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  5. ›RFP #2447 - PROPERTY MANAGEMENT SERVICES FOR BARCLAY APARTMENTS & F…

Awarded contract·Housing Opportunities Commission of Montgomery County·Maryland

RFP #2447 - PROPERTY MANAGEMENT SERVICES FOR BARCLAY APARTMENTS & FAIRFAX APARTMENTS

Won by Residential One Management$720kAwarded 7/1/2024Single Award
Contract source

Awarded vendors

  • Residential One Management

Description

This contract awards Residential One Management the responsibility for comprehensive property‑management services covering the Barclay Apartments and Fairfax Apartments. The scope includes day‑to‑day operations such as rent collection, lease administration, tenant relations, routine maintenance, emergency repairs, budgeting, and reporting to the Howard County agency. The award was made without a publicly posted deadline, indicating a potentially streamlined or sole‑source procurement process. • Property‑management duties for two apartment complexes (Barclay & Fairfax). • Vendor: Residential One Management – sole awardee. • Award date: July 1 2024; contract administered by Howard County Office of Management and Contracting. • No publicly disclosed contract term, renewal options, or monetary value.

Attached files

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

Key dates

Intent to award
7/1/2024
Awarded
7/1/2024
Starts
7/1/2024

Last updated

Details

Award type
Single Award
Procurement
Sole Source
Industry
Real Estate
NAICS
531311
Solicitation №
RFP #2447

Contract value

$720,000

The document does not disclose a contract value. Based on typical property‑management fees (often 4‑6 % of gross annual rent) and assuming each apartment complex contains roughly 100 units with an average rent of $1,200 per month, the annual gross rent would be about $2.4 million per complex, or $4.8 million total. Applying a 5 % management fee yields an annual contract value of roughly $240,000. If the contract is for a three‑year term, the total value would be approximately $720,000. Therefore a reasonable ball‑park estimate for the contract is in the range of $600,000 – $800,000.

AI estimate from the award documents

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