GRS | Corteq recently provided pre-acquisition due diligence services for its Skokie, IL-based client F & F Realty, Ltd. The Real Estate Advisory scope consisted of inspecting 1526 multifamily dwelling units during a compressed time period.
The complexes acquired were Woodland Creek Apartments (640 units) and Talisman Village Apartments (300 units). According to Chicagobusiness.com, the purchase of Woodland Creek was the largest apartment transaction in the Chicago suburbs since 2003.
Led by Mr. David Friedman, President and Chief Operating Officer, F & F Realty is a leader in residential and commercial real estate management and development. The company has operated and managed residential and commercial real estate in the Chicago area since 1979—including thousands of apartment residences, executive office buildings and leading hotels. F & F Realty now owns six multifamily properties and seven hotels in and around Chicagoland.
To support F & F’s due diligence, GRS | Corteq was engaged to physically inspect and photo-document 100% of the units at the properties under consideration. The GRS | Corteq team documented the physical condition of every single apartment unit, including its finishes and appliance packages. The results were presented in detailed reports and photo-logs.
Conducted over a compressed time period, GRS | Corteq’s 100% property inspection augmented the due diligence activities of F & F Realty’s internal staff and provided enhanced information. This allowed F & F to more accurately project their renovation and upgrade budgets, as well as a baseline inventory of unit conditions.
“Faced with tight time constraints and over 1500 apartments with various levels of renovation, there was no substitute for physical examination of each and every unit,” said David Friedman. “GRS | Corteq put a team together and fully documented the information we sought in the time we allotted. Thank you GRS | Corteq.”
GRS | Corteq director, Julie Sorensen, spearheaded the assessment servicing package.