Recruitment of Vice President, Asset Management – Affordable Housing Owner/Operator
Case Study 7
Title of search
Client
National Affordable Housing Developer and Owner/Operator
Assignment Profile
Recruit a Vice President, Asset Management to oversee performance and value optimization of a national portfolio of over 100 affordable multifamily properties. The role required a seasoned real estate asset manager with deep experience in affordable housing, regulatory compliance, LIHTC, and performance-driven portfolio oversight.
Search Strategy
Targeted Talent Pools:
Developed a target list of national and regional affordable housing developers, investors, and property management firms with portfolios supported by LIHTC, RAD, Section 8, and other HUD or state-administered programs. Focused on organizations known for strong asset management infrastructures and long-term ownership models.
Candidate Profile Focus:
Sourced senior-level asset managers with experience managing large-scale portfolios of regulated multifamily housing assets. Prioritized individuals with a background in both financial and physical asset performance, as well as capital planning, refinancing, and compliance oversight.
Key Competency Areas:
- Strategic oversight of asset performance including NOI growth, capex execution, and compliance
- Deep understanding of affordable housing programs (LIHTC, HUD, RAD, HOME, etc.)
- Financial modeling, portfolio analytics, and risk management
- Partnering with internal development, finance, and property operations teams
- Experience working with JV partners, lenders, syndicators, and housing agencies
Experience Requirements:
15+ years of multifamily real estate experience with at least 7 years in an asset management leadership capacity. Required a demonstrated track record overseeing large, geographically dispersed portfolios. Strong preference for experience in affordable housing finance and regulatory environments.
Organizational Fit:
The role reported directly to the COO and was a key member of the senior leadership team. Candidates were evaluated for team leadership ability, a proactive asset optimization mindset, and a collaborative, mission-driven orientation aligned with the company’s commitment to long-term housing affordability.
Results
- Compiled a target list of 100+ senior asset management professionals from affordable housing developers, REITs, and housing-focused investment managers across major U.S. markets.
- Engaged with over 60 qualified candidates and assessed them for technical depth in LIHTC compliance, financial acumen, and team leadership.
- Presented a final shortlist of 5 highly accomplished asset management executives, including VPs and Senior Directors with national and regional portfolio experience.
- Successfully placed a Vice President, Asset Management with 20+ years of experience managing a $2B+ portfolio of affordable and mixed-income housing. The candidate brought a strong blend of financial rigor, compliance leadership, and cross-functional collaboration with development and operations.
- Within the first year, the new VP led a comprehensive portfolio review process, identified underperforming assets for targeted intervention, implemented a standardized asset dashboard, and collaborated with finance to re-underwrite refinancing strategies—yielding a $10M capital preservation outcome and enhanced reporting visibility to board and investor partners.