Nicholson Property Management, Inc.
Nicholson Property Management continues to excel during these difficult economic times. Our success lies with understanding your objectives as property owners. Vast practical experience enables us to fully comprehend both your short-term and long-term aspirations. We plan and execute all aspects of optimizing assets based on your concerns -- including lease up, debt restructuring, financial analysis of operations, and redevelopment.
The best way to assess our capabilities is to review our recent efforts:
· Borregas Court Apartments, Sunnyvale CA – Entering 4Q 2009, this 193-unit apartment complex was failing to provide positive cash flow. In December 2010, we successfully refinanced the loan on this apartment complex, reducing the interest rate from 6.70% to 3.88%. In addition, over the past 12 months, we revamped the model units and modified the pricing structure, lowering the vacancy rate from 5% to 1%. The total annual positive cash flow now exceeds $250,000.
· Riverside Hotel, Riverside CA – Worked with a key partner and The City of Riverside to entitle and fund a 125-room Hyatt Place hotel. Used stimulus funds to provide the financing and move forward a project that would otherwise have been stalled. Broke ground in December 2010 and expect to open for business in January 2012.
· East Palo Alto Light Industrial, Palo Alto CA – Started with a blighted building in East Palo Alto. Redeveloped the property, changing the use from industrial into commercial, and leased the majority of the space to Ravenswood Healthcare (for disadvantaged). Also settled lawsuit with adjacent parcel. Within 24 months, the project went from a negative cash flow of $180,000 to a positive cash flow of $74,000 per year.
· Aerotech Industrial Park, Colorado Springs CO – Six months ago this industrial center was practically empty with a 92% vacancy rate. Through strong negotiations, networking with numerous contacts, and a lot of determination, the vacancy rate has been reduced to 15%. Importantly, the tenants are of the highest caliber, i.e., United States General Services Agency/Department of Defense, Olson Motor and Control Company, Orkin LLOC, and NCT Technologies.
· Los Altos Hills Parcel, Los Altos Hills CA – Completed maps and improvement plans to split the parcel into three ultra high-end residential lots. Secured the necessary entitlements through working with the City of Los Altos Hills, The Department of Fish and Game, The Army Core of Engineers and The Regional Water Quality Control Board. Challenges included securing the necessary approvals to make improvements on a very steep grade, spanning a creek, and within a sensitive habitat area.
More Than Just Collecting Rents
Maximizing profits from properties requires the ability to define comprehensive asset objectives, effectively plan ahead, respond quickly to market and property conditions, and address daily tenant and site issues. It also requires flexibility from your management partner, as the needs for each individual property and their owners vary widely.
We provide a comprehensive set of services including:
· Asset and Cash management
· Capital Improvements
· Optimizing Ownership Structures
· Site Maintenance
· Tenant Negotiations and Leasing
· Continually monitoring performance with a focus on uncovering opportunities
Please contact us to discuss how we can put our expertise to work for you. Whether you are looking to simply increase cash flows or are looking to recover a failing asset, we are always willing to share our thoughts so that you can decide how to go forward.
We encourage you to contact Willie Koolstra or Bob Dwyer at (408) 371-1734 with any questions you may have.