Washington & Pine - Chicago, Illinois |
Background 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. Assignment The assignment was to stabilize the asset physically and financially. Results Ekstein Asset Management's team conducted a on-site survey met with building personal and developed an organized protocol which produced the following results:
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