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.
This is a fully remote position; however, candidates must reside within the Maryland or Washington, D.C. metropolitan area.L+M offers competitive compensation and benefits and tremendous potential with a growing residential real estate developer/builder organization.
Disclaimer: Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.
