Residential Property Acquisition & Tenant Relocation

Lake Forest

In 2009, the Lake Forest Redevelopment Agency requested RSG’s assistance in acquiring two housing units to be used for transitional housing. RSG identified property listings meeting Agency criteria, conducted field inspections and walk-throughs, and ultimately identified two suitable properties for acquisition, which were both recent foreclosures. RSG provided the Agency with our opinion of reasonable purchase prices based on comparable sales, appraisals, and consultations with realtors; RSG’s value estimate was then confirmed by a formal appraisal. RSG negotiated and managed all aspects of the purchase of both properties from property inspections, repair requests, and completion of escrow documents, to the continued day-to-day coordination between all parties involved. The properties were vacant; therefore, no relocation assistance was required.

In 2010, RSG was assigned by the Agency to assist with property acquisition and relocation of a multifamily project. The Agency was interested in acquiring a four-plex for affordable housing purposes. RSG acted as the acquisition consultant, managing negotiations with the seller, coordinating with the appraisal consultant, and the day-to-day activities with the escrow company. RSG’s construction management team also conducted and prepared the property inspection report, and RSG managed all stages of the tenant relocation, including tenant interviews and relocation plan preparation Tenants included six very –low-income Hispanic households located in four units. The project is funded with redevelopment housing set-aside funds; therefore, State Relocation and Acquisition Guidelines were closely followed.