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
Risk Analysis
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]
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