Title
Recommendation to Authorize the City Manager to Approve the First Amendment to the Sub-Management Agreement with Cerda Zein Real Estate, for an Additional One-Year Term, for Residential Property Management Services at Alameda Point in an Amount Not-to-Exceed $200,000. (Base Reuse and Economic Development 29061821)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
Cerda Zein Real Estate (CZRE), provides residential property management services for 67 City-owned market rate residential units at Alameda Point, located between Main Street and Pan Am Way, and north of West Midway Avenue, under an existing Sub-Management Agreement (Agreement), overseen by the City's primary property management team, RiverRock Real Estate Group (RiverRock, now Lincoln Property Company or "LPC"). The CZRE Agreement expires on April 30, 2025 (Exhibit 1).
Staff recommends that the City of Alameda (City) extend the existing agreement for one additional year with no changes to the compensation structure. Within the next year, staff will solicit bids for a multi-year sub-property management agreement for residential property management services.
BACKGROUND
LPC is currently the City's primary commercial property manager. In addition to commercial property management, LPC issues RFPs, negotiates contracts, oversees various sub-contracts on behalf of the City, including the supervision of the residential property management provider. CZRE, the current residential property management company, has depth of knowledge of the Alameda residential rental market, and specialization in rental and housing laws, and residential property management procedures.
In early 2022, the City, with the help of LPC, issued a competitive request for proposals (RFP) for a new residential property manager. CZRE was selected through that process. On March 28, 2022, the City entered into a sub-management agreement with CZRE, supervised by LPC. The...
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