Asset Management Associate

Recruitment Team•New York, NY

79d•$110,000 - $135,000

About The Position

L+M Development Partners is seeking an Asset Management Associate to contribute to the day-to-day asset management of a complex portfolio of regulated affordable multifamily properties in New York City. The role supports strategic initiatives, financial performance monitoring, and property operations, and includes direct oversight of a portfolio of assets with support from senior team members. The associate will work at the intersection of investment management and property management, collaborate across the organization, and have meaningful exposure to senior leadership. The position is intended for a self-starter passionate about affordable housing who can pair big-picture thinking with careful attention to detail and build toward owning a defined portfolio segment.

Requirements

2–4 years of multifamily asset management experience or comparable skills across a variety of real estate roles.
Proactive, resourceful self-starter able to work effectively with minimal oversight.
Highly responsive, with strong follow-through and ability to actively manage priorities.
Able to escalate issues appropriately using clear communication channels and consistent follow-up.
Solid foundation in real estate fundamentals, including financing, operations, leasing, and investment basics.
Excellent written and verbal communication skills.
Developing, detail-oriented understanding of asset performance and curiosity to investigate underlying trends.
Strong financial modeling skills and proficiency in Microsoft Office Suite, including building and modifying formulas and models.
Ability to work as a team player in an entrepreneurial environment, balance changing priorities, and meet deadlines.
Strong organizational skills and attention to detail.

Nice To Haves

Exposure to affordable housing programs, including project-based Section 8.

Responsibilities

Engage in the day-to-day management of a diverse portfolio of affordable multifamily assets in NYC, with direct oversight of assigned assets and support from senior team members.
Monitor and evaluate financial operating results through monthly financial reviews and property data analysis to help improve cash flow and profitability.
Assist in evaluating portfolio performance for strategic business planning and help establish and enforce benchmarks, guidelines, and policies.
Collaborate with property management to identify challenges and support timely solutions related to budgets, staffing, capital expenditures, and other property programs.
Assist in managing third parties, including property managers, consultants, and attorneys, under senior team guidance.
Conduct regular site visits to review curb appeal, capital project status, common areas, vacant units, and personnel issues.
Prepare annual budgets for assigned portfolio assets.
Prepare materials and respond to questions from senior leadership and other stakeholders involved with properties and the portfolio.
Monitor compliance with regulatory programs associated with assigned properties, escalating issues appropriately and following up clearly.
Help identify areas requiring performance improvement.
Track market conditions using internal and external financial and economic data, including demographics, job growth, and product supply trends.
Support financial modeling to track performance and returns, including buy/hold analyses and financing evaluations.
Assist in monitoring property valuations and identifying opportune times to sell or refinance.
Work closely with senior team members and the VP on larger, complex deals while building toward ownership of a defined portfolio segment.