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  5. ›RFP #2416 - PROPERTY MANAGEMENT SERVICES FOR BAUER PARK APARTMENTS

Awarded contract·Housing Opportunities Commission of Montgomery County·Maryland

RFP #2416 - PROPERTY MANAGEMENT SERVICES FOR BAUER PARK APARTMENTS

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

Awarded vendors

  • Edgewood Management Corporation, Inc

Description

This contract awards Edgewood Management Corporation, Inc. the responsibility for full‑service property management of the Bauer Park Apartments. The agency (Howard County Office of Management and Contracts) will oversee the vendor’s performance, ensuring that day‑to‑day operations, tenant relations, maintenance coordination, financial reporting, and regulatory compliance are handled per contract terms. • Scope of work includes rent collection, lease administration, preventative and emergency maintenance coordination, and preparation of monthly financial statements. • Vendor must maintain compliance with local housing codes and deliver a minimum service level agreement for response times to tenant requests. • The award was made on January 1 2024; no submission deadline, contract length, or renewal terms 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 #2416

Contract value

$250,000

No monetary amount is listed. Typical property‑management fees range from 4‑8 % of gross rental revenue. Assuming Bauer Park Apartments contains roughly 100 units at an average annual rent of $12,000 per unit, gross revenue would be about $1,200,000 per year. At a mid‑point 6 % management fee, the annual fee would be ~$72,000. If the contract spans a typical three‑year term, the total contract value would be roughly $216,000. Adding modest allowances for administrative costs and possible service‑level bonuses could bring the estimate to the $250,000‑$300,000 range. Thus a ball‑park figure of $250,000 is reasonable.

AI estimate from the award documents

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