Revantage

Affordable Housing - Senior Associate (MidWest)

Job Locations US-MO-St. Louis

Blackstone is establishing a new portfolio company (“NewCo”) that will become a leading U.S. affordable housing platform. Newco is being formed in connection with the acquisition, by Blackstone Real Estate Income Trust (BREIT), of AIG’s 679-asset, 83,000-unit Low Income Housing Tax Credit (LIHTC) multifamily portfolio (“Initial Portfolio”). The new company will be a real estate asset management business that oversees both the Initial Portfolio and Blackstone’s potential future acquisitions and developments in the sector. NewCo, headquartered in Los Angeles, will benefit from both the knowledge and dedication of legacy AIG employees and additional leadership to enable growth.

 

This new business is about much more than creating value for our investors. These communities provide critical affordable housing for many Americans. We genuinely care about our residents and their wellbeing and are committed to being fair, transparent, and responsive to all.  We are also committed to making significant improvements to these properties and aligning the operations with Blackstone’s Standards of Excellence in Residential Operations while ensuring they remain affordable and in compliance with all rent regulations. Additionally, we will seek opportunities to leverage our scale and our partners in this sector to expand the supply of affordable housing. Finally, within the new company, we will create a culture of inclusivity and respect where the pursuit of excellence, in all its forms, is rewarded.

Role & Responsibilities

We are seeking a Senior Associate in the Asset Management group to join the company’s St. Louis Office. Working in partnership with Blackstone and NewCo, the Senior associate will assist in implementing the strategic direction for their region and will be responsible for maximizing the operating performance and value of their assigned portfolio.

 

Other key responsibilities include:

  • Reviewing monthly and year to date property and portfolio operating performance
  • Recommending methods to strategically improve portfolio performance to improve cash flow and increase value
  • Schedule and evaluate periodic compliance reviews
  • Physically inspect each property within their portfolio with regular cadence
  • Analyze neighborhood or market conditions and trends, identifying the potential impact on the existing portfolio
  • Prepare investment recommendation reports for new construction and rehabilitation including a market assessment, proposed construction scope, and accompanying operating proforma
  • Prepare periodic property management company reviews based on asset performance and in-person talent evaluations
  • Maintain effective lines of communication with all partners, management companies, and internal departments

Key Qualifications & Attributes

The successful candidate must possess the drive and energy to execute on the responsibilities outlined above. Ideally, the candidate will have a background in affordable housing and investments/(re)development. This person will be a hard worker with communication skills.

 

Other key candidate attributes include:

  • Bachelor’s Degree – preferably in Real Estate or Finance, but not a requirement
  • 7+ years of real estate experience, with a preference for multifamily asset or portfolio management
  • Experience in Section 42 housing preferred, but not required
  • Microsoft Excel proficiency required
  • Financial acumen
  • Strong communication skills
  • Leadership ability
  • Personal commitment to making a positive difference in affordable housing

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