We can increase your NOI through expense reductions and creating additional revenue.
We can mobilize immediately with our trained staff of professionals
Perry Reid takes a personal interest in every property we manage
We offer a thorough evaluation of the financial and physical condition of your property or a property you are considering for purchase.
We handle a vast array of properties ranging from Class “A” to Section 42 LIHTC
We excel at handling distressed asset management
Our success is based on using best practices in multifamily property management in all areas from site management to accounting, to leasing, to reporting, etc.
We are flexible –
We provide excellent 3rd party management
We will partner with development entities
We function as replacement general partners
We can function as a receiver
What is Perry Reid Properties?
We are a multi-regional multifamily property management and development entity.
Who is Perry Reid Properties?
We are a highly trained and motivated team consisting of a property management division, an accounting division and a tax-credit compliance division. We also have specialists in completing due diligence and underwriting existing properties, financing new and existing properties, completing qualified contract for tax-credit properties and most other aspects of the multifamily management profession.
Where is Perry Reid Properties?
Perry Reid Properties corporate headquarters is in Lincoln, Nebraska with satellite offices in Davenport, Iowa; San Antonio, Texas; Nashville, Tennessee and Wichita, Kansas. We currently manage over 70 properties encompassing more than 5,000 residential units in nine states.
When did Perry Reid Properties begin managing multifamily properties?
We began in the early 1980’s managing all types of commercial properties including multifamily. In 1996 we elected to concentrate on only multifamily.
Why does Perry Reid Properties want my 3rd party management business?
We are looking for a few good partners who have multifamily properties they want to perform at a higher level or a more consistent level. In turn as a company we want to grow – but just a little. We do a great job but want to stay at a manageable size to maintain our high level of performance that our clients expect.
What else does Perry Reid Properties do?
With partners we have developed multifamily properties ranging from highly functioning class “A” communities to tax-credit developments. We have also become adept in replacing existing General Partners and acquiring distressed properties.
Tax- Credit Qualified Contracts?
Yes – we are experts in completing qualified contracts for managed properties or as a consultant.
I’m developing a new multifamily complex – what can you do for me?
We have taken no fewer than 20 properties from the beginning of construction through full occupancy and conversion from construction financing to a permanent first mortgage. We have the knowledge and experience to participate at all levels of ground up development and management.
I’m a tax credit investor and my original general partner has made a mess of my investment – what can you do for me?
We can help you in many ways – from replacing your current general partner and/or your management company to reviewing your situation and providing recommendations.
Why should I hire Perry Reid Properties?
To increase your NOI
To stabilize your NOI
To have a management company that takes a personal interest in your property and its performance
To take a good property and make it better or put a distressed property back into profitable condition
Perry Reid Properties – Case Studies
The Alexis at Perry Pointe
This 192 unit property is located in Davenport, Iowa; It was constructed in 2005 and leased-up in 2006. Perry Reid Properties developed and managed the project. The original cost was $16 million. The property was sold in June 2011 for $20 million. A $4 million increase in value was achieved in just five years while providing an annual cash-on-cash return of over 10.5%.
The Villas at Casa Pointe
Perry Reid Properties took over the management of the Summer City Apartments in San Antonio, Texas in January of 2009. At the time the 200 unit complex was 55% occupied with over 50 units uninhabitable. Within 18 months the property name was changed to Casa Pointe Villas; the 50 down units were back on line. The NOI prior to acquisition was $140,985 - the year following acquisition the NOI reached $697,000.
Aspen Bluff Apartments
Perry Reid Properties took on this 160 unit development in October of 2007. The complex had low occupancy and poor street appeal. We immediately gave 50% of the existing resident’s 14-day notices for non-compliance. Within six months the resident trouble associated with the property had been substantially eliminated. The properties reputation was restored as a safe and decent place to live. Economic occupancy climbed to 89% or better and the property once again began to cash flow.
Cedar Ridge Apartments
Perry Reid Properties purchased this 64-unit multifamily property in a foreclosure sale in July 2008. Through the implementation of best property management practices within 12-months the property was 100% occupied with a 1.35 debt coverage ratio.