Tenzen

Challenge:

Broken condo conversion with $1M budget bust, demolition started in all 12 buildings, multiple liens, no permit application, and 87% vacancy.

Strategies:

Fully defined scope of work and rebid. Directed design solutions appropriate for a reversion to apartments and secured appropriate permits. Negotiated lien releases. Communicated strategy and progress to multiple lenders. Expedited completion to facilitate lease-up. Created and implemented a marketing campaign to generate significant traffic and qualified prospects.

Results:

• Increased NOI by 90% over pre-conversion operating numbers.
• Construction completed on budget.
• Unit inventory delivered predictably and ahead of leasing velocity.
• Siding scope completed under supervision of envelope consultant to facilitate a later conversion by a future owner.