Through First Capital Corporation and its affiliate, FCC Asset Management, Inc., we provide asset management services for our affiliate partnerships and to non-affiliated property owners. Our firm monitors a portfolio of affordable and market rate apartment complexes with a replacement value in excess of $250 million. First Capital develops a short and long-term strategy for each property to maximize its performance while minimizing its risk. Our supervision is thorough, frequent, and utilizes the most up-to-date technology to document and analyze the performance of each property. We have developed our own customized electronic database that allows us to readily retrieve and compare key information on each property.
Some of our asset management services include:
· Annual analysis of the competitive market and feasibility of refinancing or disposing of a property, on both a pretax and after-tax basis.
· Review and approval of an annual operating and capital budget based on a property’s physical needs and past financial performance.
· Monthly monitoring of the occupancy, rent levels, and expenditures as compared to budgets and long-term financial objectives.
· Annual site visits and evaluation of the physical condition and on-site staff performance at the property.
· Detailed review of real estate taxes, utilities, and insurance for cost savings.
· An annual cash flow and taxable income or loss projection.
· Review of compliance with applicable tax laws and government housing guidelines.