Page 148 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

CUSHMAN & WAKEFIELD
M3 - MANAGEMENT

CUSHMAN & WAKEFIELD ASSET SERVICES CUSHMAN & WAKEFIELD MULTIFAMILY
MANAGEMENT PLATFORM
OPERATING EXPENSE SAVINGS IN-ACTION
+169K

Key Observations: Outcome:
» C&W currently manage Class A asset in Maryland » Contract purchaser utilized C&W advice and APARTMENT HOMES
suburbs formerly managed by Bozzuto. implemented controllable expense savings up
» Engaged C&W Asset Services early to determine to 20%. Based on investor underwriting pricing
potential controllable expense savings. represents further cap rate compression for
» Identified potential 20% controllable expense suburban core. 4500
The Upton | Rockville, MD savings.
263 Units
Owner: Comstock TEAM MEMBERS STRONG
Management: Bozzuto

Key Observations: Outcome: 32
» From time of BOV presentation to initial offers, » In-spite of rise in interest rates, C&W
interest rate environment expanded 50 BPS. achieved BOV pricing in the low 4% cap STATES + WASHINGTON DC
» Income underwriting heavily proforma based rate (PF). Proforma expense reduction and
assuming return to normalcy in rent growth, normalized income was underwritten based
concessions, & vacancy. on economic recovery which was beginning to
» By utilizing expense comps, additional value was be demonstrated in property operations. +190
Modera Fairfax Ridge | Fairfax, VA derived by adjusting operating expenses.
213 Units
Owner: Mill Creek VALUED CLIENTS
Management: Mill Creek

Key Observations: Outcome: +800
» Property was running two leasing agents during » The Client utilized C&W controllable expense
stabilization which ran the expense to $3,000/unit. advice and implemented the expense savings
» C&W utilized expense comps in the area and were to the property. PROPERTIES MANAGED
able to decrease this number substantially in the
proforma.
» Market expense for this Property was projected 3RD
4040 Wilson | Arlington, VA $300/unit less than the controllable expense on the
250 Units T-12.
Owner: The Shooshan Company ON NMHC TOP 50
Management: Bozzuto

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