Hi. This is Bruce Ash. President and Chief Executive Officer for Paul Ash Management Company, LLC.
Our company and its team of experienced professionals continues to produce great results for our clients and partners. We also are proud of our commitment to our community through service and gifts we have made throughout this year.
First, a current example of how PAMCO helps create value for our clients. In 2012 we received an assignment to act as receiver for an insurance company to operate a Phoenix multifamily community going through a foreclosure process. The value of the asset was well below its loan balance, occupancy below 60% and suffered from severe deferred maintenance and obsolescence issues. Our team closed the property down to perform a complete rehabilitation of the asset. From new plumbing, HVAC, landscaping, electrical to roof replacements and including a 100% upgrade of each unit including new flooring, plumbing, appliances, lighting and cabinets. The community was completely re-tenanted and rents increased nearly 40% over a two year period. Occupancy and collections set new records. More recently we have worked with our client to select the best broker to handle the marketing of the asset. We collaborated with client and broker to achieve the best outcome and we are proud to report that the asset has been sold for an amount three times what the original loan amount was when we took over as receivers. This is the latest in a long history of successful turn arounds our professionals at Paul Ash Management Company LLC have achieved in collaboration with clients and other real estate professionals to obtain the best results.
We also believe in generously giving back to our community and to the organizations who look out for those who can’t help themselves and other groups who enrich our lives like The Empire Ranch Foundation, The DM50, The Jewish Federation of Southern Arizona, University of Arizona Law School Foundation, Catalina Foothills High School Faculty Organization, Empty Bowls, Sister Jose Women’s Shelter, Tucson Hebrew Academy and The University of Arizona Foundation. We also participated as major donors and principal fundraiser for The USS Arizona Memorial project on the campus of the University of Arizona which forever remembers the sacrifice of nearly 1200 Americans who lost their lives on The USS Arizona during the Pearl Harbor Attacks in 1941. Our founder, Paul Ash, set an example of supporting our community to help make it a better place to live. On behalf of the Ash family and our PAMCO family members it is an honor to support such worthy causes that come from the labors of all of our company employees.
Bruce Ash, CPM
Paul Ash Management Company, LLC