direct the implementation and execution of business plans for all multifamily assets, with responsibility for engaging and managing providers of property management, construction management, and other vital services.
• Responsible for managing multifamily joint venture relationships, which includes regular travel to out of state investments to monitor business plans.
• Lead the quarterly valuation and review efforts for all multifamily assets, in coordination with the Chief Executive Officer, focusing on understanding asset performance.
• Alert the Chief Executive Officer and seek advice on potential issues as they arise (and work with team to evaluate solutions).
• Lead oversight of the portfolio to achieve developed and measurable near-term and long-term goals and objectives; coordinate regular review of financial and operating results to ensure asset performance relative to those goals and objectives.
• Guide all major transactions post-development or post-acquisition, including all refinancings or debt modifications as well as the ultimate disposition of assets.
• Work with the development team to coordinate due diligence efforts on new developments and investments and ensure consistency and quality of underwriting assumptions.
• Active engagement in outside multifamily associations both locally and nationally.

Requirements

• 7+ years of in-depth asset management or investment management experience in residential real estate management, construction, development and/or related disciplines.
• 10+ years direct supervisory experience.
• Experience managing properties funded through Section 8 Housing Choice Vouchers, federal Low-Income Housing Tax Credits (LIHTC), the HUD HOME program, and other affordable housing financing programs.
• Superior real estate-specific financial modeling, analytic, and quantitative skills, including strong computer skills and confidence in working in Excel.
• Knowledge of management principles, practices, and procedures, including landlord/tenant practices and laws.
• Proven track record of success in management of affordable and subsidized multifamily rental properties; including good record of tenant relations.
• Superior communication skills, both orally and in writing.
• Physical ability to visually assess and physically inspect all floors of multi-story properties.
• Experience within a multifamily operating company with in-house asset and property management services is ideal but not required.
• Excellent planning and organizational skills; ability to analyze complex situations and develop timely solutions and manage shifting priorities, deadlines, and workloads quickly and frequently.
• Detail-oriented with a solid ability to think and communicate strategically.
• Project management skills and the ability to multitask and prioritize workload efficiently and effectively with little direction.
• Bachelor's degree required; Advanced Degree is a plus.