There is a steep learning curve in real estate development, especially in a multifamily process as the multiples present exponential opportunities for errors, miscalculations or domino-effect construction issues.
Truth be told, our 100+ years of collective experience has brought with it, valuable lessons … some learned the hard way. The upside is that those lessons have helped us create a system of checks and balances that redefines redundancy while fostering a consistent flow of communication. Of great additional help was Partner Chris Leavell’s tenure providing asset management services on broken condo tower deals in Nevada, California and Washington. As part of a realty advisor firm, Chris represented life insurance companies on owned assets including construction completion, HOA management, leasing, re-launching sales offices and marketing program, home warranty management, law suit mitigation and disposition of assets.
“Once you have seen the downside, and deconstructed the layers of multiple deals, you see the patterns,” says Leveall. “A lot of developers fall in love with the notion of creating ‘big, bold’ properties while ignoring the details that make the deal viable over the long haul. We love what we do, but we love doing it really, really well.”