What are the responsibilities and job description for the Asset Management Associate position at Recruitment Team?
Sena Affordable Communities (“Sena”) is the LIHTC preservation affiliate of the L M Companies (“L M”). Since 2014, the principals of Sena have been instrumental in the acquisition and renovation of over 10,000 units representing $2.8 billion in transactions across numerous markets, including New York’s tristate area, Washington D.C., the West Coast, and the Sunbelt, Gulf Coast, and Midwest regions. Sena acquires affordable multi-family assets across the U.S. with the goal to renovate and modernize housing while preserving and extending long-term affordability through the use of Low-Income Housing Tax Credits and tax-exempt bonds.
Founded in 1984, L M has over 500 professionals and has been responsible for more than $20 billion in investment, development, and construction, having created or preserved nearly 35,000 high-quality residential units in the New York City metro area, the West Coast, Sunbelt, the Midwest, and Gulf Coast regions. L M is recognized as a preeminent platform within the real estate industry and is nationally ranked in the top 5 among affordable housing owners, according to Affordable Housing Finance’s rankings.
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
Sena is seeking an Asset Management Associate to join an experienced team responsible for growing the LIHTC acquisition and redevelopment business across select markets nationwide. Sena acquires, rehabilitates, and operates existing affordable housing assets financed with Low-Income Housing Tax Credits and Tax-Exempt bonds. Key areas of focus will include:
- Review and analysis of monthly operating reports
- Develop and formalize asset management strategy and processes to maintain and improve assets
- Provide proactive, hands-on asset management
Areas of Responsibilities & Job Requirements:
- Participate in the handoff process specifically in collecting and providing due diligence as properties move from development to operations/asset management.
- Analyze asset performance and benefit delivery against both annual operating budget and underwriting pro forma, maximize property level cash flows.
- Analyze rent roll, lease expiration schedule, vacancy rates, unit availability and marketing/leasing efforts to maximize occupancy and collection rates.
- Liaise with operating partners to ensure optimal property financial performance.
- 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 performance and identify watch list properties for the assigned portfolio in accordance with L M asset management guidelines. Work with team to prioritize issues and develop action plans to address challenges.
Knowledge, Skills, and Abilities:
- Understanding of affordable housing programs
- Working knowledge of real estate asset management with significant exposure to multifamily underwriting, development and property management preferred.
- Financial modeling and quantitative skills
- Comfortable navigating and analyzing transaction legal documents, financial projections and financial reports.
- Must be able to travel to sites to perform periodic site visits
- 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
- Strong interpersonal skills for establishing and maintaining effective professional working relationships with internal and external constituents while handling challenging situations.
Educational Requirements:
- Bachelor’s degree required, Advanced degree in business, Real Estate or Urban Planning preferred.
Years of Industry Experience Required:
- 3-5 years in real estate or a related field, direct affordable asset management experience preferred.
LMFM offers competitive compensation and benefits and tremendous potential with a growing residential real estate developer/builder organization.
LMFM 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.
Salary : $110,000 - $135,000