Bogdan Management...

 

... currently owns and/or manages properties in NC, MD, AL and DC, supervises 27 employees and handles all accounting and payroll for various related entities. It is solely owned by Bogdan Builders, Inc. and Christopher J. Bogdan, sole owner and founder.

Bogdan Management entered the Fayetteville / Spring Lake NC market on April 1st, 2010 by contracting to manage just under 300-units in three apartment complexes and one commercial office building: Northpoint Apartments, Lake Charles Apartments, Applewood Village Apartments and Applewood Executive Office Suites. At the time, the properties were mismanaged, unable to cover debt service in most cases, and incapable of making more units rentable.  The following is an outline of what was accomplished by Bogdan in less than a one year period of time on C-class properties having large amounts of deferred maintenance.

 

Northpoint and Lake Charles Apartments, Spring Lake, NC (Fayetteville area)
Units:	226
Year Built:	1970
Location:	Oakdale Drive, Spring Lake, North Carolina
Condition of Property at Takeover:	67.7% occupancy (Balance of units vacant; being un-rentable or down.)
10 Months After Takeover:	95.6% occupancy
NOI April, 2010:	$97,600
NOI December, 2010:	$132,000
All improvements completed from cash flow, without additional capital infusion by the owners.

 

Applewood Village Apartments, Fayetteville, NC
Units:	56
Year Built:	1982
Location:	Applewood Lane Way, Fayetteville, NC
Condition of Property at Takeover:	76.8% occupancy (Property is a short term rental and occupancy fluctuates frequently.)
February 1, 2011:	94.6% occupancy
All improvements completed from cash flow, without additional capital infusion by the owners.

 

Applewood Executive Office Suites, Fayetteville, NC A Commercial Office Building
Units:	17 offices, mostly individually rented
Year Built:	1982
Location:	Applewood Lane Way, Fayetteville, NC
Condition of Property at Takeover:	40% occupancy (7 of 17 offices were rented for a gross rental income of $2,500/month.)
March 2011:	94% occupancy (16 of 17 offices now occupied.)
Property is again able to cover debt service.

 

Bogdan Capital, LLC, an associated company, will be or has taken majority ownership interest of both LP and GP interests in just under 300 units located in Spring Lake and Fayetteville, NC as detailed above.

 

Bogdan has efficiently applied its investment strategy throughout a variety of market conditions. As competitive pressures reduced expected yields, Bogdan extended the geographic and product scope of its investment activities while maintaining the discipline of its historically successful strategy.