Property Management Team takes on Challenge

Property Management Team takes on Challenge

Challenge  

Latitude Commercial’s property management team was presented with a challenging management assignment. New Town West Property Owners’ Association, Inc. found themselves in a hole that seemed to be getting deeper by the day. The association deferred several maintenance projects and had $0 in reserves. New Town also had an expiring lease for 16 parking spaces immediately behind the building and was facing threats of legal action related to how a maintenance issue had been handled. Adding to these challenges, the association was making monthly payments on a loan that didn’t exist.  

Action Taken  

Latitude Commercial’s property management team took on the assignment and began working with those involved to identify the most pressing issues and determine what needed to be addressed first. The team focused on resolving immediate concerns while creating a more sustainable approach to the property’s long-term needs. 

The Results  

Three years later, New Town West Property Owners’ Association, Inc. is in a significantly stronger position. 

 New Town now consistently completes one to two larger maintenance projects a year and has $30,000 in reserves. The association also purchased the parking lot behind the building, securing the previously leased parking. The lot was milled, paved, and reconfigured to add four additional spaces and improve traffic flow. New Town’s “loan” was disputed and canceled, and the association was no longer facing threats of legal action. 

“It did not happen overnight, and it was difficult at times, but we brought all the stakeholders together, came up with a plan to improve their asset, and have systematically hit our milestones along the way. It certainly cost everyone money, but it also greatly raised the value of their asset and secured the well-being of its future.” said Ryne Pishkur, Director of Property Management. 

Latitude Commercial provides commercial real estate services such as purchasing, leasing, landlord representation, tenant representation, and commercial property management throughout the states of Illinois and Indiana. To find out how we can help you, call us today at (219) 864-0200.

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