download management resume - acorn & murdoch

w w w . l i f e l e a s e . c a

MURDOCH MANAGEMENT INC. - Property Management Resume

1

MANAGEMENT STATEMENT " In a Client/Property Management relationship, the role of Management

is to cooperatively fulfill the objectives of the Client while providing the highest quality housing service possible within

the fiscal limitations set by Client in the budget.

The depth and quality of Management's expertise plays a large role in determining the success

and harmony of the project".


2

Table of Contents INTRODUCTION 1 SENIOR PERSONNEL 1 OFFICE PROCEDURE 2 Automated Systems 2 Project Activity Reports 3 Accounting 3 Work Orders 3 Purchase Orders 3 Banking 4 Interim Financing 3 Unit Leasing 4 Collections 4 Service Procurement Techniques 5 Security of Properties 5 Maintenance Inspections 5 SOCIAL HEALTH AND WELLNESS 6 SUMMARY OF PROJECTS MANAGED 7


3

EXECUTIVE SUMMARY

MURDOCH MANAGEMENT:

• currently manages the homes of approximately 1200 households valued in excess of $M120.

• current waiting lists (co-ops & non profit rentals) and

expression of interest lists (life lease/condos) details are as follows:

+/-3,500 households for market seniors Projects, (expressions of interest) +/-600 households for subsidized seniors Projects, (waiting lists) +/-1,000 households for family Projects, (waiting lists)

• specializes in the development, organization and

management of Housing Corporations and their owners'/residents’ needs.

• develops a service package to suite the specific needs of

its clients (Condominium, Life Lease, Housing Cooperative, Equity Cooperative, Private Non-Profit Housing Corporation, Assisted Living, Special Needs, etc.)

• provides services to "Independent Living", and to "Special

Needs Living" Projects. • provides effective 24 hr, seven day per week, 52 weeks

per year after hour’s emergency service to its clients. • provides the benefit of a combination of experiences via

the team, for example: Tenant Liaison, Accounting, Administration, Marketing, Maintenance Supervision, Operational Policy and Procedure, and General Management.


4

INTRODUCTION Registered under the Manitoba Corporations Act in 1988, Murdoch Management Inc., complies with Manitoba Securities Commission requirements to act as a Broker restricted to Property Management. Murdoch Management Inc., is registered to administer trust accounts in accordance with Manitoba Legislation. Murdoch Management Inc. does not operate as a Real Estate Broker selling real estate. Murdoch Management Inc., offers a comprehensive management service that can be tailored to suit the specific needs of its clients. Clients of Murdoch Management Inc. may additionally benefit from the expertise offered through Acorn Development Consultants Ltd. a Project Planning and development company and subsidiary of Murdoch Management Inc., also specializing in the development of multi-unit housing. Complementing its ability to develop, market and operate projects, Murdoch Management Inc., has demonstrated its trouble shooting skills to lenders with success in the field of "Pre-Default Management". SENIOR PERSONNEL The professional and experienced staff of Murdoch Management Inc. provide the expertise, administrative support and attention to detail which assures the delivery of services at the level which Murdoch Management Inc. has gained its' reputation. Douglas Leeies, B. Arch (Hon.), Dip. Arch, M. Land. Arch, MACIP, MRAIC. Senior partner of Murdoch Management Inc., Doug has been involved in the planning, delivery and operation of innovative housing options for over two decades. An academic background in the field of housing (Honours graduate in Architecture with distinction [Edinburgh], a post graduate Architecture degree recipient [Edinburgh] and a post graduate Masters of Landscape Architecture [Winnipeg]) complementing the practical experience gained during tenure with the British Civil Service, Department of the Environment [Edinburgh] and Manitoba Provincial Government, Department of Housing [Winnipeg], provides valuable expertise upon which Murdoch Management's clients can draw. Randall McElhoes, C.A.: Senior partner of McElhoes & Lyons, Chartered Accountants, Randy has been associated with Murdoch Management and many of our clients since Murdoch's inception. Randy provides expertise in all aspects of tax planning, financial reporting and budgeting. Graduating from the University of Manitoba B. Comm Honours, in 1976 and Graduating as a Chartered Accountant in 1981,


5

Randy began the practice of his profession with the firm of Doane Raymond Pannell, Chartered Accountants. During the eight years of his employ with Doane Raymond Pannell, Randy specialized in tax and estate planning. Responsibility for major clients including Shelter Corporation and several MURB clients afforded Randy exposure to a varied and highly specialized area of financial control. Randy's arms length association with Murdoch Management brings with it the objective benefit of this valuable experience. Donna Leeies: Senior partner of Murdoch Management Inc. and proprietor of Iona Marketing and Advertising. Donna brings a wealth of small business sense, entrepreneurial skills and marketing experience to Murdoch Management Inc. Upon completion of an academic background in arts at the University of Manitoba Donna gained valuable practical skills during her eight-year tenure as an administrator in the grain exchange business and through her current tenure as a Director for the Association of Bright Children. Donna was instrumental in the inauguration and operation of both Acorn Development Consultants Ltd. and Murdoch Management Inc. TEAM MEMBERS Murdoch’s clients additionally benefit from the expertise and commitment provided by the full time accounting, administrative and maintenance staff comprising of: General Manager, in house Accountant, Assistant Property Managers, Maintenance Supervision, Maintenance Personnel, Marketing/Leasing agents, Recreation Social Health and Wellness, and Reception/Administrative support. (Murdoch also supervises client’s on-site live-in custodial employees where applicable). OFFICE PROCEDURES Murdoch Management utilizes a number of processes and controls to assure timely, well-documented and cost-effective response to the needs of its clients. The following are worthy of note: Automated Systems. In order to maximize efficiency and accuracy, Murdoch Management Inc. operates a fully automated and integrated administrative and accounting system specifically designed for property management (YARDI www.yardi.com ). Copies of typical monthly financial reports can be obtained by request. All Murdoch Management Inc. staff are computer literate and have had both formal and practical training with the use of computerized


6

accounting, relational data base management, spreadsheet and word processing packages. All staff are provided with individual computerized workstations linked in an internal network system. This automation has resulted in proficient time management, which equates to an exceedingly high level of quality service to the client. Security of the automated information is retained in the form of an off-site backup in addition to hard copy. Project Activity Reports. In addition to the daily supervision of operations, Murdoch Management provides to its clients precise and complete ongoing reporting of projects under its care. Reports include the monthly, quarterly and annual financial statements of all accounts. Reports on arrears, vacancies, marketing, waiting lists, maintenance, and operational policy supplement the financial information made available to clients/owners. Accounting Procedures. Murdoch Management Inc. utilizes generally accepted accounting principles, which have been specifically tailored to serve the special reporting needs of each of its clients. Although each project may be unique as it relates to Board or operating agreement requirements, all projects share a common accounting cycle. Each receipt or expenditure, which flows through the accounting cycle, is supported with a source document to provide the detail of the transaction. The information which is provided by way of the financial reports summarizes the recorded data into meaningful facts which allows for the interpretation of the data to provide a basis to the decision making process. As a result of automation, project Cash Flow, Budget and Variance can be monitored in "real time" with ease. Work Orders Project Managers receive Work Requests. The Maintenance Staff inspects the problem and Work Orders detailing the scope of work are prepared, issued to the appropriate personnel or relative contract trade, and diarized for follow-up. Upon completion of the Work, residents/tenants are requested to sign a “Maintenance Satisfaction Card” to ensure the resident/tenants satisfaction with the completed work.


7

Purchase orders. Purchase Orders are prepared as well, as required, at the same time as Work Orders are completed. Prices quoted for services rendered are monitored and up-to-date budget expenditures are tracked by utilizing this form of control. The use of these two order systems assures that a detailed record of maintenance requests, as well as the cost associated with the repair, is well documented and easily verified. This information is automated and accessible instantly. Banking Procedures. Murdoch Management Inc., is registered in good standing with the Manitoba Securities Commission and is approved to administer trust accounts on behalf of its clients. Murdoch Management Inc. can administer independent client bank accounts by way of Board resolution respecting signing authorities. Banking is set up and conducted in accordance with the client’s specific operating and property management agreements for instance; separate rental trust, damage deposit, capital replacement reserve and security of tenure accounts can be maintained as required. Bank Deposits are performed on a daily basis to the appropriate accounts and bank accounts are reconciled upon receipt of the statements. All Posting is performed by Accounting whilst Reconciliation is performed by the Project Managers. Upon receipt of the proper authority, mid-term surpluses are invested in fully secured high interest bearing investment vehicles to maximize the revenue potential to the client while assuring complete liquidity as required. To service clients needs, Murdoch Management Inc. maintains a broker's trust account as required under the Real Estate Brokers Act and in accordance with the Securities Commission of Manitoba. Murdoch Management Inc. administers the broker's trust account as prescribed under the Laws of Manitoba. Interim Financing. Murdoch Management Inc. maintains a “triple A” credit rating with it’s lenders and has available a generous Line of Credit through its Bank. This credit line may be drawn upon in the event interim financing is required. Drawing from its experience in the development of new construction projects through its affiliation with Acorn Development Consultants Ltd., Murdoch Management Inc. provides a uniquely high degree of expertise in procuring major capital and interim financing for its clients.


8

Unit Leasing. Murdoch Management’s current waiting list details are as follows:

+/-3,500 households for market projects, +/-600 households for subsidized seniors, +/-1,000 households for subsidized family,

Murdoch Management has demonstrated an ability to lease units ranging from low end of market (government subsidized rents) to high end of market (privately financed life lease/condo seniors) and everything in between (many housing co-ops). Murdoch Management has demonstrated it’s ability to successfully resolve, amongst other issues, exceptionally high vacancy rates associated with a number of “Pre-Default” projects where Murdoch Management was contracted to assist in turning these projects into viable and efficient projects. A Leasing Strategy for vacant units is developed on a project specific basis. Market units that are available within projects managed by Murdoch Management Inc. utilize a different marketing strategy than those Provincially or Federally subsidized units. Murdoch’s clients benefit directly from networking. Market units, by virtue of the rents commanded, require a specific marketing plan to achieve full occupancy. Murdoch Management's' service to its clients includes the preparation of a marketing program including advertising copy, investigation of the most appropriate advertising medium, along with the one-on-one marketing contact required to successfully achieve the desired results. Sample advertising and promotional material is available upon request. Murdoch Management Inc. has the expertise available in-house to develop and host a variety of marketing strategies such as open houses, special invitation events along with other related promotional events. As noted the Murdoch Management “waiting list” or “housing registry”, provides and extremely valuable resource for Murdoch’s clients. Having successfully leased thousands of suites since 1988 within prescribed project time frames, Murdoch Management Inc. has developed a potent ability to market and lease vacant suites. Collections Residents/tenants/co-op members are encouraged to provide post-dated cheques or money orders as payment for Rent. Payment in cash is discouraged. Damage Deposits or Shares (if required) are collected prior to the handing over of suite keys, at the time the unit condition report is completed and signed.


9

Where there is sufficient evidence of income hardship, arrangements can be made to make monthly arrears installments in accordance with the client's arrears policy. Arrears are collected in accordance with the Manitoba Landlord and Tenant Act or Manitoba Cooperatives Act and in concert with the Client's preferred arrears policy (i.e. Co-op's). Telephone contact, then a letter is the norm. In most cases, where there is sufficient proof or reason for the arrears, a repayment schedule may be drawn up and signed by both parties. Failure to adhere to this repayment schedule may constitute a notice of eviction. Murdoch Management has had great success in collecting and reducing arrears in properties experiencing this problem while avoiding the inevitable revenue loss associated with eviction. The collection of Vacated Bad Debt is normally referred to a collection agency or by way of statement of claim at small claims court (a proper reference check and credit investigation prior to occupancy, where applicable, can help minimize the occurrence of bad debt). Service procurement techniques In order to assure the most competitive pricing, contracted services whose contract amount is estimated to be in excess of $1,000. are normally procured by way of an invitational bid from at least three qualified proponents. Murdoch Management Inc. offers its client the option of whether Murdoch requires the written approval of its client to enter into a service contract which term is for greater than one year in duration. Murdoch Management has available to it an ongoing revolving list of trades, sub trades and service providers upon which to call. In order to avoid conflict of interest and to obtain the most competitive pricing, Murdoch Management carries no trades and/or sub-trades of its own. Long-term service contracts are reviewed annually in consideration of quality of service, cost, and overall performance. All service/ maintenance site visits are documented in report form requested from the contractor and in the custodian's logbook. All work is approved prior to commencement and inspected prior to payment.

Murdoch Management's internal Procurement Policy is as follows: Neither family nor relatives of MM Staff can be EMPLOYED. Any potential Staff conflict of interest regarding CONTRACTED WORK


10

and personal interest must be declared to the General Manager PRIOR TO any bidding or tendering process commences. All BUDGETED PURCHASES are to be made via Maintenance Request, Work Order, and Purchase Order and approved by Project Manager prior to initiating the purchase. All NON BUDGETED EXPENSES require General Manager's written Approval prior to initiation. ALL EXPENDITURES require back up including Maintenance Request form, Work Order, and Documented Quotes and Purchase Orders. ALL EXPENSES in amounts above $1,000 should be competitively obtained with a minimum of three independent prices prior to initiation of the work (faxed quotes acceptable). Exceptions to this rule require General Manager’s written approval prior to expenses incurred.

Security of Properties All properties are visited regularly. Security checks on vacant units are performed at a minimum weekly. Written reports signed by the inspector are recorded. Live-in custodians are responsible to secure all access points in apartment buildings in the evening. Maintenance Inspections During regular property visits, signs of wear and tear are noted and reported by the inspector. In depth seasonal maintenance inspections are carried out annually, the results of which are documented for approval, action and budgeting purposes as required. SOCIAL HEALTH AND WELLNESS Murdoch Management, recognizing that a home is more than simply shelter, supports and promotes the continued development of each projects own unique social health and wellness. Murdoch Management encourages the setting up and operating of resident committees and associations addressing the specific "social health and wellness" needs of residents. Murdoch willingly serves as a resource for information and contacts to the myriad of services available via networking.


11

SUMMARY OF PROJECTS Murdoch Management Inc. has accomplished the objectives of the following clients since 1988: FILCASA HOUSING CO-OP LTD. Project Cost $2,985,000. 442 William Avenue East, Wpg. Man. No. Units (28) Financed by CMHC/ Manitoba Housing

With Acorn Development Consultants Ltd. as project planners, the Filcasa Housing Co-op Ltd. received mortgage funding through the Manitoba Housing/CMHC Private Non-Profit Program as well as grant assistance from Winnipeg Core Area Initiative; Culture, Heritage & Recreation and the Manitoba Heritage Federation Inc. to construct 29 units of seniors/family non-profit housing. All suites within the building are designated for core need thereby providing much needed assistance to households of modest income. In addition to providing affordable

housing for its' membership, the Filcasa Housing Co-op Ltd. also accomplished the rehabilitation and conversion of the long vacant, historically designated "Normal School" which was originally constructed in 1905. Restoration of this landmark was a major undertaking that has earned this project an award under the 1992 Heritage Preservation Award Program. Upon completion of the Management/Development Plan for this project, Murdoch Management Inc. was contracted in October 1991 to provide a full property management service to FILCASA Housing Co-op and it's residents. The FILCASA Housing Co-op enjoys a 0% vacancy rate, 0% arrears to rent ratio and 0% bad debt to rent ratio. In comparison, the average vacancy rates in apartment structures in the same neighbourhood area, zone 2 were 8%-9.6%. FILCASA Housing Co-op currently maintains an active waiting list of 69 households.


12

ST. MICHAEL'S VILLA INC. Project Cost $4,569,000. 114 Yale Avenue East, Wpg. Man. No. Units (57) Financed by Manitoba Housing/ Sponsor Seniors Life Lease

With Acorn Development Consultants' assistance, St. Michael's Villa obtained Mortgage financing via the Seniors Lifelease Program administered through Manitoba Housing. This market project of eight stories consists of 57 one and two bedroom units of seniors housing along with a Ukrainian Cultural Centre and daycare space. Twelve suites within the development are available for households of core need income, the remaining forty-five suites are leased at market rents. Tenant equity as a requisite of this loan option along with a sponsor contribution served to offset the debt service expense to tenants within the development. As well, grant assistance

from several agencies assisted in the financing of the cultural component of this project. The expertise of Murdoch Management was fully utilized in the development and implementation of a highly successful project marketing strategy. Upon completion of the development of the project's Management Plan, Murdoch Management Inc. was contracted to implement a full property management service to St. Michael's Villa on June 08, 1990. Later, Murdoch Management Inc. was called upon to assist with the evaluation of the impact of the 1990 Municipal Tax Assessment revision on Life Lease Projects. Murdoch Management Inc. was instrumental in successfully appealing, on behalf of "Life Lease" projects in Winnipeg, the revision to the Municipal Tax Assessment Act to the benefit of "Life Lease" residents. St. Michael's Villa demonstrates a 1.0% vacancy rate, 0% arrears to rent ratio and 0% bad debt to rent ratio. In comparison, the average vacancy rates in apartment structures in the same neighbourhood area, zone 8 were 3.0%-4.0%. St. Michael's currently maintains a waiting list of 105 households.


13

WESTON RESIDENTS Project Cost (1) $150,000. HOUSING CO-OP LTD. Project Cost (2) $1,177,412. Scattered sites, Weston, Wpg. Man. Project Cost (3) $1,967,000. Financed by CMHC/ Manitoba Housing No Units (39) Acorn Development Consultants Ltd. has assisted this non-profit community based cooperative to develop three separate family housing projects. The housing cooperative was formed by residents within the Weston community who, in an effort to effect neighborhood revitalization,

organized to counteract deterioration within their community. A total of 39 units have been developed to date with the assistance of Manitoba Housings' Non-Profit Program along with a Community Revitalization grant and assistance from the City of Winnipeg. The Weston Residents Housing Co-op continues in its efforts

to renew their neighborhood. Murdoch Management Inc. developed a Management Plan and administrative systems to assist this Co-op to self manage. Upon completion of the Co-op's second project in September 1990, Murdoch Management was contracted to provide full property management services. The Weston Residents Housing Co-op demonstrated a 2.6%-3.0% vacancy rate. In comparison, the average vacancy rates in apartment structures in the same neighbourhood area, zone 3 were 9.9%-11.6%. The Co-op currently maintains a waiting list of 89 households. KANATA HOUSING CORP. Project Cost (1) $1,250,000. Scattered sites, Wpg. Man. Project Cost (2) 1,375,000. Project Cost (3) 2,700,000. Financed by CMHC/ Manitoba Housing No Units (89) Kanata Housing Corp. is a non-profit community based group whose goal it is to provide good quality affordable non-profit housing to households of native ancestry. Kanata self managed two 25-unit portfolios of family oriented housing for the first four years of its operation. Murdoch Management Inc. was contracted by Kanata in February 1991 to develop and implement a full property management service for these portfolios.


14

Along with the assistance of Acorn Development Consultants Ltd., Kanata has developed a further 39 new units to its clients. Murdoch Management brought Kanata Housing Corp., to a 0% vacancy rate, 1.0% arrears to rent ratio and 1.0% bad debt to rent ratio. Murdoch Management brought Kanata's active waiting list up to 510 households. In 1998, Kanata with a fully functional Board and professional operational procedures, again embarked upon self-management. ST. VITAL KNIGHTS INC. (Phase I) Project Cost $3,648,000. 537 St. Anne's Road, Wpg. Man. No. Units 48 Financed by CMHC/ Manitoba Housing

The Knights of Columbus representing three parishes within the St. Vital area sponsored this project, developed with the assistance of Acorn Development Consultants Ltd.. Major land assembly requiring agreement between the City, the Province as well as private landholders was concluded in the December, 1991 allowing the construction start of a 48-suite building with amenity space funded through the Federal Private Non-Profit Housing Program. Long-range plans include the construction of a total of 96 seniors one and two bedroom suites and a personal care facility. Phase I has been realized and residents of this initial project are required to meet core-need income thresholds as a condition of occupancy. Murdoch Management Inc. developed a highly successful Management Plan and marketing strategy for this client. Upon construction completion in April of 1992 Murdoch Management Inc. was contracted to provide a full range of property management services for the project. The Villa has been in operation since May 01, 1992 and demonstrates a 0.5% vacancy rate, 0% arrears to rent ratio and 0% bad debt to rent ratio. The average vacancy rates in apartment structures in the same neighbourhood area, zone 10 were 5.9%-6.1%. The St. Vital Knights Villa currently maintains a waiting list of 126 households.


15

M.A.P.S. HOUSING CO-OP LTD. Project Cost (1) $175,000. Scattered sites, Wpg. Man. Project Cost (2) 947,034. Financed by CMHC/ MH Project Cost (3) 1,283,320. Project Cost (4) 963,500 No. Units 43

M.A.P.S. Housing Co-op Ltd. self managed their first project of five units for two years. Murdoch Management Inc. was contracted in 1989 to develop a Management Plan for the Co-op and to provide support and training assistance to the Co-op's volunteer property manager. After a number of years

developing new homes with Acorn Development Consultants Ltd., M.A.P.S. increased its portfolio to forty-three units of cooperative family housing via four separate Projects financed in part by the Manitoba Housing Non-Profit Housing Program along with grant funding assistance. Neighborhood Revitalization is the mandate of the M.A.P.S. Housing Co-op Ltd. This goal has been and continues to be met by the ongoing efforts of the group. M.A.P.S., demonstrated a 0% vacancy rate, 0% arrears to rent ratio and 0% bad debt to rent ratio. In comparison, the average vacancy rates in 3-5 unit apartment structures in the same neighbourhood area, zone 4 were 9.7%-15.3%. The Co-op currently maintains a waiting list of 239 households and is managed by Murdoch Management. COLUMBUS CENTENNIAL SENIORS Project Cost $4,933,000. COOPERATIVE HOUSING LTD. No. Units 70 410 Desalaberry Avenue, Wpg. Man. Financed by CMHC

With the assistance of Acorn Development Consultants Ltd., the Manitoba State Council of the Knights of Columbus was the sponsors of this non-profit housing cooperative for senior citizens. Funding assistance to construct the 70-unit


16

market oriented housing project was secured through Canada Mortgage & Housing Corporation via the Index Linked Mortgage Program. Located on the banks of the Red River, this development provided 35 units for core need tenants with the remaining units commanding "market rents". This building is Phase II of a three-phase vision by the Knights of Columbus to provide quality social and recreation services to the seniors within the community. Phase I consists of a Seniors drop-in centre, a restaurant and lounge which is connected by a climate controlled walkway to Phase II, the seniors housing facility. Phase II was specifically designed for independent living. It is intended that Phase III will consist of a Personal Care Facility. This development was the sole project in Manitoba to receive funding through the Federal Cooperative Housing Program in 1989. Upon completion of the project's Management Plan, a comprehensive operational and administrative system was developed by Acorn/ Murdoch Management Inc. in order to allow the sponsor to self manage. This package included: Board of Directors manual, resident rules and regulations, operational policy manual, a financial recording and reporting system, an administrative filing system, budgeting procedures, and marketing techniques. The project to date has maintained its viability and integrity. The Columbus Centennial Seniors Housing Cooperative demonstrated a 0% vacancy rate, 0% arrears to rent ratio and 0% bad debt to rent ratio. In comparison, the average vacancy rates in apartment structures in the same neighbourhood area, zone 7 were 6.2%-5.8%. ROSH PINA HOUSING CO-OP LTD. Project Cost $4,625,000. 133 Matheson Avenue E, Wpg. Man. No Units (62) Financed by CMHC

The Rosh Pina Synagogue Congregation, identifying the need for community based seniors housing, initiated the formation of the Rosh Pina Housing Co-op Ltd., which in turn sponsored the development of this impressive facility. Acorn Development Consultants Ltd. acted on the Co-op's behalf as project planners. Constructed in a residential neighborhood this community facility is nestled within an extensively landscaped five-acre site, which affords a park like environment to its

residents.


17

Upon completion of a successful Management and Development Plan, the 62 unit, 5-storey seniors housing project financed through the Federal Cooperative Housing Program in 1989 required the development of a complete Management Plan. This plan included administrative and operations systems and marketing strategies to provide the basis for self-management. Both Murdoch Management and Acorn remain available upon the client's request for consultation. The Co-op report a 0% vacancy 0%arrears to rent ratio and 0% bad debt to rent ratio. For comparison purposes, the average vacancy rates in apartment structures in the same neighbourhood area, zone 6 were 3.9%-2.6%. The Rosh Pina Housing Co-op maintains a waiting list of 162 households. Murdoch Management Inc. remains available for consultation purposes. KOREAN CANADIAN Project Cost $2,250,000. HOUSING CORPORATION No Units (28) 150 Stradbrook St, Wpg. Man. Financed by CMHC/ Manitoba Housing

The Korean Canadian Housing Corporation in concert with the Korean Association Of Manitoba Incorporated and Acorn constructed a 28 suite apartment block and Korean Canadian cultural centre at 150 Stradbrook Street in Winnipeg. This Project provides for a mix of seniors and family

residential accommodation Construction was completed on April of 1993. Murdoch Management Inc., instrumental in the development of the client's Management Plan, was contracted to provide a full property management service for this project prior to occupancy. The Korean Canadian Housing Corporation demonstrates a 1.5% vacancy rate, a 0% arrears to rent ratio and 0% bad debt to rent ratio.


18

INDO CHINA CHINESE Project Cost $1,863,415. HOUSING CORPORATION No Units (26) 150 Greenway Crescent, Wpg. Man.

The Indo-China Chinese Housing Corporation was formed by the Indo-China Chinese Association of Manitoba. The Association is an International organization devoted to assist those of Chinese decent living outside of China who are in need.

The housing corporation with the assistance of Acorn Development Consultants, completed the construction of a 26-unit ground oriented townhouse project in St. James, Winnipeg specifically designed for families. Murdoch Management was contracted to provide property management services upon occupancy of January 1995. The Project currently experiences a 0% vacancy rate, 0% arrears and maintains a waiting list of 57 households. ASTRA NON PROFIT No Units (127) HOUSING CORPORATION for seniors 64 Nassau Street North, Wpg. Man. Financed by CMHC

The Astra Project completed construction in 1980 for senior citizens. The project administers a CMHC "Section 56.1 Subsidy Surplus Programme" to provide financial assistance to those residents in need. Astra retained Murdoch Management in January of 1994 to provide complete property management services. Throughout the 1994 to 2004

fiscal years Murdoch Management has initiated and supervised substantial physical upgrading to the interior and exterior finishes, appliances and services at 64 Nassau. Astra currently enjoys a 1.0% turnover rate and 0% arrears and a waiting list of 199 households.


19

PORTUGUESE NON PROFIT HOUSING CORPORATION. Project Cost $2,204,000. 857 Wall Street, Wpg No Units 28 seniors.

The Portuguese community with leadership from the Portuguese Association of Manitoba, Casa Do Minho, Portuguese Business Community and the Congregation of the Church of the Immaculate Conception, sponsored the development of a 28-suite non-profit housing project in Winnipeg, Manitoba. The project was financed in part by Manitoba Housing, CMHC, and through the fundraising efforts of the sponsor and the Development Assistance of Acorn. Murdoch Management Inc manages this Project. The Project maintains a 0% vacancy rate and 0 bad debt.

WESTMINSTER HOUSING CO-OP LTD. No Units (35) 145 Maryland Street, Wpg. Man. Financed by Manitoba Housing/CMHC

The Westminster Housing Co-op provides family housing to thirty-five families in a mixed project setting of apartments and town houses. The Co-op retained Murdoch Management on December 1994 to

provide property management services. The co-op offers strong community support for its members. Currently the Co-op experiences a low turn over, 1.5% vacancy rate, and 0% arrears. Westminster waiting list comprises of 45 households.


20

PRAIRIE HOUSING CO-OP LTD. No. Units (47) 113 Market Avenue and scattered locations, Wpg. Man. Financed by Manitoba Housing/CMHC

Prairie Housing Co-op was originally formed in 1988 in an attempt to provide a supportive community living for independent households and households with disabilities. The Co-op owns a 28 suite converted warehouse in the exchange district of Winnipeg along with some nineteen homes in scattered locations throughout the City. Prairie retained Murdoch Management to provide a full property management service to its portfolio. Due to its downtown location (downtown vacancy rate of 12%) limited parking and financing programme constraints, the converted

warehouse project that has a 50% market component, has posed challenges to the Co-op to maintain full occupancy. The project has 100% occupancy. CHARLES CATHEDRAL No. Units (20) HOUSING CO-OP LTD. 250 Cathedral Street, Wpg. Man Financed by Manitoba Housing

Concerned neighbourhood citizens formed the Charles Cathedral Housing Co-op Ltd., to convert this fine Church structure into twenty homes owned and operated as a non-profit cooperative. The cooperative self managed throughout its early life and latterly engaged Murdoch Management to provide its property management needs. The co-op offers both market and designated subsidized accommodation. The unique architecture offers many unique suite layouts.


21

ALPHA HOUSE PROJECT INC. Project Cost $325,979 Manitoba. No Units (8) Financed by CMHC/ Private Fund Raising Efforts

The Alpha House Project was initiated by concerned community members in an attempt to address the need for a "second stage" housing facility for victims of domestic violence. Both Acorn Development Consultants and Murdoch Management are involved professionally with this organization.

WINNIPEG RIVER MANOR Project Cost 1,247,768 Powerview, Manitoba. No Units (18) Financed by MHRC Private Fund Raising Efforts

The Winnipeg River Manor, with the assistance of Acorn, developed an eighteen-suite apartment complex and seniors community resource centre for those 55 years and better.

The Manor provides twelve "Life Lease" apartments and six designated "subsidized" apartments to the senior's community on a not-for-profit basis. The Manor, which opened on April of 1995, contracted Murdoch Management to provide property management services. The Manor with a waiting list of thirty-four households, currently enjoys a 0% vacancy rate and 0% arrears. The Manor’s waiting list totals 30 households.


22

ST. VITAL KNIGHTS INC. (Phase II) Project Cost $4,721,345. 537A St. Anne's Road, Wpg. Man No. Units (48) Financed Privately by Life Lease/ Manitoba Housing

The Knights of Columbus representing three parishes within the St. Vital area sponsored this project, developed with the assistance of Acorn Development Consultants Ltd. This Seniors Life Lease Project concludes Phase II of a long-range plan to provide to the community a total of 96 seniors one and two bedroom suites and a personal care facility (Phase III). Murdoch Management manages both Phase (I) and (II). Situated on the banks of the Seine River, the park-like property offers it’s residents a tranquil setting on the east-side while at the west-end of the property the site is accessed from St. Anne’s road providing excellent public transportation services. The Villa is 100% occupied and demonstrates a 0.5% turnover rate, 0% arrears to rent ratio and 0% bad debt to rent ratio. Phase II maintains an expression of interest list in excess of 500 households.


23

SOUTHWARD VILLA. Project Cost $3,287,947 Kenora, Ontario No Units (28) Financed by Privately - Life Lease

The Southward Villa, developed by Acorn Development Consultants, is a not-for-profit Life Lease Project specifically designed around the independent living needs of the Kenora community seniors. The Southward Villa contracted Murdoch Management to provide Property Management Services in June 1997. The Southward Villa is 100% occupied and demonstrates a 0.0% vacancy rate, 0% arrears to rent ratio and 0% bad debt to rent ratio. VILLA BELIVEAU INC. Project Cost $3,712,549 500 Beaverhill Blvd, Wpg No. units 33

This Project was sponsored by the Knights of Columbus in Southdale, Winnipeg, to provide an affordable not-for-profit housing alternative for community seniors. The life lease model was used to provide stability and flexibility to the residents whilst securing the required equity to assist with the financing of the Project. The Project, which was

financed privately offers large luxurious suites, enclosed parking and extensive amenity space for the residents comfort and social well being. Murdoch Management Inc. has been retained to provide property management services to the completed Project. Villa Beliveau demonstrates a 0% vacancy rate, 0 arrears and 0 bad debt.


24

VIC WYATT HOUSE INC. Project Cost $10,200,000 919 St. Anne's Road, Wpg. No units (64) 64 Seniors Life Lease and teachers resource centre

The Vic Wyatt House is a unique Project by virtue of its benefactor Mr. Vic Wyatt, a schoolteacher, principal and school division superintendent. Mr. Wyatt bequeathed a large sum of money towards the development of a multi-use facility that would provide not-for-profit housing to community seniors and a teacher’s resource centre. A place where teachers and community seniors could live, meet, exchange ideas and generally interact socially. The Vic Wyatt House, was occupied in spring of the year 2,000. The Project has been developed as a not-for-profit senior's life lease and will is managed by Murdoch Management. Vic Wyatt House has 100% occupancy. BEAUCHEMIN PARK PLACE. Project Cost $ 5,150,132 5995 Roblin Blvd. Wpg. No. Units (60) 30 Life Lease, 30 rent-geared-to-income


25

Beauchemin Park Place was sponsored by the Charleswood Legion and developed under the Manitoba Seniors Life Lease programme in 1995. Murdoch Management was appointed property managers in January of 2000. Beauchemin Park Place is 100% occupied. PARK CITY MEADOWS HOUSING CO-OP. Project Cost $M10 1009 Devonshire W. Wpg. No units 83 Senior Equity Co-op

Park City Meadows is Winnipeg’s first 55-plus New Generation Share Equity Housing Co-operative

83-unit apartment complex with 2 elevators. Fully accessible suites and common areas. Concrete floors and party walls. 1 bdm, 2 bdm & 2 bdm units with den, ranging from 785 to 1160

sq. ft. Lakefront building orientation adjacent to 2 Community Parks. Generous common spaces and communal storage areas. Sheltered parking for all suites and 6 guest parking stalls. Individually controlled suite electric forced air heating and air

conditioning. Maintenance-free living in a professionally managed building

Client Reference List ~ Sample Financial Reports ~ Sample Advertising

(available upon request)

Visit our web site at: www.lifelease.ca

download management resume - acorn & murdoch

Documents