Property Condition Assessments (PCAs), in various forms, have been around for over 20 years. In fact, Pete Madson was performing PCA-type services in the mid-1990’s when they were called Building Condition Studies and the like, before ASTM standardized the process in the late 1990’s. Many firms provide PCA’s nowadays, but we all know that the quality and usefulness of the PCA varies tremendously among the various providers and consultants.
NPC performs over 90% of its PCAs for ownership groups planning to purchase a property. Those are oftentimes referred to in the industry as an “Equity PCA”. Our clients use these PCA’s not only to help them make decisions about purchasing a property, but to re-trade when possible, and to plan and budget for future capital expenditures. Our clients have told us that they want real advice from their consultants and that is what we strive to deliver.
NPC believes that a PCA should be accurate, honest, and align with the client’s investment plans and operational philosophies for the property whenever possible. We also believe that a PCA should be useful for future planning and that the consultant performing the PCA should be able to provide insightful advice to the client. Since a PCA is a “snap-shot in time” and usually must be performed rather quickly without the benefit of intrusive investigation and/or design analysis, we use Engineers and/or Architects not only with extensive experience with that building type, but also with real-life experience in performing intrusive assessments and solving building problems.
The PCA also needs to be standardized to a specific format in order to be approved by our clients’ lenders for when they purchase the property. Our PCAs have been approved by major Wall Street banks, small regional banks, life insurance companies as well as many other lender types.
As of the end of 2014, NPC has performed over 950 PCAs representing over 47,138 hotel rooms, 74,934,129 square feet of industrial space 18,976 apartment units along with multiple office buildings and retail centers.Request a Proposal