Asset Manager

At L+M Development Partners, working together to build stronger communities is our mission. Our double bottom line philosophy means that we measure success not only in financial returns but also by the positive impacts we make in the communities we serve.

Founded in 1984, L+M is a full-service real estate development firm that develops, invests, constructs, and manages properties with industry-leading innovation in a variety of urban markets nationwide, primarily in the New York Tristate Area. Recognized as one of the top affordable housing developers in the country, L+M and its affiliate companies are responsible for approximately $20 billion in development and investment, and combined have over 57,000 high-quality residential units in construction or that have been acquired, preserved, or completed.   

Please visit our website for more information: http://lmdevpartners.com. To learn more about our mission and values, go to https://lmdevpartners.com/mission-and-values/  

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.

L+M offers competitive compensation and benefits and tremendous potential with a growing residential real estate developer/builder organization.

L+M is an equal opportunity employer.  All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.

Disclaimer: Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.