Real Estate Capital Expenditure (CapEx) Approval Form

The Real Estate Capital Expenditure (CapEx) Approval Form serves as a structured document for proposing and obtaining approval for significant investment projects related to real estate properties. It outlines the details of the proposed project, including its justification, budget, potential impacts, and risk analysis, facilitating informed decision-making by stakeholders.

Property Information

Property Name:	Parkview Apartments
Property Address:	3249 Feathers Hooves Drive, Scarsdale, NY 10583
Property Type:	Multi-family Residential
Property Size:	50 Units
Current Condition:	Good Condition

Project Description

The proposed project involves renovating the common areas of Parkview Apartments, including the lobby, fitness center, and outdoor recreation spaces, to enhance the overall appeal and tenant experience.

Budget

Item	Estimated Cost
Materials	$50,000
Labor	$30,000
Equipment	$10,000
Other Expenses	$5,000
Total	$95,000

Justification

The capital expenditure is necessary to attract and retain tenants by modernizing the common areas, creating a more welcoming and functional environment. The renovation is expected to increase tenant satisfaction, leading to higher occupancy rates and improved property value.

Impact Assessment

Increased Revenue
Improved Property Value
Enhanced Tenant Satisfaction

Risk Analysis

Financial Risks
Operational Risks
Market Risks
Regulatory Risks

Mitigation Strategy

Engage reputable contractors with proven track records to minimize operational risks, and ensure compliance with local regulations.

Approval Process

The project will be reviewed and approved by the Property Management Committee. Required documentation includes this completed CapEx Approval Form, along with detailed project plans and contractor proposals.

Timeline

Commencement Date	April 15, 2024
Completion Date	June 30, 2024

Alternative Considered

Alternative:	Minor repairs and touch-ups
Reason:	Insufficient to address tenant demands for modern amenities and aesthetics.

Recommendation

I recommend approving the proposed capital expenditure for the renovation of Parkview Apartments' common areas.

Submitted By:

[Your Name]

[Title]

[Date]

Approval Signatures:

[Approver Name]

[Date]

[Approver Name]

[Date]

[Approver Name]

[Date]