Affordable housing asset management · San Francisco · Portfolios anywhere
Your portfolio needs an asset manager. It may not need a full-time one.
Kaiser Murdock is Zachary Schroeder. Twenty-five years in real estate and asset management, most of it in LIHTC and HUD portfolios, retained by the hour, the month, or the project. No department to build. No headcount to justify.
What I do
The financial health of the asset, and the paperwork that proves it.
Most of this work comes down to knowing what a property is actually earning, what it should be earning, and what a regulator will accept as evidence.
Annual budgeting
Property and portfolio budgets built to your board's calendar and your lenders' covenants, not to a template.
Portfolio financial assessment
Where the money is going, which assets are carrying which, and what to do about the ones that aren't.
10-year forecasting
Cash-flow models and long-range projections that hold up under capital planning, refinancing, and resyndication decisions.
Per unit per year benchmarking
Your operating costs against national and regional comparables, line by line, so you can defend the variances you keep.
HUD Section 8, PRAC, and LIHPRHA rent applications
Budget-based rent increase applications prepared, supported, and defended through review.
Investor and regulator reporting
Reporting to limited partners, lenders, and agencies, reconciled and on time.
Selected results
What the work has actually produced.
Client names withheld where the engagement is active or the arrangement is confidential.
Led HUD contract restructurings across an Oregon nonprofit's portfolio, strengthening reserves, accelerating surplus cash generation, and improving long-term subsidy stability.
Ran a portfolio-wide insurance brokerage RFP and transition, cleaning up COPE data and aligning coverage across every asset in the process.
Led LIHTC Year 15 exits in a single year, including investor negotiation, disposition planning, and financial structuring for long-term preservation.
Designed the operating framework for a San Francisco Small Sites portfolio: accountability matrices, compliance calendars, approval authorities, and data quality protocols. Approved by MOHCD and adopted as the client's operating standard in 2026.
Negotiated the sale of an Amsterdam student housing portfolio built from scratch over four years, with unanimous investor consent and a price well above expectations.
How this works
Three sizes of engagement.
Scale is the point. If your portfolio is too small to support a full-time asset manager, that is a reason to hire one part-time, not to go without.
An afternoon
The one-off
A single rent increase application. A second opinion on a budget before it goes to the board. One question that has been sitting on someone's desk for a month.
A few hours a month
Standing retainer
Fractional asset management. I watch the portfolio's financial health, handle the investor and regulator cycle, and flag what needs a decision. You keep the headcount.
A project
The build
A full portfolio assessment, a 10-year model, or an asset management function built from nothing: process, reporting, and the operating manual to run it after I leave.
Where: this is document and data work. Operating statements, rent rolls, HUD forms, your accounting system. Almost none of it requires standing in the building. HUD and LIHTC are federal frameworks, so they travel; I have run portfolios in Oregon, California, Nebraska, and the Netherlands. Where the rules are local, I am deepest in San Francisco and Oregon, and I will tell you plainly when a jurisdiction is new to me.
Who you get
Zachary Schroeder
I have worked in real estate since 2002 and in affordable housing asset management since 2019. I hold a Master of Community and Regional Planning from the University of Nebraska-Lincoln.
I started as an economist at the Nebraska Department of Economic Development, then spent six years at Union Pacific Railroad managing the valuation of its real property portfolio: $5.1 billion in land across 23 western states and 26,020 owned route miles, plus the corridors, easements, rights-of-way, yards, terminals, and structures attached to it. That work was appraisal, which is the habit of reading a property as a financial object rather than as a building. It still shapes how I underwrite.
At Mission Economic Development Agency I ran asset management for a portfolio of Small Sites, LIHTC, and commercial assets, and represented the organization on the city cohort that recommended updates to San Francisco's Small Sites Program guidelines. At Northwest Housing Alternatives I was promoted twice, ending as Manager of the Asset Management Department: a 42-building multifamily portfolio, 48 group homes across Oregon, three property management companies, and a staff of five.
From 2013 to 2020 I co-founded and ran PSZ Investments, a student housing partnership in Amsterdam, from first acquisition through the portfolio sale.
The through line is unglamorous. I find the money leaking out of a portfolio, I make the case to whoever needs convincing, and I leave behind a process that works without me.
On scope: I also co-founded Preservation Strategy Advisors, a small team assembled for clients who need more than asset management at once: me on the financial and operational side, a loan restructuring specialist, and a construction manager. PSA is for when you want all three. Everything else, whatever the size, comes through Kaiser Murdock, which is me.
Contact
Tell me what the portfolio is doing.
A short email is enough to start. If it turns out you don't need me, I will tell you that too.