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Investment, Asset Management and Real Estate Development

Westlake Development Partners, LLC

San Francisco Bay Area Real Estate Property Management Case Studies

Westlake Development Partners, LLC (WDP) is a member of the Westlake group of companies and complements Westlake Realty Group, Inc.'s property management services with investment, asset management and real estate development services. WDP co-invests in real estate development projects, thereby providing a comprehensive solution set to real estate owners. Our collective experience enables the Westlake group of companies and its partners to prosper in all real estate cycles and with different property types, including retail, multi-family and commercial. WDP's creative strategies and solutions maximize investment returns.

WDP's current projects include repositioning and redevelopment, as well as ground-up development, with a pipeline exceeding $300 million in project costs. These projects include a transit-oriented residential and commercial development in San Leandro, a neighborhood shopping center in Foster City, a mixed-used project in Walnut Creek and a residential project in Hayward.

Leasing and Sales Resource

CASE STUDIES

Below are some case studies of how we've improved the profits and operating efficiency of our property owners.

If you are interested in getting more details, we look forward to hearing from you at info@westlake-realty.com.

How An Overseas Investor Keeps In Touch with His California Property

Property Owner:	Japan-based real estate investor.
Investment property:	Multifamily complex located in San Mateo, California.
Problem:	Can long-distance real estate investment work while maintaining owner control ? Why invest here? Japanese law allows this owner to rapidly depreciate the value of U.S. property. (In contrast, an American owner's depreciation period is 27 years.)
Solution:	Technology use: Through access to Westlake's secure, Internet-based property management system, this owner can stay in daily contact with Westlake property management staff, regardless of his location. System access: This owner can easily access all financial information related to his property, from rent rolls and bank deposits to leases and invoices, online. Westlake can assign permissions that enable him to be fully involved in approving invoices and other expenditures. Reporting: Westlake prepares a rigorous annual budget and accurate monthly financial reports such as balance sheets, rent rolls, income statements, and budget variance reports. In addition, we submit a marketing and occupancy report that is customized to the owner's needs. Special services: Most owners cannot often visit their properties. Instead, they rely on financial reports to stay abreast of a property's performance. Our innovative use of technology is invaluable to overseas owners. We use our secure property management system to transmit photos of repair needs, obtain necessary permissions, and then follow up with “before” and “after” photos and paid invoices.
Result:	Overseas owners experience the same quality level of property management as if they lived locally.

How An Owner saved $120,000+ in Utility Bills

Property:	17-story high rise located in downtown San Mateo, California.
Problem:	Excessive electricity consumption compared to other Westlake-managed properties.
Solution:	Westlake worked with a public utility consultant to review previous energy consumption and evaluate the meters in use. It was determined the meters were inappropriate for this type of property.
Results:	PG&E, the utility involved, recalculated three years of electricity consumption, based on correct meter use. More than $120,000 was reimbursed to the owner, and the building now realizes ongoing savings.

How CAPEX Planning Increases Occupancy from low 60's to high 90's

Property:	Six mid-sized multifamily properties located in SF, San Mateo, Manteca, and Santa Rosa.
Problem:	Wear and disrepair were affecting the physical appearance of the buildings and putting their structural integrity at risk.
Solution:	After a thorough inspection of each property, Westlake developed a 5-year capital expenditure (CAPEX) and major repair plan. The plan required that 6 to 8% of gross receipts be used to improve physical appearance, repair, or replace long-overdue structural items or building components in order to preserve these income-producing assets going forward.
Results:	The repairs and improvements have significantly increased revenues over previous years. In addition, occupancy levels have risen to 98% and have held steady at this level for the past 4 years.

Clean is Cheap!

Property:	San Mateo county property was a new client of Westlake as of June 1, 2007.
Problem:	This property experienced a high vacancy rate coupled with significantly below-market rents as compared to similar properties in the same neighborhood. Westlake's drive-by assessment and an onsite inspection indicated that the building frontage was unattractive and dirty and did not display “vacancy” signs.
Solution:	Working closely with the owner, Westlake improved the building frontage landscape with trees, shrubs, and other plantings. We power-washed the sidewalk and installed attractive banners and a “now renting” sign.
Results:	Prospective tenant traffic improved significantly. Within a matter of weeks, vacant units were rented at market rents.