Logan Property Management was formed in November 2004 to provide professional property management for the Amerland Group portfolio. The Amerland Group, one of California’s most active affordable housing developers, identified a need for a proactive property management company which could give excellent service to both clients and residents but also understand and work within the parameters of Tax Credit and HUD compliant properties. LPM was the answer.
LPM initially assumed responsibility for the management of seven properties, totaling about 1,000 units throughout California. The initial physical challenge of managing properties from the Bay Area to the Mexican Border was soon replaced with the larger task of reversing the trend for several underperforming assets each with their own unique set of issues, including poor tenant profiles, disorganized tenant files, and deferred maintenance. LPM quickly implemented new management systems and philosophies for each property. Within a few short months, each property was meeting expectations and had become a safer and more welcoming environment for both residents and employees.
In addition to turning around those first properties in its first year, LPM assisted the Amerland Group in acquiring and rehabilitating four additional properties in California and New Mexico, increasing its management portfolio to 1800 units.
In 2006 LPM took on its most challenging project called The Alexandria Hotel in Downtown Los Angeles. The Alexandria was built in 1906 and comprises of 463 units. It is undergoing a $14 million rehabilitation to convert it into affordable housing. LPM has increased its range of services by not only managing the 300 existing residential tenants, but also 15,000 SF of retail and a public parking garage.
Today, LPM has a portfolio of nearly 3000 units in California, Colorado and New Mexico. Each property operates under the Low Income Housing Tax Credit (LIHTC/Section 42) program, and most include some form of HUD subsidy in the form of a HAP contract. The portfolio has a large senior housing component, which also includes two independent living facilities where meals and housekeeping are provided.
LPM maintains its corporate headquarters in San Diego, California with an additional senior management presence in Northern California.