We Respect and Preserve an Owner’s Legacy
LOMCO began purchasing properties in 1999, thirty five years after the development consulting business was formed. Acquisition was the focus of Steve Doty (LOMCOs current owner), when he purchased 7 properties from the following Non Profit Boards:
United Church Retirement Homes of Long Beach
Montebello Senior Californias Housing Corporation
Wycliffe Housing Corporation
LOMCO has provided Baptist Gardens with over 35 years of excellent management and counseling that created not only increased value to our asset but also produced a tremendous amount of satisfaction and enjoyment among our 200+ tenants through their hands on approach. We look forward to many more years working together.
President, Baptist Gardens
Each Board was focused on securing not only a fair price but were equally concerned with maintaining their reputation with their residents, who in some cases had been at a property for more than 30 years. They also were committed to preserving independent affordable living for seniors and each board was determined that their mission be continued in the future. However, they were not professional owners or sellers of properties and they also recognized they would have no control over the property once a buyer completed a sale. And they asked themselves very relevant questions:
Would the buyer overpay and have to cut back on rehab and modernization that was necessary.
Would the buyer begin squeezing expenses so that repairs and maintenance could become deferred
Would the buyer eliminate the Service Coordination role to save money
Would the buyer make the needed capital improvements as systems wore out in the future
Would the event be eliminated to save money
LOMCO has been a great partner with Irvine Housing Opportunities, Inc. for ten years. With Woodbridge Manor’s multi-layered finance structure, we rely on LOMCO’s expertise in property and asset management to ensure that we exceed our goals in compliance and operational efficiency. LOMCO understands our commitment to excellence and has worked with our team to implement capital improvements, improve energy efficiency, and enhance our resident services. We look forward to a long relationship.
CEO, Irvine Housing Opportunities
In effect, what would come of the property after they were gone. All of these Owners made the decision that their interest would best be served with a sale to LOMCO, based on the trust and understanding built up over 30 plus years.
LOMCO has always met every expectation of the previous owners in terms of the facilities, the socialization of the residents and care through service coordination. Each of the buildings that we own is comprised of either Seniors and/or residents with physical and mental disabilities. This will remain our focus.