Allana Buick & Bers, Inc. (ABBAE) performed due diligence investigation and provided a written report during the 30 day escrow period prior to purchase of the building for a west coast Real Estate Investment Trust (REIT).
This comprehensive study, completed under the guidelines of ASTM (American Society for Testing of Materials) Standard E-2018, enabled the potential owner to meet the Securities and Exchange Commission (SEC) requirements for maintenance and repair budgeting, and to evaluate the net revenue generation of the property. ABBAE prepared a multi-year repair and remediation budget in spread sheet format, accompanying text and digital photographs of conditions found.
The building is a 101-unit, four-level, wood-framed, stucco-clad apartment community constructed in 1987 on 1.08 acres. All units have heat pump units and balconies most have fireplaces.
The evaluation was performed by a licensed civil engineer, licensed architect, licensed structural engineer, licensed mechanical engineer, registered roofing and waterproofing consultant and building envelope expert. Our team evaluated site conditions, reviewed historical maintenance, as-built drawings and other related information gathered on site; and interviewed maintenance staff regarding historic information and trouble call reports.
Our services included preparation of a reserve and maintenance study, and an analysis and spread sheet report of ADA requirements including access and signage issues.