Altid Portfolio Takeover
Altid Enterprises, LLC (Altid) sought a management firm for 17 properties (1.4 million square feet), consisting of mid-rise urban, and suburban office with both single and multiple tenants, as well as industrial/flex and a substantial retail element, in Cambridge, Medford, and Chelmsford, MA; Concord and Exeter, NH; and Portland, ME. The chosen firm would have to meet institutional standards of detail, accuracy, industry knowledge, physical and financial competency, as well as local family-based entrepreneurial standards for communication, decision-making and execution. The varieties of property type, size, design, and tenant mix set the stage for a diverse and challenging portfolio.
KeyPoint Partners’ Response
After a broad RFP process, Altid awarded the management assignment to KeyPoint Partners (KPP) for takeover within a matter of weeks. The takeover required the abstracting of 70 leases, the administrative requirements for contractual services, completion of annual property budgets, prior year CAM reconciliations, and a general program for tracking compliance and critical dates. A takeover chart outlining the first six months activities with respect to management and accounting responsibilities was quickly prepared, and proved invaluable for tracking progress to a stabilized management program.
Within months, the takeover objectives had been achieved, and KPP had completed a full cycle of management activities including monthly reports, annual budgets, forecasts, and CAM and Tax reconciliations. KPP’s management program significantly improved the Clients ability to manage cash and to fully understand the performance of this vibrant portfolio.
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