Multifamily Property Condition Assessment

Colonnade Apartments

Colonnade Apartments

A Multifamily Property Condition Assessment

The Property

The Colonnade Apartments located at 25 Clifton Avenue in Newark, New Jersey is a 560 unit multi-family property. The apartments include floor plans: Studio, 1, 2, and 3 Bedroom and are available in the 21-story towers situated on 6.2 acres. The luxury apartment building includes a state of the art fitness center, community area, laundry facility, and a mini-market on the ground level. The lush landscaping recommended by Commercial Building Consultants, LLC, now provides tenants with a park like setting.

 

Highlighted Findings

The building, built in 1960, required a commercial building inspector to conduct a walk through observation of all systems and conditions. Greg Trotter flew to Newark and performed the Property Condition Assessment in general accordance with the American Society for Testing and Materials (ASTM) E 2018-08: Baseline Property Condition Assessment Process. The overall condition of the property was fair. A few highlighted items from the Property Condition Report that was delivered to the client are featured below.

  • Percentage of Property Condition Assessments Resulting in Undetected Water Intrusion in a Commercial Building 85%

PROJECT HIGHLIGHTS

Spalled concrete that exposed the reinforcement steel was embedded in the ceiling of the mechanical room.

CBC reported that the gas fired boilers were antiquated and estimated to be twenty years old.

Discoloration and staining with the aluminum curtain framing and flashings.

Interior water damage discovered during walk through survey.

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