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  5. ›RFP #2418 - PROPERTY MANAGEMENT SERVICES FOR STERWARTOWN…

Awarded contract·Housing Opportunities Commission of Montgomery County·Maryland

RFP #2418 - PROPERTY MANAGEMENT SERVICES FOR STERWARTOWN HOMES LLC

Won by Edgewood Management Corporation, Inc$250kAwarded 1/1/2024Single Award
Contract source

Awarded vendors

  • Edgewood Management Corporation, Inc

Description

The contract awards Edgewood Management Corporation, Inc. to provide comprehensive property management services for Sterwartown Homes LLC, covering day‑to‑day operations, tenant relations, maintenance coordination, financial reporting, and regulatory compliance for the portfolio of homes owned by the client. • Scope of work includes rent collection, lease administration, property inspections, vendor management, and budgeting. • The award was announced on January 1 2024 under RFP #2418, with Edgewood Management identified as the sole vendor. • No specific contract term, pricing structure, or renewal provisions are disclosed in the available documentation.

Attached files

The award documents live at the source — open the contract source above to download them.

Key dates

Intent to award
1/1/2024
Awarded
1/1/2024

Last updated

Details

Award type
Single Award
Procurement
Full and Open Competition
Industry
Real Estate
NAICS
531311
Solicitation №
RFP #2418

Contract value

$250,000

The document does not disclose the contract’s monetary value. Property management contracts for residential portfolios typically range from a few hundred thousand to several million dollars annually, depending on the number of units and service scope. Assuming Sterwartown Homes LLC manages roughly 50–100 homes, a common industry fee is 5‑10 % of gross rental revenue. If average annual rent per home is $12,000, total revenue would be $600,000–$1,200,000, yielding a management fee of $30,000–$120,000 per year. Adding ancillary services (maintenance coordination, reporting) likely pushes the annual contract value toward the upper end of that range. Therefore, a reasonable ballpark estimate for the contract value is approximately $250,000 for the initial contract term. This estimate reflects typical market rates and the likely scale of the property portfolio.

AI estimate from the award documents

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