Creekwood Apartments
2
WEEKS TO FOUR FULLY-LEVELED HARD BIDS
9
MONTH IMPROVEMENT OF PRECONSTRUCTION TIMELINE
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Catalyst Housing Group’s innovative model provides affordable rental housing to California’s essential workforce. Over the past two years, Catalyst has acquired more than $2 billion and 4,000 units of premier multifamily rental communities. Catalyst Housing Group lives at the intersection of investment, innovation, and impact. The company was founded in 2015 and headquartered in Larkspur, CA.
In April 2021, Catalyst Housing Group purchased the Creekwood Apartments from Bridge Investment Group and paid $128,750,000, or $416,666 per unit. Situated in the East Bay community of Hayward, CA, the 309-unit complex spans 257,000 SF and features several pools, a gym, and a clubhouse.
Previously, extensive site access was needed to measure and scope a renovation that included units, exteriors, amenities and common areas. Next, Catalyst would typically source an interior designer who would sitewalk, re-design and specify FF&E for the clubhouse, gym, lobbies and hallways on four floors. A sizable portion of the 500+ man-hours needed preconstruction would require Construction Operations to compile design packages for RFPs, gather and finally level-set multiple contractor bids. Multiple new hires would be required to manage a renovation of this scale. If any takeoffs were discovered to be inaccurate mid-project, costly change orders, rework loops and rebidding would be required to move forward.
Four weeks prior to close of acquisition, Catalyst Housing Group received four sets of fully-leveled hard bids without requiring a single site walk. The fully leveled hard bids arrived within two weeks of property address and rent roll submission.
One week after rent roll and property address submission in the Tailorbird portal, Catalyst was provided with dimensionalized floor plans, an RFP and takeoffs without the need for site walks. This trusted data became the single source of truth for the lightning bid and subsequent leveled bidding template used by all bidding contractors. Concurrently, Design Well Spent Co. partnered with Tailorbird to manage all the conceptual designs and specifications for the complex’s clubhouse, gym, hallways, and lobby renovations.
Wray has since partnered with Catalyst Housing Group on multiple multifamily renovations. She continues, “working with Catalyst has been exciting for us […] we’re looking ahead together and systematizing the scoping and construction process to avoid rework and rebidding. A huge part of that is due to working with Tailorbird.” In 2021, Catalyst Housing Group was the biggest buyer in the San Francisco metropolitan area, paying a combined $663 million for five assets encompassing 1,226 units. With Tailorbird’s 98.5% accurate measurements and takeoffs, it’s easier for Catalyst to accelerate their velocity of multifamily acquisitions.
Catalyst Housing Group’s innovative model provides affordable rental housing to California’s essential workforce. Over the past two years, Catalyst has acquired more than $2 billion and 4,000 units of premier multifamily rental communities. Catalyst Housing Group lives at the intersection of investment, innovation, and impact. The company was founded in 2015 and headquartered in Larkspur, CA.
In April 2021, Catalyst Housing Group purchased the Creekwood Apartments from Bridge Investment Group and paid $128,750,000, or $416,666 per unit. Situated in the East Bay community of Hayward, CA, the 309-unit complex spans 257,000 SF and features several pools, a gym, and a clubhouse.
Previously, extensive site access was needed to measure and scope a renovation that included units, exteriors, amenities and common areas. Next, Catalyst would typically source an interior designer who would sitewalk, re-design and specify FF&E for the clubhouse, gym, lobbies and hallways on four floors. A sizable portion of the 500+ man-hours needed preconstruction would require Construction Operations to compile design packages for RFPs, gather and finally level-set multiple contractor bids. Multiple new hires would be required to manage a renovation of this scale. If any takeoffs were discovered to be inaccurate mid-project, costly change orders, rework loops and rebidding would be required to move forward.
Four weeks prior to close of acquisition, Catalyst Housing Group received four sets of fully-leveled hard bids without requiring a single site walk. The fully leveled hard bids arrived within two weeks of property address and rent roll submission.
One week after rent roll and property address submission in the Tailorbird portal, Catalyst was provided with dimensionalized floor plans, an RFP and takeoffs without the need for site walks. This trusted data became the single source of truth for the lightning bid and subsequent leveled bidding template used by all bidding contractors. Concurrently, Design Well Spent Co. partnered with Tailorbird to manage all the conceptual designs and specifications for the complex’s clubhouse, gym, hallways, and lobby renovations.
Wray has since partnered with Catalyst Housing Group on multiple multifamily renovations. She continues, “working with Catalyst has been exciting for us […] we’re looking ahead together and systematizing the scoping and construction process to avoid rework and rebidding. A huge part of that is due to working with Tailorbird.” In 2021, Catalyst Housing Group was the biggest buyer in the San Francisco metropolitan area, paying a combined $663 million for five assets encompassing 1,226 units. With Tailorbird’s 98.5% accurate measurements and takeoffs, it’s easier for Catalyst to accelerate their velocity of multifamily acquisitions.
Key Benefits
“We’re seeing reduced changed orders to even no change orders because of how well Tailorbird scoped out the project ahead of time. It is head and shoulders above anything else out there.” —Dave Denslow, Construction Operations, Catalyst Housing Group
“Tailorbird offers us visibility of the construction process in a way where we’re not running into hiccups like costly rework loops and rebidding.” —Tobi Wray, Owner, Design Well Spent Co.
“Tailorbird offered us a nine-month improvement over time compared to projects I’ve seen that are similar in scope." —Dave Denslow, Construction Operations, Catalyst Housing Group
“We couldn’t do what we’re doing without Tailorbird given the number of acquisitions we’re working through. There’s just no way.” —Laine Gomez, Asset Management, Catalyst Housing Group
“Tailorbird offers line-item budget numbers in a format that’s easy for us to work backwards from so that we’re not specifying things that ownership can’t afford. It keeps us efficiently moving in the right direction.” —Tobi Wray, Owner, Design Well Spent Co.
Key Benefits
“Tailorbird offered us a nine-month improvement over time compared to projects I’ve seen that are similar in scope." —Dave Denslow, Construction Operations, Catalyst Housing Group
“We couldn’t do what we’re doing without Tailorbird given the number of acquisitions we’re working through. There’s just no way.” —Laine Gomez, Asset Management, Catalyst Housing Group
“We’re seeing reduced changed orders to even no change orders because of how well Tailorbird scoped out the project ahead of time. It is head and shoulders above anything else out there.” —Dave Denslow, Construction Operations, Catalyst Housing Group
“Tailorbird offers us visibility of the construction process in a way where we’re not running into hiccups like costly rework loops and rebidding.” —Tobi Wray, Owner, Design Well Spent Co.
“Tailorbird offers line-item budget numbers in a format that’s easy for us to work backwards from so that we’re not specifying things that ownership can’t afford. It keeps us efficiently moving in the right direction.” —Tobi Wray, Owner, Design Well Spent Co.
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