Reid Group was hired as lead advisor by PBE Companies/Sovereign Bank to develop and manage the repositioning and redevelopment plan for Clayton On The Park in the wake of the 2008 housing crisis. The project represents the wide breadth of Reid Group’s advisory and development services from construction management, budget and capital expenditure recommendations to consulting on marketing and repositioning. The successful turnaround of the luxury high-rise during one of the toughest periods of the Great Recession is a testament to Reid Group's strong advisory, management and execution capabilities.
"PBE Companies, LLC engaged your firm at the height of the real estate down turn to help PBE Companies, LLC, resolve a unique and complex situation. The project Clayton on the Park was a 24 story high rise with 200 units left vacant, partially renovated and not maintained for almost a year before the foreclosure was completed. Your firm came on board quickly helped us secure the building, prepared budgets, capital expenditure recommendations including the restoring of the HVAC, entire new roof system and other building systems essential to securing the best value for PBE Companies, LLC upon disposition. We did not have one issue with any of the vendors you recommended. I personally liked your disposition and you provided real time options and ideas, which we could review, compare and contrast and discuss in an intellectual manner."
—Manuel J. Vales IV, Vice President, PB Companies.
Clayton on the Park was successfully remarketed and sold in 2012 and is currently a thriving luxury apartment community offering spectacular views of Shaw Park and Downtown Clayton.
Sign up to receive updates about this project or schedule a consultation with Reid Group.