Condo Conversion

What We Did

Revitalizing a Condo Conversion

TM was actively involved in this Las Vegas, Nevada project from 2009 – 2010 from asset management, to construction and sales. In January of 2009, TM actively took over the leasing operations and made instrumental improvements to the project.

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Our Main Goal

We are Always Ahead

TM worked to ensure the asset was performing at the best of its ability, managing day-to-day operations and working to optimize savings and leasing potential.

The Results

By The Numbers

When TM took over the project, we were able to increase occupancy, increase on-time payments by tenants and were successful in reducing real estate taxes by $88,610 in 2008-2009 and $78,560 in 2009-2010.

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Increased Occupancy
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Background

At the time TM took over the management responsibilities, the community was at an 81% physical occupancy with 187 occupied units and 16 down, un-rentable units. In the months of February and March 2009 the overall employment market in Las Vegas suffered substantial job losses resulting in a nearly 5% jump in unemployment which trickled down to a reduction of 6% in physical occupancy and a nearly 12% decrease in net rents. Additional marketing was set in place and physical occupancy steadily rose from the 1st quarter of 2009 to 83%, totalling 190 units at the end of January. TM has represented both the Declarant and the lender as members of the Board of Directors for the Homeowner’s Association since its implementation in April 2008 and has been instrumental in ensuring that this Association has remained solvent and that its day-to-day operations have stayed within the realm of the governing documents and policies.

Property Maintenance

TM took a proactive stance with regard to the day-to-day management of both the 230 Declarant owned units as well as the management and maintenance of the common areas governed by the Homeowner’s Association. Daily communications and assistance is provided to the HOA in efforts to maintain the overall maintenance of the community. This partnership is evident in the overall appearance of the asset which benefits both the homeowner’s and leasing operations as a whole. Approval was given in February 2010 to begin readying the 16 down, un-rentable units which had previously been partially renovated for sale. All units were put back in to rentable condition within the first 30 days of oversight. The 230 Declarant owned units are professionally maintained by on-site staff and have suffered no deferred maintenance since TM took over operations.

Property Management

Several impacting issues have occurred since TM took over the management of the leasing operations of the asset. These have been primarily related to increases in job losses and reduction in resident income. TM reviews leasing operations weekly and compares those operations to surveys of competing communities and adjustments were made where it felt necessary. This has offered the community the ability to maintain the level of physical occupancy it has realized, despite its remote location and the overall stigma of its status as a partially-sold condominium community.

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