Due Diligence
This is perhaps the most important step in the acquisition process “as acquisitions are made in the purchase”. GS Companies employs an exhaustive checklist in determining the viability of an acquisition from the market data to the availability of utilities and the projected approval time. This process thoroughly investigates market demand and supply, environmental assessments, approval processes, utilities availability and a thorough list of items in determining the risk and reward profile of a possible asset. More importantly, it is performed by GS Companies staff who manage the operation of communities on a daily basis and possess the experience to properly conduct such a process.
Cureton- Waxhaw, NC |
Acquisition
The products of a well performed due diligence is an informed decision as to risk and rewards and the proper structure of a possible acquisition. GS Companies has worked with numerous equity and debt sources in facilitating the acquisition process to insure the acquisition is coordinated and closed in a timely and professional manner.
Approvals and Entitlements
Why due diligence is a critical step in pre-acquisition, the securing of Approvals and Entitlements is the critical step post closing. Ensuring compliance with existing approvals and entitlements or obtaining approvals and entitlements for acquisitions is an arena where GS Companies has excelled over the years. The GS Companies professionals have helped obtain or obtained approvals and entitlements on over 20,000 acres, 30,000 residential units and eight million square feet of office, retail and industrial space since the creation of the company. Prior to GS Companies, these professionals performed these tasks for companies such as Arvida, Disney, St. Joe and Pulte Homes. The success of a project is a direct result of the approval and entitlement process. We are no longer real estate developers but rather real estate diplomats as managing the myriad of groups – public officials and staff, environmental groups and concerned citizen groups becomes ever more difficult.
Development Management
The Development Management discipline should integrate effective systems management of the day to day on-site development process with strong financial oversight on a constant monitoring basis to insure exceptions as well as compliance to established budgets. Development Management is an art, not a science, with each community offering unique management and cost opportunities.
The Development Management process starts with selecting and coordinating the best team of professionals for a specific project (engineers, planners, contractors, etc.) and managing these professionals during the design and implementation process. Development Management is analogous to managing a factory – outdoors with a multitude of activities occurring simultaneously and constantly solving problems on a daily basis.
The professionals of GS Companies have successfully managed development in numerous states and have constructed not only the horizontal infrastructure of lots, roads, and utilities but golf clubs and courses, beach clubs, amenity centers and commercial space.
Builder Relations
GS Companies sells to local, regional and national builders both parcels and developed lots. In this process, it has not only established a reputation for performance but coordinates and administers the day to day relations with the builders field staff as well as the administration of all builder contracts to ensure performance by both parties.
Amberly- Cary, NC |
Marketing
GS Companies works with advertising and marketing professionals to establish the market message for a community. This message is a result of the “Four Elements” and how they are integrated within a specific community to target the specific market niches which were established in the Due Diligence process. The market plan is developed to achieve the targeted absorption rates while achieving maximum marketing effectiveness and by managing the marketing budget in a discplined manner. The builders are charged a fee for this “umbrella campaign” which is paid at homebuyer closing.
While GS Companies does not sell to the final consumer, the company, in many instances in conjunction with the umbrella marketing campaign, will staff an information center usually located at the amenity center. The objective of the information center is to help inform buyers by selling the “lifestyle” of the community in an atmosphere which informs and directs the buyer to products they may desire.
Community Relations / Homeowner Associations
Community Relations is another name for the management of the Master Homeowners Association from creation through declarant control to final turnover. This discipline is ultimately important as the convenants are the most important document in governing the day to day management of the community and its residents.
GS Companies has had extensive experience in creating, drafting and implementing the covenants for the Master Homeowners Association and sub association, where necessary. The day to day management of the Association is contracted to a third party property management firm which handles all dues collections, payment of expenses and covenant enforcement.
In all GS Companies communities, the declarant controls the Master Association until the time of turnover at which time a transition committee is appointed to assist in the process. At all times, GS Companies is actively involved in this important element of managing the quality of the community through landscaping details, amenity operation and architectural review, to final transition.
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