Asset Management Associate

Affordable Housing Asset Management Role

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.

This role is an opportunity to contribute directly to the day-to-day asset management of a highly complex set of assets in the regulated affordable portfolio at LMDP. The asset management team sits at the forefront of major business decisions, and this role will have meaningful exposure to senior leadership. The ideal candidate is a self-starter who is passionate about affordable housing and eager to build a foundation in real estate asset management, with the ambition to take on additional responsibility over time. We are seeking a hire who can support big-picture thinking while remaining highly detail oriented.

The team sits at the center of our investment management and property management functions, serving as leaders and collaborators across the organization. The team seeks a motivated individual to support the group's strategic initiatives, help monitor financial performance, and assist in overseeing property operations.

Responsibilities

• Engage in the day-to-day management of a diverse portfolio of affordable multifamily assets in NYC with direct oversight of a portfolio of assets with the support of senior members of the team
• Monitor and evaluate financial operating results to help enhance cash flow and profitability by completing monthly financial reviews and reviewing property data.
• Assist in evaluating overall portfolio performance to support strategic business planning, and help establish and enforce benchmarks, guidelines, and policies.
• Work collaboratively with property management to help identify challenges and support the execution of timely, effective solutions, including budgets, staffing, capex, and other property programs.
• Assist in managing third parties, including Property Managers, Consultants, and Attorneys, under the guidance of senior team members.
• Conduct regular site visits, including review of curb appeal, status of capex projects, common area and vacant unit inspections, and personnel issues.
• Prepare annual budgets for assigned portfolio assets.
• Prepare materials and respond to questions from senior leadership and other stakeholders involved in the property and portfolio.
• Monitor compliance with regulatory programs associated with individual properties within the assigned portfolio, escalating issues appropriately with clear follow-up.
• Help identify areas in need of performance improvement.
• Track market conditions using internal and external financial and economic data, including demographics, job growth, and product supply trends.
• Support the development of financial models that track performance and returns, including buy/hold analyses and financing evaluations.
• Assist in monitoring property valuations and flagging opportune moments 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.

Qualifications

• 2-4 years of multifamily asset management experience or a comparable set of skills across a variety of real estate roles.
• A demonstrated self-starter — proactive, resourceful, and able to work effectively with minimal oversight.
• Highly responsive, with strong follow-through — colleagues can trust that priorities are being actively managed without needing to check in.
• Escalates issues appropriately, using clear communication channels and consistent follow-up.
• A solid foundation in real estate fundamentals — financing, operations, leasing, and investment basics.
• Excellent written and verbal communication skills.
• A developing, detail-oriented sense of asset performance, with genuine curiosity to look beyond the numbers and understand underlying trends.
• Strong financial modeling skills and proficiency in Microsoft Office Suite, including the ability to build and modify formulas and models.
• Exposure to affordable housing programs, including project-based Section 8, preferred.
• A team player able to work in an entrepreneurial environment, balance changing priorities, and meet deadlines.
• Strong organizational skills and attention to detail.

L+M offers competitive compensation and benefits and tremendous potential with a growing residential real estate developer/builder organization. L+M 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.