Lennar Multifamily Communities (LMC), a wholly owned subsidiary of Lennar (NYSE:LEN), is a multifamily real estate development and operating company with a diverse portfolio of institutional quality multifamily rental communities across the US. Between our completed developments and pipeline, LMC owns and manages over 100 communities across the US that exceeds 41,600 homes and $15.3 billion in development costs and consists of high-rise, mid-rise and garden apartments.
Summary of Position:
As part of the Investments team, the Director of Asset Management will have an instrumental role in analyzing, monitoring, and implementing business plans for LMC’s portfolio of Class A multifamily communities. Responsibilities will include developing lease-up strategies with LMC Living (LMC’s Property Management arm) and the Development teams, and to establish annual budgets, business plan execution, investor reporting and assisting with the disposition of communities. The Director of Asset Management will report to and consult with senior management.
Principal Duties and Responsibilities:
- Manage a portfolio of communities to ensure the financial health of each property.
- Collaborate with leadership teams of Investments, Development and LMC Living to analyze and make recommendations on proposed budgets to optimize property performance.
- Manage revenue/pricing calls, providing guidance for market rates, renewals and expiration management.
- Review community level annual budgets and model different lease-up strategies to compare and recommend prior to execution.
- Create and evaluate financial reporting related to property budgets, variances and benchmarking to competitive set and original underwriting.
- Collaborate with Property Management, Investments and Accounting to ensure monthly, quarterly and annual reporting requirements are met for lenders and investors.
- Develop a thorough familiarity with assigned communities and markets by conducting in-depth market and portfolio analyses, understanding industry trends, participate in leasing update calls, partner with LMC Living, and conduct on-site visits.
- Design, develop, and implement real estate and other investment summaries with recommendations to senior management.
- Coordinate and actively participate in appraisals and dispositions.
Education and Experience Requirements:
- Bachelor’s degree required, preferably in Finance, Real Estate, and/or Economics
- 5 years minimum experience in commercial real estate investment, with at least some multifamily asset management experience preferred
- Experience with multifamily lease-ups
- Excellent verbal, written and interpersonal communication skills required
- Strong quantitative analysis and advanced Excel skills
- Able to work under tight time constraints and extended hours as required
- Able to travel
This is primarily a sedentary office position which requires the Asset Manager ability to operate computer equipment, speak, hear, bend, stoop, reach, lift, and move and carry up to 25 lbs. Finger dexterity required to operate a computer keyboard, a calculator, and telephone equipment. May operate a motor vehicle. Position may require the ability to work in excess of eight (8) hours per day.
- Arrive to work on time.
- Follow directions from a supervisor.
- Interact well with co-workers.
- Understand and follow posted work rules and procedures.
- Accept constructive criticism.
- Must be willing to work in an office.
- Associates work in an office environment, but also may have frequent exposure to outside elements where temperature, weather, odors, and/or landscape may be unpleasant and/or hazardous.
This position outlines the basic tasks and requirements for the position noted. It is not a comprehensive listing of all job duties of the position. Duties, responsibilities and activities may change at any time with or without notice.