What are the responsibilities and job description for the Asset Management Associate position at L+M Development Partners LLC?
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
- 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.
- Bachelor degree required, Advanced degree in business, Real Estate or Urban Planning preferred.
- 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.