Class-C Multifamily Apartment Community
West Monroe, LA
The property suffered severe flooding requiring major reconstruction, operational recovery, and financial rescue. PMG represented the client/ owner as a plaintiff in a lawsuit versus FEMA and insurance companies, while simultaneously overseeing major renovation to 9 multi-family buildings with limited funds, during 2+ years of instability, non-cash flowing asset, to protect the client’s investment from bankruptcy.
PMG faced having to rigorously negotiate contracts, substantiate spending to exhaustive details, conduct comprehensive project management and asset management, precisely control cash flow in order to keep operations going, deal with major site-management turnover and a 2.5 year lawsuit against a government agency and big insurance companies that failed to recognize the severity of damages.
Due to the diligent and skilled work carried out by PMG, we were able to completely renovate 6 of the 9 buildings – which helped secure an appraisal 3x the property’s existing NOI valuation and secure a capital investment package. In addition, the detailed reports of renovation and repair work provided support as exhibits for the lawsuit. The Asset Management Team provided constant support and oversight to Property Management, stabilized management turnover, and focused on occupancy and rental increases as units were turned over. The appraisal acted as the basis to secure funds to complete build-out and renovation of all remaining buildings, repatriate a portion of the client’s investment and prepare property for sale at an exit to return the initial investment. Upon sale, this will be a huge win for the owners as well as PMG.