Apartment Complex- 171 units/ 3 Buildings
This property is a warehouse located in Southern Illinois that was built in 1921. The complex consists of three-buildings which are structurally connected. The building is approximately 40,000 sq. ft., and consists of two floors, and has loading docks for truck transport. The buildings are constructed of brick masonry over frame construction.
The building was neglected for years and has serious issues including major roof leaks. Because of the water leaks there were mold remediation issues in the building. Some additional problems included collapsing of ceiling tiles from water penetration, interior water collection, isolated deterioration of mortar joints around the parapet walls, and windows in need of caulking.
Make necessary structure improvements to achieve maximum asset value and to introduce a strong marketing program.
ALPS Property Management completed major repairs on the building roof membrane, mold remediation with testing, ceiling tile replacement, tuck pointing and caulking of the windows.
We addressed the inadequate marketing program previously used by participating in an extensive marketing campaign to advertise for a scheduled auction.
Our efforts continue to strengthen the equity position and help build value back in to this asset. The result was a much stronger cash flow which in turn helped the clients realize a stronger market value for the property. The asset was marketed and sold to a private investor.