Consulting Case Studies
Condor’s executives were engaged to review due diligence materials, financial projections, and modeling in connection with the acquisition of the property. Additionally we were requested to review supporting assumptions and calculations concerning operating performance in connection to the proposed issuance of bonds to facilitate the financing for the purchase. Moreover we were requested to research the area to ascertain accurate rent comparables and determine the feasibility of the lease up projections.
Condor Commercial was engaged to review management records for a 30 unit portfolio of westside apartment buildings, and render an opinion as to the effectiveness of the then current management. We were asked to determine whether the lease rates were at market and if the expenses were reasonable. We reviewed all leases, unit turnover/vacancy factors, and comparatively analyzed expenses in relation to similar properties. This was particularly challenging as most of the bookkeeping was done in handwritten general ledgers. As a result, we had reconstruct the operating data for multiple years. Moreover, we reviewed management agreements and accounting practices to determine appropriateness. Condor was able to tap into its network of management professionals to discuss and verify its findings. Due to our deep management experience we were able to identify several unusual items that that had a direct impact on Net Operating Income. Specifically, we were able to point to areas where income should have been higher than actually was, enabling our client to recover that lost revenue.