Case Study: Property Valuation Service

 

Multi-residential high-rise – 140+ units, Toronto, Ontario

Background

Laurence Weizel and his team were brought in by certain owners to assess the condition and viability of the property.  The property was in shambles.  There was evidence of a lot shoddy repair work, and millions of dollars more in deferred maintenance.  The accounting records were incomplete.

Property Valuation 140+ Units
Actions Taken

  • All accounting records were immediately brought up to date, and order was restored to the property.
  • The pre-existing tension between management and the tenants was reduced and critical relationships with building inspectors, the fire department, and other city officials was greatly improved.
  • Every aspect of major repairs to the roof, parking facilities, and balconies was arranged and managed.   Oversaw the refurbishment of the hallways, the installation of new metal siding, and the upgrades to the elevators and fire safety system.
  • Prepared all the documents and applications for an Above Guideline Increase (AGI) to cover major capital expenditures.
  • Mr. Weizel personally lead all aspects of the sales process, from research and selection of the broker to teaming with the Broker and Legal Counsel for all stages of the project from inception to closing.

Results

  • The property maintained an occupancy rate of 97% or higher at all times.
  • All of the repair work and renovations were funded by day-to-day operations.
  • Over the vigorous objection of tenants, we won an AGI of 7.15%.
  • In the end, the property sold for more than $111,000 per suite.