Multi-Family Apartment Complex
Industry:
Real Estate & ConstructionCompany:
Multi-Family Apartment ComplexSituation:
A multi-family apartment complex, which consisted of nine multi-family apartment complexes catering to middle and/or lower income clientele, was in decline due to weak markets, a severe lack of regular maintenance and failure to make needed capital improvements. Cash flow was weak due to high vacancy and past due accounts payable.
Focus Scope:
Focus was tasked to inspect the properties, recommend performance improvement measures, estimate current and future cash flow, and advise the company on financial and operational alternatives.
Tasks Performed:
- Managed all aspects of tenant acquisition, evaluation and retention, rental rate structure, amenities, community security, maintenance and service requirements
- Managed all aspects of tenant acquisition, evaluation and retention, rental rate structure, amenities, community security, maintenance and service requirements
- Created cash flow budgets for 13 weeks, 12 months and 18 months
- Designed and implemented a cash management system
- Reviewed capital expenditure requirements to determine debt service capability and prepared a capital expenditures budget
- Identified and organized utility accounts, creating a view of individual utility account liabilities and a portfolio level view of the situation
- Revenue benchmarks are monitored and reported on a regular basis