Apartment Case Studies
* Pacific Union Property Advisors negotiated an annual savings of +/-$41,000 for our client’s multifamily project in Alameda County this year. Click here to see the revised tax bill notice from the County.
With our client’s help, we were able to discover an error on the use-code for this property that should earn them additional refunds for overpayment of prior year property taxes.
With our client’s help, we were able to discover an error on the use-code for this property that should earn them additional refunds for overpayment of prior year property taxes.
* Our Los Angeles County client with many multifamily projects purchased one property for over $2MM in 2007. Pacific Union Property Advisors LLC researched the market conditions and found that the market had declined roughly 50% compared to the 2006-2007 ‘peak values.’ We prepared an appeal package with comparable sales, lease rates, and other market data that supported a reduction of roughly 50% for our client. Our proven system saved our client $13,000 on this property and we expect to see additional savings for the balance of the San Diego County, Orange County, and San Bernardino County portfolios.
*Pacific Union Property Advisors' client with a portfolio of over $100MM saved +/-$13,000 on one of its multifamily holdings in Alameda County this year. Click here to see the revised tax bill notice from the County's website.
* Our Lafayette (Contra Costa County) client purchased their property in 2006 for over $6MM. With the poor market conditions in 2010, we were able to package together financials as well as rental rates, cap rates, and other information for similar style apartments in Contra Costa County. The premium location of our client’s property in the affluent Lafayette market with not many other apartment buildings made it difficult to determine the fair market value. Our proven system seeks to use two to three ways to determine the value of the property so that our proposed value to the County of the fair market value has strong support. We were able to evaluate other markets that had similar median home prices and income levels to determine what the fair market value for our client’s property could reasonably be for the 2010/2011 tax roll. The Assessor’s office agreed with our methods and our client saved over $8,000 this year.
