SAN DIEGO – Xpera Group, California’s most comprehensive group of construction consulting experts, has launched a new service division, Xpera RE, focused on the repositioning and renovation of income-generating properties. The group builds upon the specialized expertise of Xpera Group and its construction subsidiary, which have been involved in renovating more than 100 multi-family housing communities throughout Southern California for over 20 years.
Under the leadership of development industry veteran and Chief Operating Officer Neal Singer, Xpera RE focuses primarily on multi-unit residential properties, including apartments, senior housing, hotels, and dormitories.
According to Xpera Market Research Director Alan Nevin, there are 300,000 apartment units in San Diego County alone, with an average age of 41 years. Few of the aging units have been renovated and the vast majority of them lack an in-unit washer/dryer and air conditioning. Most need a substantial renovation to bring them up to modern standards. Nevin notes that while the majority of renters in the County can afford to rent “B” quality apartments, most of the inventory is of “C” quality. Therein lies a big opportunity for property owners.
Xpera RE is not focused solely on renovating these aging properties, but rather re-positioning them. This involves a much more robust approach that helps income-producing properties reach their full potential with smart modernization and enhancement strategies that position the asset strategically within the marketplace.
Drawing upon the capabilities of a diverse team of specialized experts, Xpera RE is able to develop a customized solution for each project that includes in-house market analysis and economic research, architecture and design, property condition assessment, construction management, cost estimating, cost segregation, sustainability and risk management, and 1031 exchange services, as well as mechanical, electrical, plumbing, waterproofing, quality assurance and building envelope consulting.
The renovation programs recommended by Xpera RE are based on the concept that the renovation costs should be able to be recaptured in four to five years. However, each project is unique, and part of a larger strategy that considers what the market needs, tenants want (and are willing to pay for) and owners hope to achieve. Xpera RE’s team of real estate professionals guide owners through this entire process, ensuring the project’s long-term financial success.
Xpera RE has partnered with the San Diego County Apartment Association to hold an educational seminar on the apartment repositioning and renovation process on Tuesday, June 23 from 11 a.m. to 2 p.m. at the SDCAA offices. To register, visit www.sdcaa.com. All proceeds from the $50 ticket sales will benefit the organization’s scholarship fund.
To learn more about Xpera RE’s real estate repositioning services, call Neal Singer or Alan Nevin at (858) 848-1764 or visit www.XperaRE.com. More information about Xpera Group can be found at www.xperagroup.com.