Ownership: The principal member of a Family Living Trust with holdings in a broad range of assets needed to spend an extraordinary amount of time managing the family's development business. Assets included agriculture, a development company, stocks, bonds and apartments.
Issue: The owners were experiencing tremendous growth at the development company. However, they were quickly confronted a challenging economic downturn.
Recommendation: The owner needed an asset manager to assist with supervision of a resident manager who was requesting capital expenditures that conflicted with the owner's expectation for the Trusts’ 100 unit apartment complex. Secondly, the owner wanted to pursue personal development opportunities on the central coast of California.
Result: As intermediary for the owner, cosmetic bid proposals for landscaping, termite repairs and common area improvements were reviewed with the resident manager and implemented. Rental increases were made with a priority on a minimum of tenant turnover.
The second part of the assignment was to source development opportunities on the central coast of California. The concept was the development of a retirement community to be sold in a leasehold subdivision.
Conclusion: The resident manage remains in place and improvements to the property have been made. The slowdown in the residential market was recognized before a project was commenced on the central coast.
Services Provided: Haskell Properties provided asset management and site location services. Compensation was a negotiated monthly retainer.
Issue: The owners were experiencing tremendous growth at the development company. However, they were quickly confronted a challenging economic downturn.
Recommendation: The owner needed an asset manager to assist with supervision of a resident manager who was requesting capital expenditures that conflicted with the owner's expectation for the Trusts’ 100 unit apartment complex. Secondly, the owner wanted to pursue personal development opportunities on the central coast of California.
Result: As intermediary for the owner, cosmetic bid proposals for landscaping, termite repairs and common area improvements were reviewed with the resident manager and implemented. Rental increases were made with a priority on a minimum of tenant turnover.
The second part of the assignment was to source development opportunities on the central coast of California. The concept was the development of a retirement community to be sold in a leasehold subdivision.
Conclusion: The resident manage remains in place and improvements to the property have been made. The slowdown in the residential market was recognized before a project was commenced on the central coast.
Services Provided: Haskell Properties provided asset management and site location services. Compensation was a negotiated monthly retainer.