A $400M+ real estate portfolio purchase is sizable investment that requires due diligence. But when the purchase also involves sites once riddled with contaminants and a 30-day turnaround to determine if the investment is a viable one, it’s even more critical. Which is why the largest residential landlord in Philadelphia turned to Apex to carefully evaluate and minimize their transaction risk. Their acquisition encompassed six properties with over 1,000 existing apartments, 110 apartments under construction, and 185,000 SF of office/retail space. Five of the sites are in downtown Philadelphia, three are within historic waterfront districts, and all had impacts from industrial uses dating back to the early 1900s.
The Apex team conducted a Phase I Environmental Site Assessment for all six sites and oversaw lead and asbestos screenings for three of the sites. The project scope was comprehensive, the timeline was aggressive, and the rigor was exhausting. But our team tackled it collaboratively and the results were impressive!
Apex reviewed and reconciled a century of historical site data against several thousand pages of previous investigations, findings, and conclusions to verify site conditions; evaluate past and present uses; and capture insight into constituents of concern. Adding to the challenges, half of the properties had undergone risk-based site closure; one of the sites was (and is still) undergoing active groundwater remediation; and the seller required absolute confidentiality regarding all site data inquiries.
To ensure we met the demands, we used our team’s unique expertise to address regulatory questions relative to data gaps or inconsistent, contradictory, or questionable data. They summarized the data relative to a particular issue, posed a regulatory-specific question the data prompted, drew a conclusion, and detailed the findings in a report the client’s legal counsel used to address any potential impacts and associated recognized environmental conditions, de minimis exclusions, or business risks.
Our work continues with asbestos and lead assessments and the completion of a regulatory record for each site’s 15-year history.
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