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
This role is an opportunity to play a critical role in the day-to-day asset management of a highly complex set of assets in the regulated affordable portfolio at LMDP. The asset management team sits at the forefront of major business decisions, and this role will have considerable access to senior leadership. The ideal candidate must be a self-starter who is passionate about affordable housing and eager to take on additional leadership responsibilities over time. We are seeking a hire who can take on big-picture thinking as well as be highly detail oriented.
The team sits at the center of our investment management and property management teams, serving as leaders and collaborators with every function throughout the organization. The team seeks a highly motivated individual to drive the group's strategic initiatives, monitor financial performance, and oversee property operations.
Responsibilities
- Manage a diverse portfolio of affordable multifamily assets in NYC. Monitor and evaluate financial operating results to enhance cash flow and profitability by completing monthly financial reviews and reviewing property data.
- Evaluate overall performance to assist in strategic business planning. Assist in establishing and enforcing benchmarks, guidelines, and policies.
- Work collaboratively with property management to identify challenges and execute timely and effective solutions. This includes management of budgets, staffing, capex, and other property programs.
- Collaborate with third parties, including Property Managers, Consultants, and Attorneys, to provide clear direction in executing on both the portfolio's strategy and the specific asset's business plan.
- Conduct regular site visits, including but not limited to review of: curb appeal, status of capex projects, common area and vacant unit inspections, and personnel issues.
- Work alongside property management to prepare annual budgets
- Effectively present information and respond to questions from senior leadership and other stakeholders involved in the property and portfolio.
- Oversee and ensure compliance with all regulatory programs associated with individual properties within assigned portfolio, escalating issues appropriately through clear channels with consistent follow-up.
- Develop forward-looking financial models that track performance and returns, including performing buy/hold analyses, refinancing opportunities, and portfolio-level analyses of performance.
- Work closely with senior management on larger, complex deals while taking the lead on assigned portfolio with ad hoc support from the VP.
Qualifications
The ideal candidate will have the following qualifications:
- Minimum of 5-7 years of multifamily asset management experience or a comparable set of skills across a variety of real estate roles.
- A demonstrated self-starter with an established track record of working effectively and independently, taking ownership of a portfolio segment.
- An intuitive and detailed sense of the dynamics and risks of each transaction, with the ability to "look beyond the numbers" at broader trends.
- Highly responsive, with a track record of proactive follow-through — others can trust that priorities are being actively managed without needing to check in.
- Escalates issues appropriately, with clear communication channels and consistent follow-up to resolution.
- Experience with affordable housing programs, including project-based Section 8, preferred; experience with NYCHA's PACT program a plus.
- Strong financial modeling skills, including the ability to build and modify formulas and models for a variety of investments, joint ventures, and fund structures.
- A proven track record of success and leadership, with past accomplishments clearly demonstrating an understanding of operations, financing, leasing, marketing, investment, and ownership issues.
- Demonstrated strength in analytical, quantitative, writing, and technical skills
- A team player able to work in an entrepreneurial environment, balance changing priorities, and meet deadlines.
- Excellent interpersonal and communication skills, oral and written.
- Strong organizational skills and attention to detail.
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.
