01/08/21 – San Diego Patch: Apartment Owners Can Get a No Cost Initial Financial Assessment from an Expert.
Southern California is dotted with mid-20th Century-era garden-style, multifamily housing complexes that are not only showing their age, but can also be out of compliance with safety regulations. Gafcon, Inc. and real estate economist Alan Nevin are teaming up to help property owners realize the financial potential these complexes hold through a unique renovation process that weighs risk and gains before the first wall is knocked down or hammer is lifted.
This soup-to-nuts approach to multifamily housing renovation begins with Gafcon and Nevin, a well-known leader in multifamily market analysis and economics, providing a no cost initial financial and physical assessment of the complex. In addition to rough order of magnitude cost estimates on anything from out-of-code balconies and railings to kitchen upgrades, this analysis also predicts market return on the renovation investment. This critical information, missing from most major-scale renovation projects, will help property owners determine which upgrades and repairs will yield a return on investment in the form of rent increases, lower tenant turnover, reduced maintenance costs, lower utility costs for tenants and more.
“This service takes existing C and B-level multifamily properties, with about 75 to 250 units, and improves them to a class level that achieves an optimal return on investment without substantial structural modifcations or renovations,” said Gafcon Vice President of Project Operations Ron Takaki.
“I am looking forward to providing Gafcon with substantial input on the multifamily complex business,” added Nevin, who has more than 40 years of experience advising developers and multifamily property owners and dozens of apartment renovation projects. “Gafcon is the only firm in Southern California that covers every discipline — financial modeling, architecture, general contracting and construction management — needed for successful multifamily community renovation projects at this scale.” Read More>