Blackstone is establishing a new portfolio company (“NewCo”) that will become a leading U.S. affordable housing platform. Newco is being formed in connection with the acquisition, by Blackstone Real Estate Income Trust (BREIT), of AIG’s 679-asset, 83,000-unit Low Income Housing Tax Credit (LIHTC) multifamily portfolio (“Initial Portfolio”). The new company will be a real estate asset management business that oversees both the Initial Portfolio and Blackstone’s potential future acquisitions and developments in the sector. NewCo, headquartered in Los Angeles, will benefit from both the knowledge and dedication of legacy AIG employees and additional leadership to enable growth.
This new business is about much more than creating value for our investors. These communities provide critical affordable housing for many Americans. We genuinely care about our residents and their wellbeing and are committed to being fair, transparent, and responsive to all. We are also committed to making significant improvements to these properties and aligning the operations with Blackstone’s Standards of Excellence in Residential Operations while ensuring they remain affordable and in compliance with all rent regulations. Additionally, we will seek opportunities to leverage our scale and our partners in this sector to expand the supply of affordable housing. Finally, within the new company, we will create a culture of inclusivity and respect where the pursuit of excellence, in all its forms, is rewarded.
Role & Responsibilities
We are seeking an Associate in the Portfolio Management group to join the company’s Los Angeles Office. Working in partnership with Blackstone and NewCo, the Portfolio Management Associate will assist in providing analytical and technical support to the Portfolio Management team to maximize the financial and operational performance of the company’s affordable housing portfolio. This will include developing property and portfolio business plans and executing strategic transactions including property sales, refinancings, and other related transactions.
Other key responsibilities include:
Key Qualifications & Attributes
The successful candidate must possess the drive and energy to execute on the responsibilities outlined above. Ideally, the candidate will have a background in affordable housing and investments/(re)development. This person will be a hard worker with communication skills.
Other key candidate attributes include: