Our Most Excellent Service To Buyers & Sellers
WHAT WE DID
Increasing Visibility for Multi-Family
TM was engaged in handling asset management for this six property, multifamily rental portfolio across three states, Arizona, Florida, and Washington. Within a short time of TM’s involvement, operating performance and occupancy increased.
QUICK FACTS
Project Year
December Commencement
0
Number of Units
Total Units Across Portfolio
0
Number of Properties
Across three states
0%
OUR MAIN GOAL
Balancing Occupancy and Cost
After an initial assessment, TM was able to make adjustments to rental rates and staffing to bring occupancy levels and operating costs in line with market conditions.
THE RESULTS
By The Numbers
After an initial assessment, TM was able to make adjustments to rental rates and staffing to bring occupancy levels and operating costs in line with market conditions.
0%
Increased Portfolio Occupancy
2008
0%
Increased Asset Occupancy
2007
Background
In December of 2007 TM was engaged to perform asset management services for a three-state portfolio of six properties, which encompassed a total of 1,994 units. The engagement was made via the special purpose entities owning each property and was implemented by both the operating partner and the institutional partner that provided equity to the venture. The properties were experiencing a wide range of operational and market-driven challenges that were affecting occupancy, loan compliance, lender relationships, as well as ongoing renovations and unit turns. The cumulative effect of these issues placed a severe burden on the overall cash flow and debt servicing ability of the individual properties. To complicate matters further, approximately four weeks into the assignment, the operating partner filed for Chapter 11 bankruptcy protection at the corporate level below the special purpose entities.
Asset Management
From the outset TM worked closely with the property management companies to provide detailed physical status reports for the properties and established achievable budget projections for ongoing operations and renovations. TM worked with the lenders and equity partner to establish a timeline for the needed capital calls and project draws necessary to get remaining units back online and producing revenue. Furthermore, market studies and cost analyses were completed to evaluate the need for renovations and other planned capital improvements. This resulted in cost reductions of nearly $3,000 per unit for interior renovations.
LOOKING FOR ADVISORY SERVICES?