Asset Manager

Opportunity:

L+M is seeking an Asset Management Associate to join an experienced team responsible for growing the LIHTC acquisition and redevelopment business across select markets nationwide. Through the SENA Affordable Communities business line, L+M acquires, rehabilitates, and operates existing affordable housing assets financed with Low-Income Housing Tax Credits and Tax-Exempt bonds. The position will be responsible for the oversight of a newly-acquired portfolio of LIHTC properties across the state of Maryland. Key areas of focus will include:

• Review and analysis of monthly operating reports
• Develop and formalize asset management strategy and processes to maintain and improve assets
• Provide proactive, hands-on asset management
• Assist with oversight of capital expenditure program

Areas of Responsibility:

• Participate in the handoff process specifically in collecting and providing due diligence as properties move from development to operations/asset management
• Monitor property performance against LIHTC underwriting pro-forma, regulatory agreements, partnership covenants, and debt service requirements to mitigate compliance risk and partnership interests
• Analyze rent roll, lease expiration schedule, vacancy rates, unit availability and marketing/leasing efforts to maximize occupancy and collection rates.
• Continuously analyze portfolio performance to identify opportunities for financial restructuring, capital investment, debt refinancing, or potential property disposition.
• Evaluate, assign and monitor property performance and identify watch list properties for the assigned portfolio in accordance with L+M asset management guidelines. Work with team to prioritize issues and develop action plans to address challenges.

Minimum Education Requirements:

• Bachelor’s degree required, Advanced degree in business, Real Estate or Urban Planning preferred.

Minimum Experience Required:

• 5-7 years in real estate or a related field, direct affordable asset management experience preferred.

Additional Knowledge, Skills and Abilities:

• Understanding of affordable housing programs, specifically low-income housing tax credits is required
• Familiarity with the Maryland rental market fundamentals and trends
• Working knowledge of real estate asset management with significant exposure to multifamily underwriting, development and property management preferred.
• Financial modeling and quantitative skills
• Comfortable navigating and analyzing transaction legal documents, financial projections and financial reports.
• Must be able to travel to sites and perform periodic site visits
• Self-motivated and proactive with an established track record of getting things done effectively and independently
• A team player, able to work in an entrepreneurial environment, balance changing priorities and meet deadlines
• Strong interpersonal skills for establishing and maintaining effective professional working relationships with internal and external constituents while handling challenging situations.