Asset Management Associate

L+M Development Partners LLC provided pay range

This range is provided by L+M Development Partners LLC. Your actual pay will be based on your skills and experience — talk with your recruiter to learn more.

$95,000.00/yr - $/yr

L+M Development Partners is seeking a highly skilled and proactive Asset Management Professional to oversee a diverse portfolio of Low‑Income Housing Tax Credit (LIHTC) and mixed‑income assets. This role is crucial in maximizing property performance, ensuring compliance, and executing strategic long‑term value creation across our New York City affordable housing properties.

• Strategic Planning:
  Develop and formalize annual asset management plans, budgets, and long‑term financial strategies focused on optimizing cash flow, maintaining physical condition, and ensuring the long‑term viability of LIHTC assets.
• Value Maximization:
  Continuously analyze portfolio performance to identify opportunities for financial restructuring, capital investment, debt refinancing, or potential property disposition.
• Compliance &
  
  Risk Management:
  
  Monitor property performance against LIHTC underwriting pro‑forma, regulatory agreements, partnership covenants, and debt service requirements to mitigate compliance risk and protect investor and partnership interests.
• Operational Oversight:
  Provide proactive, hands‑on asset management, working closely with Property Management to analyze rent rolls, vacancy rates, collections, and operating expenses to ensure optimal property performance and resident satisfaction.
• Life Cycle Management:
  Manage properties transitioning from the Development team to operations, ensuring due diligence documentation is complete and operational strategies align with partnership agreements and preservation goals.

• Analyze monthly and quarterly property financial statements, budget variances, and key performance indicators (KPI) against underwriting benchmarks and operating budgets.
• Manage and monitor the physical condition of assets, reviewing Capital Needs Assessments (CNAs), tracking reserve balances, and approving significant capital expenditure projects.
• Evaluate and formally assign property ratings, placing assets on watch lists when appropriate, and collaborating with the team to develop and execute corrective action plans.
• Abstract, interpret, and summarize complex business terms found in LIHTC partnership agreements, loan documents, regulatory agreements, and development closing documents.
• Oversee all partnership reporting requirements, ensuring timely and accurate delivery to lenders, investors (Limited Partners), and government agencies.
• Collaborate with Legal and Finance teams to support complex transactions, including debt restructuring, partnership buyouts, and property sales.

• Experience:
  
  2‑5 years of direct experience in real estate asset management, investment, or finance, with significant exposure to multifamily properties.
• Affordable Housing Expertise:
  Proven working knowledge of the Low‑Income Housing Tax Credit (LIHTC) program (Sections 42/LIHTC).
• Analytical
  
  Skills:
  
  Strong financial modeling, quantitative analysis, and proficiency in interpreting real estate financial statements.
• Education:
  
  Bachelor's degree required. Advanced degree in Business Administration, Real Estate, or Urban Planning preferred.
• Location Focus:
  Experience with assets in the New York City metro area preferred.

• Highly organized, self‑motivated, and capable of prioritizing competing deadlines in a fast‑paced, entrepreneurial environment.
• Strong verbal and written communication skills for effective stakeholder engagement (partners, lenders, property management, and internal teams).
• Ability to navigate and interpret transaction legal documents and financial projections.

Associate

Full‑time

Finance and Sales