Gafcon and economist Alan Nevin team up to offer financial assessments on aged housing complexes
San Diego Metro Magazine (Jan. 12, 2020) – 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 modifications or renovations,” said Gafcon Vice President of Project Operations Ron Takaki.
Gafcon, Inc. provides comprehensive services in construction, program, and project management, as well as construction consulting support. The company’s techniques and methodology were developed as a response to increasing client demand for more effective controls, focusing on controlling cost, time, and quality. Gafcon’s diverse portfolio includes projects from the educational, residential, governmental, public works and commercial sectors. As an award-winning firm, Gafcon has been recognized in Engineering News-Record's Top 50 Program Management and Top 100 Construction Management Firm lists and has been named among the fastest-growing architectural, engineering & environmental consulting firms in the United States. Gafcon has also received numerous awards applauding their application of technology in its business practices, namely Gold and Silver Constructech Vision Awards. Learn more at www.gafcon.com.
ABOUT ALAN NEVIN:
Alan Nevin serves as senior advisor of Residential Valuation and Feasibility for Gafcon’s Renovation Group. He is also the director of Economic and Market Research at Xpera Group, which provides expert construction and real estate consultants. Alan uses his extensive background in real estate economics, lending and market analysis to deliver critical residential and commercial real estate valuation, feasibility and real estate advisory services to the development, investment, legal and public agency communities. Alan also provides forensic economics services for construction and real estate litigation. He teaches at UCSD Extension and authored the book “The Great Divide: The True Story of America Tomorrow,” which details demographic and economic trends.
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