Established by PSC Development in 1985, Evergreen Management Group (EMG) has been managing multi-family affordable housing properties for over 20 years. CREA and EMG became business partners while working on a multi-family property in the Salt Lake City metro area in May of 2016.
The particular property had, to that point, been through its fair share of problems. While knowing that the project would be temporary – but highly demanding, EMG brought their best to the table.
“Wendy Pickering, President, organized her team to suit our needs,” said Brandon Conway, VP, Senior Asset Manager at CREA.
From CFO responsibilities correcting financials, prior activity, and budget creation, to hands-on operations of the property and coordinating teams to satisfy state and lending inspection deficiencies from the regional manager, all the way through various compliance tasks, EMG was all in.
Wayne Nelis, SVP, Asset Management at CREA spoke on EMG’s efforts in the deal, as well, “EMG came to us as a highly recommended company and they didn’t disappoint. Knowingly aware of the multiple challenges at the property and short-term need for their services, Wendy and her team allocated the necessary resources to the property to help stabilize operations, identify and train staff, clean up financial records and bookkeeping, as well as ensure the property was tax credit compliant.”
CREA’s ultimate goal for the project, after having to become the General Partner, was to resolve all issues and sell the property. They have been able to do so with a closing date now scheduled for October 7, 2016. After having the closing pushed back multiple times, EMG has continued to work just as hard as they did on day one.
”It made no difference to them if it was their first day on the property or last day,” said Nelis. “Their efforts were 110% every day. EMG consistently maintained an open line of communication and were very responsive to all of our questions and needs, which was very important to us due to our Indianapolis location. We are grateful for what EMG was able to accomplish and would recommend them for any future property management opportunities.”
Pickering commented on the company culture and work ethic of employees saying, “EMG is a unique property management company with many facets of experience including a strong LIHTC Compliance team that stepped in and contributed greatly to our success on this project. We never shy away from a challenge or for an opportunity to work with a new investor regardless the length of the project for us.”
CREA thanks EMG for their dedicated support and looks forward to future projects together. To learn more about EMG, visit their website here.