Property Accountant

Company Overview:

Sherman Residential is an innovative, privately held real estate investment firm specializing in the management of top-tier multifamily apartments across the southern United States. Established in 1990, we have successfully acquired more than 27,000 apartments and overseen assets exceeding $3 billion. Our current portfolio features 16 Class A properties comprising 5,500 units across 7 states. We actively engage in both acquisition and disposition activities, having completed 8 deals in the past 12 months alone.

At Sherman Residential, we take a proactive approach to financial stability by fixing all of our debt, eliminating concerns over loan maturity or floating rate debt. This approach ensures a secure foundation for our operations and investments.

Last summer, we successfully raised Fund 15, securing over $260 million, marking our largest fund to date. This achievement underscores our strong investor confidence and further enhances our capability to pursue strategic growth opportunities and deliver superior returns.

Job Summary:

The Property Accountant will support the accounting functions for our portfolio of apartment communities, Real Estate Funds and Corporate entities, playing an essential role in the daily, monthly, and annual accounting activities. This position requires a strong attention to detail and the ability to collaborate with internal teams and external stakeholders. The ideal candidate will have a solid understanding of real estate accounting, financial reporting, and cash management processes.

Reports to: Controller

Wage Status: Exempt – competitive pay with transactional and annual bonuses, experience dependent.

Primary Duties

• Assist in the daily, monthly, and annual accounting activities for a portfolio of properties, including preparation of financial statements, balance sheet account reconciliations, general ledger classifications, cash distributions, and property-level performance returns.
• Coordinate with controller and execute cash transactions such as capital calls, investor distributions, and property acquisitions/sales. Ensure accurate recording of journal entries in accounting software.
• Support the preparation and posting of journal entries, ensuring accuracy and compliance with accounting standards.
• Assist in the coordination and execution of quarterly and annual reporting processes.
• Prepare monthly financial packages, including analysis and reporting for properties and corporate entities.
• Respond to investor inquiries and assist with preparing various investor-level reports, including quarterly reports, annual budgets, and performance analyses.
• Prepare monthly bank reconciliations for property, corporate and fund accounts.
• Collaborate with the Investor Relations Manager to track and update changes in investor information and ensure these are reflected in transactions.
• Play a role in external audits, preparing supporting documentation as required for audit reviews.
• Maintain and update accounting policy and procedure manuals, assisting with internal control improvements and other related matters.
• Assist in reviewing and recording monthly management fees, credit card spending, and interest payments on lines of credit and intercompany loans.
• Interact with other accountants, on-site property personnel, and corporate office personnel to address day-to-day matters and project coordination.
• Assist with acquisition and disposition transactions, including reviewing financial documentation and assisting with Yardi system setups.
• Take the initiative in identifying and reporting potential accounting issues, and work with the team to provide solutions.
• Assist with special projects as assigned, contributing to process improvements and best practices.

Essential Qualifications

• Education: Bachelor’s degree in accounting or a related field.
• Experience: Minimum of 2-5 years in real estate accounting.
• Skills: Strong analytical skills, critical thinking, and decision-making abilities. Strong time management skills and ability to multi-task. Excellent oral and written communication skills. Advanced proficiency in Microsoft Excel. Familiarity with Yardi preferred, but not required.
• Personal Traits: Solution-oriented. Respect for others with the ability to be sensitive to the needs of fellow employees and residents we serve. Ability to build relationships and work collaboratively and effectively with diverse groups both internally and externally. Show a commitment to communication, integrity, teamwork, respect, accountability, adaptability, passion, innovation, excellence, quality, and service.
• Additional Requirements: Minimal travel with the ability to attend conferences and visit properties a few times each year. Commitment to organizational goals and adherence to company policies as outlined in the Employee Handbook.

Location

• This position will be based out of the corporate office in Northbrook, IL and is a hybrid position requiring in-office days on Tuesdays, Wednesdays and Thursdays. Additional in-office days may be required occasionally.

Company Benefits

• Engaged and Supportive Leadership
• Collaborative Team Environment
• Medical Insurance
• Dental Insurance
• Vision Insurance
• Life and Disability Insurance
• Flexible Spending Account
• 401K w/ Company Matching
• Employee Investment Opportunities
• Paid Time Off – Holidays, Floating Holidays, Vacation and Sick Time
• Remote/Hybrid Work Schedule
• Employer Funded Training and Development Opportunities
• Tuition Reimbursement
• Employee Discount Program
• Focus on Work/Life Balance
• Employee Assistance Program
• Summer Hours ½ Day Fridays
• On-Site Gym in Building