VERTEX was contracted by a Commercial REIT to conduct a Phase I Environmental Site Assessment (ESA) and Property Condition Assessment (PCA) of a 335-unit multi-family residential complex in Brookhaven, Georgia. The site included two mid-rise buildings with dedicated amenity areas and parking garages. The work was performed in conjunction with proposed divestiture activities.
The ESA included a review of historic subsurface investigations addressing concerns associated with an off-site gasoline station and dry cleaner properties.
The PCA included an enhanced structural review of both site buildings and associated parking garages which were performed by in-house VERTEX experts. In addition, VERTEX envelope experts reviewed documents for previous exterior repairs to address caulking and waterproofing concerns. Based on documents reviewed and observations made on-site, VERTEX established detailed budgetary allowances for anticipated ongoing repairs and maintenance.
In addition to these enhanced services, VERTEX contracted a third-party elevator repair technician to assess the elevator equipment and opine on the correct fix for one inoperable car. VERTEX and the third-party contractor conferenced with the current elevator maintenance vendor, reviewed existing repair proposals, and advocated for the purchaser and current owner that the repairs should be covered under the existing maintenance contract.