Careers at L+M

Asset Manager

Asset Management

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Since its inception in 1984, L+M Development Partners Inc. has been an innovator in developing quality affordable, mixed-income and market-rate housing, while improving the neighborhoods in which it works.  A full-service firm, L+M works from conception to completion, handling development, investment, construction and management with creativity that leads the industry. L+M is responsible for over $9 billion in development and investment, and has acquired, built or preserved nearly 30,000 high-quality residential units in New York’s tristate area, the West Coast and Gulf Coast regions. Community leaders, government officials and institutional investors turn to L+M because of its consistent track record of excellence.

L+M is a double bottom line company, where its success is measured not only in financial returns but also by positive impacts.  L+M takes pride in its long-standing partnership with the communities it serves, demonstrated through an annual scholarship fund, workforce development programs, after-school programs, and substantial support for local nonprofits.  L+M brings a superior level of commitment to its investments in developments, and equally important, to its investment in people.  For more information, please visit: http://lmdevpartners.com.

L+M is seeking an asset management professional to focus on several primary areas:

  • Develop and formalize asset management strategy and processes to maintain and improve assets (mixed-income/mixed-use residential developments)
  • Identify and execute opportunities in the portfolio including recapitalizations, dispositions, etc.
  • Provide proactive, hands-on asset management for approximately 25 assets
  • Led asset specific transactions including refinancings and dispositions
  • Contribute to a portfolio wide strategy to maximize value and optimize resources

Areas of Responsibilities & Job Requirements:

  • Develop annual asset management plans and propose long-term strategies for refinancing, buying out partners, resyndicating or disposing of existing properties.
  • Evaluate, assign and monitor property performance.  Work with team to prioritize issues and develop action plans to address challenges.
  • Continuously seek opportunities to optimize property performance and increase cash flow.
  • Participate in the handoff process specifically in collecting and providing due diligence as properties move from development to operations/asset management, and from operations/asset management to Resyndication and Preservation.
  • Identify all reporting requirements and work with personnel responsible for report distribution to see that requirements are met.
  • Work with property management company to prepare annual operating budgets for assigned property portfolio.
  • Analyze rent roll, lease expiration schedule, vacancy rates, unit availability and marketing/leasing efforts to maximize occupancy and collection rates.
  • Analyze asset performance and benefit delivery against both annual operating budget and underwriting pro forma, maximize property level cash flows
  • Review and monitor capital needs and reserve analyses and propose distributions .
  • Ability to interpret, analyze and abstract the business terms included in legal documents and financial projections.

Knowledge, Skills, and Abilities:

  • 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
  • Financial modeling and quantitative skills, yardi
  • Working knowledge of real estate asset management with significant exposure to multifamily underwriting, development and property management preferred. Understanding of affordable housing programs preferred
  • Comfortable navigating and analyzing transaction legal documents, financial projections and financial reports.
  • Strong interpersonal skills for establishing and maintaining effective professional working relationships with internal departments and property advisors while handling challenging situations.

Educational Requirements:

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

Years of Industry Experience Required:

  • 5+  years in real estate or a related field, direct asset management experience preferred, with a specific focus on retail and residential assets in the New York City metro area.  Working knowledge of low income and/or mixed income housing a plus

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.

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