These twin 4 storey walk-up apartments were constructed in the early 1970’s and were experiencing persistent issues with moisture penetration and window performance. The aging facilities were impacting the building’s curb appeal and consequently, unit values. Overall, the occupant comfort issues and reduced values required a complete plan with an accurate repair approach.
Truman performed an overall facility evaluation, which included leak testing and cladding assessments. This complete assessment permitted the development of a financially sound Reserve Fund Plan to address building deterioration issues and other aesthetic issues of concern to the Corporation. Our unique solution addressed the balcony aesthetic and safety issues while addressing moisture penetration at the exterior walls, which limited ongoing masonry deterioration and associated interior damage. Truman also led and participated in an energy audit, which identified an HVAC solution to address air leakage and condensation issues, which were impacting occupant comfort and causing deterioration of building components.
The increase in unit values was greater than for apartments as a whole in Oshawa, following more closely the recent increase in house prices in the Oshawa area, as shown below. However, note that OCC 17 values remained flat through 2012 until the balcony restoration was complete, while home prices appreciated 10-20% during that same period.
It is clear: A well-managed reserve fund plan, resulting in a properly functioning building, brings value to all owners.
> Hilites
- Reserve Fund Plan
- Balcony repairs and improvements
- Exterior cladding repairs to address moisture penetration
- HVAC and window retrofit
- Unit values increased over time with TESI involvement:
