Success: Berryessa Industrial Center

Berryessa Industrial Center is a beautiful, modern light industrial park in San Jose, built after the dot-com downturn with 8 buildings comprising 90,000± sf in a 5 acre gated park. The park is governed by two commercial condominium associations set up by the developer.

Challenge:

The associations were set up in 2001 and 2003 and were run by the developer until 2008 when the Board transitioned management to a third-party manager. Over the course of these years, problems had been accumulating and by the end of 2009 the Board was frustrated.

Solution:

“Verity Properties has consistently delivered great service.
They embody how a property management firm should treat its clients.”

– Paul Kitzerow, Board member

Frustrated with their situation, the combined Board of the two associations hired Verity Properties in December 2009. The firm was able to quickly gain the trust and respect of the Board as Verity Properties diligently sorted out the Gordian knot of accounts, tax IDs and billing. A comprehensive preventative maintenance plan was quickly developed and implemented for all systems. Verity Properties worked closely with the existing reserve study firm to identify missing expenses and much more accurately project future expenses. Verity Properties’ staff worked with the Board to put together a strategic plan and a focused budget leading to smooth operations without increasing assessments.

Beyond the basics:

"Verity Properties has gone above and beyond what we expected.
I have been delighted with their professionalism
and attentiveness to our needs.”

– Joe Collins, Board member

The Board regularly shares documents between members and with the owners using Verity Properties’ secure portal, ensuring much more rapid and clear communication. This allows large documents to be quickly shared without running into restrictions on email attachments and reduces postage costs and delays. In addition, it allows owners and Board members to refer back to older documents without each owner maintaining their own copies.

Realizing the need to maximize returns for the under-funded reserve accounts, Verity Properties conducted a survey of investment vehicles and recommended a portfolio of insured instruments that has increased reserve returns more than 450%.

As Verity Properties’ first customers, these two condominium associations are a shining example of what Verity Properties can do for you.