RFP #2405 - PROPERTY MANAGEMENT SERVICES FOR WESTWOOD TOWER

The Housing Opportunities Commission of Montgomery County awarded a property‑management contract for Westwood Tower to CAPREIT Residential Management, LLC. The contract covers full‑service management of the residential high‑rise, including leasing, rent collection, maintenance, compliance with HUD‑affiliated programs, financial reporting, and use of HOC‑specified software platforms (Yardi Voyager, RentCafe, AODocs). The agreement is structured around a per‑occupied‑unit‑per‑month (PUPM) fee with separate line‑item costs for capital‑project oversight, vendor management, and required insurance coverage. The contract is intended to maintain high occupancy (≥ 93 %) and meet debt‑service coverage ratios while providing resident services and meeting regulatory reporting requirements. • Scope: leasing, operations, maintenance, financial & compliance reporting, capital‑project management. • Required systems: Yardi Voyager suite, AODocs, and other HOC‑mandated software. • Performance metrics: target occupancy ≥ 93 %, minimum DSCR 1.15, detailed monthly reporting. • Insurance & bonding: commercial general liability, professional liability, workers’ compensation, cyber, fidelity bond, etc., at specified limits. • Term: not explicitly stated in the award posting, but the standard HOC property‑management agreement provides a 2‑year base term with two optional one‑year renewals.