Maximize Apartment building ROI through Pavement maintenance and planning
Apartment ownership has long been a sound investment strategy.
Below are two common investment strategies and steps you can follow when planning your pavement maintenance projects.
Due Diligence Phase:
- Walk the property with your contractor and inspect the current site conditions
- Discuss your goals for the property
- Get a written report on site conditions
- Get a budgetary estimate for potential repairs Rehab Phase
- Revise the work scope;create a value engineered solution to meet your goals (aesthetic, financial, etc.)
- Get a formal proposal
- Select a paving contractor and complete repairs
Core Asset Maintenance Phase (After Acquisition)
- Evaluate prior maintenance history and current site conditions in conjunction with Pavement Life Cycle
- Develop a comprehensive maintenance strategy based on the age of the property, current conditions and the ownership’s investment time line or Investment Life Cycle
- Get a formal proposal for initial work scope
- Select an asphalt contractor and complete the repairs
- Review the plan periodically (every 2–3 years) and adjust as needed
If the property is a Core Asset, the Pavement Life Cycle will be the key to determining the extent and nature of the repairs. If the property is an Acquisition-Rehab, then the focus should be on the Investment Life Cycle as the plan is to “flip” the property shortly after the rehab is completed. Keep in mind that the overall goal of this approach is to merge the financial objectives with the current site conditions and develop an asphalt maintenance plan that will maximize your overall ROI.
For more in depth information Click here for our Apartment Owners/Manager’s guide to asphalt maintenance printable guide.
How to Use The Guide
This guide is unique. It’s written to assist owners and managers in better understanding both maintenance planning and the actual construction process itself. In fact, it’s the only guide we know of that steps you through the entire process from Goal Setting to Scope Creation to Project Completion in a straightforward manner. Basics are covered first, followed by a discussion of the process of awarding the job. Next are non-technical explanations of your pavement maintenance options, and we conclude with a glossary to help keep things clear. We’ve organized this guide so you can work through it from beginning to end—or just flip to the section you need and get your job rolling. Our goal is to simplify the process of pavement maintenance. Whether or not you hire Black Diamond Paving to be your pavement contractor, following this approach will ensure that you will be providing a quality asphalt pavement for your property, as well as getting the best possible return on your maintenance dollar by making certain it lasts as long as possible.
Contact Black Diamond Paving today to discuss your Apartment building paving project!