CLIENT: (Name withheld at Client Request for confidentiality)
LOCATION: Withheld at Client Request (confidentiality)
ASSET TYPES: Multifamily residential
This project consists of a 60-unit, four-story apartment building over a partial basement, constructed in 1991. During the property condition assessment, Marx|Okubo identified over $8,000,000 in anticipated capital reserve costs for a 20-year cost schedule. Over $5,000,000 of those anticipated capital reserves were identified for years 1-3. During the site visit, our team of professionals identified areas of significant water intrusion through structural concrete and the weather-resistive barrier. The damaging effects of these previously unidentified issues were exacerbated as a result of wet weather conditions. After identifying a wide variety of additional exterior improvements, Marx|Okubo was also then hired as the architect and project manager for a complete exterior renovation.