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Management report: vacancies, elevator repairs, dryer vents and distributable cash at Mill Apartments
Summary
Management reported four vacancies at Mill Apartments, repeated elevator expenses, ongoing dryer‑vent work, scheduled inspections, and distributable cash from an audit; staff said they will consider leaving surplus funds in reserves rather than distributing.
Property management gave an operational update on Mill Apartments and related holdings, covering vacancies, maintenance, inspections, and audit results.
Management reported four vacancies and said elevator problems have contributed to turnover: “we had to spend another $2,000 on [the elevator],” a staff member said. Management expects vacancies to fall as elevator issues are resolved.
Ongoing building repairs include a dryer‑vent project (installing side‑wall vents where possible), pest-extermination scheduled for May and August, and a sprinkler inspection set for April 21 for the Mill building. Staff said some site work and power washing may be scheduled this summer.
Landscaping complaints raised by residents prompted management to say they will solicit proposals and have site staff review scopes with contractors on-site. “Love Your Home is the company that we’ve used the past several seasons,” management said; site supervisors Gunnar and Gio will review any chosen contractor’s scope of work and emphasize not blowing debris toward buildings.
On finance, management said the draft audit for Mill Apartments shows distributable cash. The figure management cited for Mill was approximately $156,000; staff said the property’s operating agreement requires a distribution to the investor (M&T Bank) per the cash‑flow waterfall, with any remaining balance available to the owner entity (Hank) or left in the property. Management recommended considering leaving funds in replacement reserves to address deferred maintenance listed in a prior capital needs assessment, including future roof replacement and other capital projects.
Why it matters: recurring elevator and HVAC‑related maintenance affects occupancy and operating costs; audit distributable cash creates a decision point about investor distributions versus preserving reserves for capital needs.
What’s next: staff will finalize the audit figures, ask the accountant whether funds must be distributed or can remain in property reserves, and solicit landscaping proposals and on‑site reviews with contractors.
