CONCORD PROPERTY MANAGEMENT
808 S Hobart Blvd
Los Angeles, CA
The Ashby was acquired by our investment company in September 2015. The property is a prime example of 1920 Art Deco buildings in the Korea Town submarket of Los Angeles. Concord capitalized on the rapidly emerging submarket and was able to vacate 32 of the 49 units over the first 2 years which has increased the gross revenue by 30% from acquisition. Concord also oversaw the extensive capital improvement project, comprising of common area renovations, unit turns, and the addition of tenant amenity space.
Concord also used the historic significance of the property to lower the property tax by applying for the Mills Act with the city of Los Angeles. The process took over 18 months where Concord procured contacts with historic consultants and helped to push the application through the Historic Planning Commission. With the approval of the Mills Act the property has achieved an annual property tax savings of 50%.
221 Union Pl., Los Angeles, CA
Concord agent Guillermo Ma began a relationship with the property owner of this building who had recently purchased the property at 221 Union Pl and shortly after hired Concord to begin property management. Unfortunately, the building was suffering from years of neglect, namely an aging plumbing system. The property was riddled with gang activity and multiple tenants regularly engaged in illicit behaviors. Under these conditions, it was no surprise that all the tenants in the building were paying rents that were well below market value.
Since then, the building’s owner, with the help of Concord’s property management services, has successfully relocated or evicted tenants in nine of the most troublesome units. At the same time, Concord oversaw $145,000 in capital improvements, including a complete re-plumbing of the building, installation of an automatic security gate and renovations in nine of the twenty units. In just under a year, Concord was able to increase the total rent roll for the building over 50%. Needless to say things are going great for the new owner, the tenants, and his stabilized property now that the building is under Concord’s management.
5827 Blackwell St, Dallas, TX 75231
Park Beverly Apartments was acquired by our investment company in 2014. At the time of the acquisition the rent roll was 30% under market. Concord capitalized on the rapidly emerging Vickery Meadows sub market by vacating over 100 units and developing a full scale unit renovation and common area improvement plan. Concord successful renovated 134 units with new kitchens, granite counter tops, new flooring and LED light fixtures.
In addition to the unit renovations, Concord implemented and oversaw a new fence/access control system installation, painting of the entire property, new asphalt throughout the parking area, new exterior lighting, construction of a new leasing office/tenant lounge and new landscaping throughout the property. Since the completion of the units and common area renovations Concord has successfully increased the rent roll 20% from the time of acquisition and is on track to reach the projected 30% increase.