Asset Management Mission
The Spandrel Group’s asset management team is focused on maximizing the value of each investment. Working closely with their clients, our professionals ensure each asset is operating in accordance with its annual business plan. The Spandrel Group’s hands-on approach strives for high-level asset performance relative to the marketplace and submarket, effectively realizing the full potential of each investment. Overseeing ongoing construction, developing a repositioning strategy, setting up new marketing programs, overseeing third party consultants, and/or positively maximizing cash flow are just a few of our services.
The Spandrel Group also provides valuable support to developers at each phase of development, from planning to first move-in, and work closely with their partners, such as architects, engineers, attorneys and sales and marketing teams. We understand industry best practices, as well as the complex design, operational and legal challenges faced by developing properties, so we can provide sound advice to developers to ensure their planned community’s long-term financial stability.
Asset Management Services
Our asset management service offerings include the following:
- Liaison Services between Client and Potential Pre- Ownership Sales
- Repositioning Services
- Construction and Renovation Consulting
- Brokerage Services
- Collections and Enforcement of Condominium Fees
- Books and Records Management
- Insurance Program Procurement Assistance
- Record Maintenance
- Owner Meetings
- Notice and Mailings
- Employee Hiring and Training
- Equipment Management
- Financial Management & Reporting
- Attendance at Board Meetings
- Comprehensive Written Management Reports
- Implementation of Board Policy
- Coordination of Staff, Sub-Contractors and Vendors
- Assistance with Vendor RFPs, Service Contracts and Job Specifications
- Regular Property Inspections
- Budget Preparation
- Emergency Planning
- Third Party Consultant Management and Solicitation
Spandrel Property Services, Inc provides numerous consulting services for real estate professionals, developers, as well as first time entrants into the real estate field.
- Acquisition & Budget Analysis
- Financing Package Preparation
- Construction Finance Requisition Preparation & Monitoring
- Owner Representation
For more information on our consulting services please go to our contact page.
Skyview at Carriage City in Rahway, N.J.A 17-story building with 220 condos, a four-floor hotel component and retail
With the Lender now in possession of the property, the Spandrel Group was hired to reposition Skyview at Carriage City in Rahway, N.J., as the premiere, local rental building. At the time, public perception of the project was largely negative due to its foreclosure status and a general consensus that the property was being poorly managed.
The Spandrel Group instituted a comprehensive marketing program, which included staffing a leasing office, staging units, purchasing missing appliances and light fixtures, and hiring and training staff including a resident manager, handymen and a concierge.
In conjunction with its focus on filling empty units, the Spandrel Group also managed the property on behalf of the 60 owner-occupied units, successfully opening up an array of building amenities, including a roof deck.
Within the first year of Spandrel’s stewardship in partnership with the Ownership Institution, Skyview at Carriage City is considered a leader in Rahway’s luxury market, with roughly 90 percent occupancy and rents steadily on the rise.
Canyon RanchMiami Beach-based development encompassing two condominium towers and one hotel-condo tower
Hired by LAMCO, the Spandrel Group was retained to resolve a multitude of operational deficiencies and streamline costs at Canyon Ranch.
At the outset, the Spandrel Group sought to improve operating efficiencies at the three buildings, which were previously managed by separate homeowners associations. Spandrel consolidated oversight and management and then focused on improving cost allocations, operating efficiencies and services.
In response to a multitude of complaints, Spandrel conducted a select homeowners survey to identify problem areas. Based on survey results, Spandrel incorporated building amenities and services into a shared facilities budget. Homeowners also received detailed quotes and recommendations for enhanced services such as grocery delivery, babysitting and dry cleaning.
On the staffing front, the Spandrel Group introduced and trained a new property manager and negotiated reasonable salaries and agreements for on-site staff and servicers, lowering costs on existing contracts in the process.
Spandrel Group succeeded in saving Canyon Ranch and its homeowners hundreds of thousands of dollars in operational expenses over previous years.
East End CentreA 300,000-square-foot shopping center in Wilkes-Barre, PA
Retained by Lehman Brothers, the Spandrel Group was tasked with implementing a turnaround strategy for East End Centre, which had recently lost its anchor tenants in the wake of the collapse of several nationwide big-box retailers.
The Spandrel Group sought to improve the shopping center’s dilapidated exterior, making arrangements for landscaping and setting up a maintenance and on-site management program. The Spandrel Group also negotiated to keep existing tenants whose leases were about to expire, successfully stabilizing cash flow and maintaining maximum occupancy. When it came to attracting new tenants, Spandrel targeted discount retailers in an effort to reposition the shopping center as a leading value center.