Job Description

Sena Affordable Communities (“Sena”) is the LIHTC preservation affiliate of L+M Fund Management (“LMFM”). 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.

L+M Fund Management (“LMFM”) invests in and operates workforce and affordable assets on behalf of institutional investors and, to date, has acquired ~22,000 units and consummated $4.8 billion in transactions. LMFM has raised more than $1 billion of total equity across multiple investment vehicles. LMFM is an affiliate of L+M Development Partners LLC.

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 (and together with LMFM, more than 57,000 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 preferred
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 and 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.

Asset Management

Portfolio Management

LDP

L+M Development Partners

• 100-1500 employees

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.

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