Overview

Friendship Square Condominiums, a 91-unit community, was facing dire challenges when Quasar took over the management in 2019. The prior management company vanished, leaving the Association in disarray. The laundry list of issues included a DC Water lien, imminent gas shutdown threats, terminated trash and landscaping services, and a staggering total outstanding obligation exceeding $270,000. Additionally, vandalism and significant deferred maintenance hurt the physical condition of the community. Quasar lacked owner contact information, only possessing ledger details from the previous year, and the Association had no funds to address the mounting issues.

Execution

Quasar initiated negotiations with all vendors to maintain essential services. Simultaneously, Quasar diligently reached out to owners, collecting crucial information and payments. By leveraging effective communication and strategic negotiations, Quasar not only averted service disruptions but also alleviated the Association’s financial burdens. Quasar initiated capital improvement projects to tackle the significant deferred maintenance issues.

Outcome

Within three years of taking over the management of the Association, Friendship Square underwent a remarkable transformation. The Association achieved debt-free status, and all liens were released. The physical state of the property witnessed significant improvements. The Association not only overcame its financial crisis but emerged as a fully functioning and operational community, restoring the trust and well-being of its residents.