When people think of multifamily or multi-unit properties, they think of apartment buildings. However, nursing homes, assisted living facilities, and student housing are also considered multifamily or multi-unit properties. When you need a building assessment of a multifamily or multi-unit property, there are four major entities that provide standards for an assessment. The standard you should use depends on the type of funding used to purchase the property.The American Society for Testing and Materials (ASTM) Guide to Property Condition Assessments (PCA) is the industry standard for building assessments on commercial properties, including multifamily or multi-unit properties. ASTM’s PCA guidelines include a review of the building’s documents, interviews, an on-site walk-through survey, and an opinion of cost analysis over the next two years for all major repairs and replacements. When it comes to multifamily and multi-unit properties, ASTM encourages conducting a statistical sampling of the total number of units. This sampling … Continued
Industry News & Events
We are looking forward to the ICBR Conference coming up on May 4th and 5th. Parthenon’s own Preston Ray will be presenting on The Elements of Property Condition Assessments Thursday afternoon. You’ll want to be a part of this great conference. Click here for details and the full schedule.
Choosing the right commercial building inspection firm is an important decision. Investors need to consider a number of factors that include the extent of the inspection, scope of work limitations, and what the inspection firm’s specialties are or are not. Read the full article and learn why All Commercial Building Inspections Are Not Created Equal.
ASTM published updated PCA standards with the goal of enabling more accurate identification of risks associated with building conditions. The ASTM E2018-15 Standard Guide for Property Condition Assessments has been updated to reflect these changes. To read the full article, click here.