Asset Management Associate

New York, NY, USA Req #223
Thursday, May 30, 2024

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 which develops, invests, constructs and manages properties with industry-leading innovation.  Ranked in the Top 25 on Affordable Housing Finance’s Top 50 Developers list nationally, L+M and its affiliate companies are responsible for over $16.5 billion in development and investment and have acquired, built, or preserved nearly 46,000 high-quality residential units in a variety of urban markets nationwide, primarily in New York’s tristate area.    

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/.

 L+M is seeking an asset management associate 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 15 assets
  • 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 ratings and identify watch list properties for assigned portfolio in accordance with L+M asset management guidelines.  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 Assessment and Reserve Analysis.
  • 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
  • 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:

  • 3-5 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.

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.

Other details

  • Pay Type Salary
  • Min Hiring Rate $104,000.00
  • Max Hiring Rate $125,000.00