Allana Buick & Bers, Inc. (ABBAE) performed a due diligence study of an apartment community, prior to purchase by a large REIT (Real Estate Investment Trust).
The potential owner of this property wanted to have a due diligence report prepared for the property, during the 30 day period prior to close of escrow. The purpose of the study was to provide a list of building components that needed immediate repair, as well as to prepare a life cycle cost analysis of all building components. This enabled the potential owner to meet the SEC requirements for maintenance and repair budgeting, and to allow an analysis of the net revenue generation of the apartments.
The property is a 714-unit, two-story, wood-framed structure of stucco walls and concrete ´Mission Style´ tile roofs. ABBAE was retained to prepare a comprehensive study completed under the guidelines of ASTM (American Society for Testing of Materials) Standard E-2018. A team from ABBAE spent four days on the site, performing visual and invasive studies of building conditions. We performed a study of the concrete tile roofs, heat pumps, water heaters, kitchen fans, boilers, restroom conditions, interior space conditions, building envelope, pool, landscaping, site conditions, ADA requirements and related building components. We prepared a multi-year repair and remediation budget in spread sheet format, to accompany digital photographs of conditions found. Our firm also provided design and construction phase services for repairs, upgrades and additional amenities.