
North Farm is a 300-unit townhome community located on the coast of Rhode Island. Amenities include a large swimming pool, a beachfront clubhouse, an arboretum with pergolas, meadows of wildflowers and spectacular views of Narragansett Bay. Barkan Management was initially engaged as a consultant to evaluate the self-management operation and determine needed capital repairs to roofs, siding and decks. We found this property was in poor condition, plagued with deferred maintenance, disgruntled unit owners, depleted reserves and plummeting market values. The board of trustees committed to a turnaround plan centered on full-service property management by Barkan Management. Within one year we had developed a comprehensive $4.6 million capital repair plan to address the aging infrastructure. We worked in partnership with the board for two years to win the approval of more than 70 percent of owners to proceed. As a result of well-negotiated contracts and favorable financing terms, all the envelope work was completed on all units on-time and on-budget. Today, the property is adequately funding a reserve and market values have increased dramatically.