By the time Asset Living officially became the largest affordable housing property management company in the United States, Rafaela Monasterio was already knee-deep in the integration work that would make eclipsing that milestone possible. The senior vice president of compliance is tasked with stitching together people, processes, and culture into a broader Asset Living organization that feels cohesive, yet draws out the best “new” parts of itself to enhance the broader organization.
The 2020 acquisition of affordable housing property management company Alpha Barnes Real Estate Services required thoughtful integration because the company had its own well-established compliance department. The deal added roughly 30,000 units and more than 900 employees to Asset Living’s portfolio.
The SVP stresses a different way of looking at an acquisition. Viewing an integration as a “to the victor go the spoils” model is bad for everyone.
“The goal was to preserve what works well from both organizations,” Monasterio explains. “We wanted to build something stronger than either was independently, not just tell this new organization that this was how things were done and we weren’t willing to evolve.”
Monasterio has lived the company’s growth story from multiple vantage points. Her previous organization was acquired by Asset Living in the middle of the COVID-19 pandemic, and since then she has watched—and been part of—the firm bringing several other property management companies into the portfolio.
That experience has left her with clear convictions about what makes integrations succeed. “Communication is everything,” Monasterio says. “During periods of change, people fill the gaps with assumptions, and assumptions create anxiety.” That’s why she stresses the importance of regular communication, whether there is something major to report or not. Keeping lines open in times of significant news or not reminds team members that it’s okay to ask questions and that her team places a high premium on keeping conversations flowing.
Outside of integrations, the compliance function still needed to do what it was built to do. For Monasterio, that’s more than it gets credit for in other organizations.
“Compliance can sometimes be viewed as just regulations, audits, guidelines,” the SVP says. “But at the end of the day, what we’re really protecting is access to affordable housing for families and people who depend on these programs.”
As she’s risen into leadership roles, the SVP has become more cognizant of her own approach to the actual leading of people. Monasterio says when her team feels supported, trusted, and valued, they will do their best work. And she gives her people the autonomy to get where they’re going the way they see fit; micromanagement has no place in her leadership approach.
The successes of her own team rank highly in her most memorable moments with her organization.
“Whenever I see someone take on a new responsibility or grow into a role they weren’t sure they could handle, I feel so proud,” Monasterio says. “My goal is to lead with optimism and gratitude, and to remind people that challenges are opportunities to learn and improve rather than reasons to become discouraged.”
Monasterio moved to the U.S. from Brazil in 2004, arriving with some mastery of English and a willingness to rebuild her life in a new country. She began as an assistant manager in the affordable housing sector and eventually worked her way into compliance, a field that blended her previous Brazilian law background with a clear sense of community inherent in the work.
The SVP says her parents instilled in her a strong belief in education, independence, and responsibility, along with the conviction that if you were going to commit to doing something, you were going to do it well.
Throughout her life, Monasterio says her faith has played a pivotal role, not just in her success in moving to the US from Brazil or her elevation to leadership, but in the way she approaches life, with humility and gratitude. It also helps emphasize the service aspect of her own leadership style. “If my team succeeds, I succeed,” the SVP says.
Those teams will likely be busy as Monasterio sees no sign of Asset Living’s growth plans slowing. The leader says she’ll continue figuring out ways to put ever-increasing puzzle pieces into a new, greater work of art. That may mean restructuring legacy positions across legacy organizations, aligning responsibilities, and weaving in new teams.
For Monasterio, tax-credit regulations, HUD guidance, audits, and file reviews are just table stakes for her department. She wants her compliance team to continue growing, to find new ways to positively impact a growing organization, and to stand out for best-in-class compliance services. As Asset Living continues its growth, Monasterio wants to ensure that its compliance department not only keeps up, but evolves in real-time.
“We are growing exponentially, at the speed of light here,” Monasterio says. “I want this place to continue to expand, and I want to help pave the way for that continued growth.”
