Managed by Associa Kramer-Triad Management Group for 35+ years, this community is a 26-story, 297-unit high-rise residential condominium community located in Ann Arbor, Michigan. The high-rise has reigned as one of Ann Arbor’s premier residential properties since its development in 1969.
Challenge:
Almost 20 years after its initial apartment building development, the property was converted into a condominium complex with little money in reserves for capital improvements. The association has continually faced major infrastructure and cosmetic repairs with nominal reserves to pay for them.
Resolution:
The board of directors relied on the guidance of the Associa Kramer-Triad Management team and worked with engineering consulting firms to determine which repairs and replacements would be the most cost-effective and beneficial to the aging building. The association manager also reviewed the community’s reserve study, estimated needs, and conducted over 200 hours of internet research to help with project meetings, obtaining a loan, and performing loan modifications based on the board’s direction of acceptable payment terms and interest rates. Thanks to Associa Kramer-Triad Management, proper funding models were approved, and necessary repairs were conducted.
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