Westwood Apartments is a 900-unit multi-family in Richmond, VA. Built in the 1970s, this class C property offers its tenants many amenities including laundry facilities, a business center, clubhouse, fitness center, pool, playground, game room, and theater.

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— It was larger than they’d ever dealt with.

The clients had dozens of 95 some unit, multi-family assets under their belt and have been in the business for 5+ years.

They were keen excited when presented with the opportunity to acquire Westwood Apartments. The value was there, the potential seemed substantial, and it seemed like like a solid addition to their portfolio.

But at 900 units, it was a larger purchase than they’d ever done. And with so many moving parts, the margin for error was steep. They needed to know their investment risks, rewards, potential and possible struggles on the financial, physical, and operational level. And they didn’t have the capacity to give this the attention it needed, at the standard they needed it to be. 



So they partnered with VisionRE to do a thorough review and make sure there are no hidden hidden costs, misrepresented income, or structural issues.

— Team VisionRE had all hands and minds on deck!

Team VisionRE had all hands and minds on deck!

Here’s how it worked:

• Financial: Delved into the property financials - reviewed the operating statements, verified bank statements, tax documents, service contracts, aged receivable reports, utility bills and insurance/loss run reports
• Operational: Read through hard copy leases - and validated the accuracy of the rent roll
• Physical: Sent our inspection team down to the site to walk the units and investigate the property

And then gave the client a due diligence report and site visit summary report outlining all our findings.

Along with our firm, ‘hands on back’ guidance throughout the process.

— A $3 million dollar purchase price discount

We discovered a concerning level of deterioration in the concrete foundation. It needed to be fixed, and at a high cost.

Our client was then able to negotiate a $3 million discount on the purchase price based on the information we provided.

‍All in all — Facts + Confidence + Millions of dollars saved