Asset Manager

Recruitment Team•Washington, DC

89d•$135,000 - $165,000•Remote

About The Position

L+M Development Partners is seeking an Asset Management Associate to join the team responsible for growing its Low-Income Housing Tax Credit (LIHTC) acquisition and redevelopment business across select markets nationwide. Through its SENA Affordable Communities business line, L+M acquires, rehabilitates, and operates existing affordable housing financed with LIHTCs and tax-exempt bonds. This position oversees a newly acquired portfolio of LIHTC properties across Maryland, focusing on portfolio performance, asset management strategy, and capital expenditures. The role participates in property handoffs from development to operations and asset management, monitors performance against underwriting and contractual requirements, analyzes leasing and occupancy, and identifies opportunities to improve or restructure assets. The position is fully remote, but candidates must reside in the Maryland or Washington, D.C. metropolitan area and be able to travel to properties for periodic site visits. L+M is a full-service real estate development firm founded in 1984. Its double bottom line philosophy measures success through both financial returns and positive community impact. L+M and its affiliates have approximately $20 billion in development and investment and more than 57,000 residential units in construction or that have been acquired, preserved, or completed. L+M offers competitive compensation and benefits and potential for growth within its residential real estate developer and builder organization.

Requirements

Bachelor’s degree required.
5–7 years of experience in real estate or a related field.
Understanding of affordable housing programs, particularly Low-Income Housing Tax Credits.
Familiarity with Maryland rental market fundamentals and trends.
Financial modeling and quantitative skills.
Ability to navigate and analyze transaction legal documents, financial projections, and financial reports.
Ability to travel to sites and perform periodic site visits.
Self-motivated and proactive, with a track record of working effectively and independently.
Ability to work as part of a team in an entrepreneurial environment, balance changing priorities, and meet deadlines.
Strong interpersonal skills to establish and maintain effective professional relationships with internal and external constituents while handling challenging situations.
Must reside in the Maryland or Washington, D.C. metropolitan area.

Nice To Haves

Advanced degree in business, real estate, or urban planning.
Direct affordable asset management experience.
Working knowledge of real estate asset management with significant exposure to multifamily underwriting, development, and property management.

Responsibilities

Review and analyze monthly operating reports.
Develop and formalize asset management strategies and processes to maintain and improve assets.
Provide proactive, hands-on asset management.
Assist with oversight of the capital expenditure program.
Participate in property handoffs from development to operations and asset management, including collecting and providing due diligence.
Monitor property performance against LIHTC underwriting pro formas, regulatory agreements, partnership covenants, and debt service requirements to mitigate compliance risk and protect partnership interests.
Analyze rent rolls, lease expiration schedules, vacancy rates, unit availability, and marketing and leasing efforts to maximize occupancy and collections.
Continuously analyze portfolio performance to identify opportunities for financial restructuring, capital investment, debt refinancing, or property disposition.
Evaluate, assign, and monitor property performance; identify watch-list properties in accordance with L+M asset management guidelines; and work with the team to prioritize issues and develop action plans.