This seven story 174 unit apartment building is located on Chicago's West Side on the date of acquisition, NO tenant leases were in place, security personal were paid in the form of rent credits which resulted in significant over charging the building for this service, on-site maintenance personal did Not have an inventory of spare parts, tools, or have an adequate work shop area causing the use of third party vendors for routine maintenance and repairs, the building community room was used a storage area discarded items and infested with rodents and the outside open court area was used a refuse dump area.
The assignment was to stabilize the asset physically and financially.
Ekstein Asset Management's team conducted a on-site survey met with building personal and developed an organized protocol which produced the following results:
Executed leases for 100% of occupied rental units in compliance with Federal Notification Standards, the leases were drafted to provide ownership the legal right to remove tenants who violated federal state and city laws
-Provided on-site new tenant criminal and credit background check.
-Developed the property Rent Roll.
-Provided monthly invoices to each tenant.
-Provided ownership monthly:
-Bank Account reconciliation
Revoked “Rent Credits” for services not rendered, thereby increasing rent revenue to the building.
Removed discarded items from interior areas, reducing the rodent problem, inventoried replacements parts from discarded items, thereby creating a community room for tenants use.
Removed discarded items from the exterior court yard area, creating an attractive tenant amenity.
Provided a repair shop with tools reducing the need and expense for third party repairs.