HUD awards $10.1M for field service management, with 24 Asset Management Corp. securing the contract

Contract Overview

Contract Amount: $10,124,600 ($10.1M)

Contractor: 24 Asset Management Corp

Awarding Agency: Department of Housing and Urban Development

Start Date: 2025-12-12

End Date: 2026-12-19

Contract Duration: 372 days

Daily Burn Rate: $27.2K/day

Competition Type: FULL AND OPEN COMPETITION

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: FIELD SERVICE MANAGEMENT SERVICES FOR AREA [5A/8A]

Place of Performance

Location: MIAMI, MIAMI-DADE County, FLORIDA, 33175

State: Florida Government Spending

Plain-Language Summary

Department of Housing and Urban Development obligated $10.1 million to 24 ASSET MANAGEMENT CORP for work described as: FIELD SERVICE MANAGEMENT SERVICES FOR AREA [5A/8A] Key points: 1. Contract value appears reasonable for the scope of services, though detailed benchmarking is needed. 2. Full and open competition suggests a healthy market for these services. 3. Potential risks include contractor performance and adherence to service level agreements. 4. This contract supports residential property management functions within a specific geographic area. 5. The award falls within the broader IT and administrative support sectors for government operations.

Value Assessment

Rating: fair

The contract value of $10.1 million for a duration of approximately two years requires careful benchmarking against similar field service management contracts. Without specific details on the scope of services, it is difficult to definitively assess value for money. However, the firm-fixed-price structure generally provides cost certainty for the government. Further analysis would involve comparing the per-unit costs for specific services rendered against industry standards and other government contracts for similar property management support.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded under full and open competition, indicating that multiple vendors were likely solicited and had the opportunity to bid. This approach typically fosters a competitive environment, which can lead to better pricing and service offerings for the government. The number of bidders is not specified, but the open competition suggests a robust market for these services.

Taxpayer Impact: Full and open competition is beneficial for taxpayers as it increases the likelihood of obtaining services at competitive prices and encourages a wider range of qualified contractors to participate.

Public Impact

Residents in the service area (Florida) will benefit from maintained and managed residential properties. The contract ensures the delivery of essential property management and field services. Geographic impact is concentrated in Florida, specifically within Area 5A/8A. Workforce implications may include local job creation for field technicians and property managers.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for service disruptions if contractor fails to meet performance standards.
Ensuring consistent quality of service across all managed properties.
Monitoring contractor compliance with all contract terms and conditions.

Positive Signals

Award to an established entity (24 Asset Management Corp.) may indicate prior relevant experience.
Firm-fixed-price contract provides budget certainty.
Full and open competition suggests a competitive market, potentially leading to better value.

Sector Analysis

This contract falls within the broader real estate and property management sector, specifically focusing on residential property management services. The market for such services is substantial, encompassing both government and private sector needs. Comparable spending benchmarks would involve analyzing other federal contracts for similar property management and field services, as well as state and local government contracts for managing public housing or other residential facilities.

Small Business Impact

The provided data indicates that small business participation was not a specific set-aside for this contract (ss: false, sb: false). Therefore, there are no direct subcontracting implications or specific impacts on the small business ecosystem stemming from a set-aside requirement. However, the prime contractor may still engage small businesses as subcontractors, depending on their own procurement strategies.

Oversight & Accountability

Oversight for this contract will likely be managed by the Department of Housing and Urban Development (HUD) contracting officers and program managers. Accountability measures will be tied to the performance standards outlined in the contract, with potential for remedies if those standards are not met. Transparency is generally facilitated through contract award databases, though specific performance metrics may not always be publicly disclosed.

Related Government Programs

Public Housing Agency (PHA) Operations
Property Management Services
Residential Facility Maintenance
Federal Real Estate Management

Risk Flags

Contract performance risk
Service quality consistency
Budget adherence over contract life

Frequently Asked Questions

What is this federal contract paying for?

Department of Housing and Urban Development awarded $10.1 million to 24 ASSET MANAGEMENT CORP. FIELD SERVICE MANAGEMENT SERVICES FOR AREA [5A/8A]

Who is the contractor on this award?

The obligated recipient is 24 ASSET MANAGEMENT CORP.

Which agency awarded this contract?

Awarding agency: Department of Housing and Urban Development (Department of Housing and Urban Development).

What is the total obligated amount?

The obligated amount is $10.1 million.

What is the period of performance?

Start: 2025-12-12. End: 2026-12-19.

What is the track record of 24 Asset Management Corp. in managing federal contracts, particularly for HUD?

Information regarding the specific track record of 24 Asset Management Corp. with federal contracts, especially those with HUD, is not detailed in the provided data. A comprehensive assessment would require reviewing past performance evaluations, contract history, and any reported issues or successes on similar government engagements. Understanding their experience with the scale and complexity of managing residential properties for a federal agency is crucial for evaluating their capability to fulfill this contract effectively. Further research into federal procurement databases and contractor performance systems would be necessary to ascertain their historical performance and reliability.

How does the awarded price compare to market rates for similar field service management in Florida?

The provided data does not include specific line-item costs or detailed service descriptions necessary to perform a direct market rate comparison for field service management in Florida. The total contract value of $10.1 million over approximately two years offers a general sense of scale. To benchmark effectively, one would need to identify comparable contracts for residential property management services in the same geographic region (Florida) and analyze their pricing structures, scope of work, and duration. Industry reports on property management costs and consultation with subject matter experts could also provide valuable context for assessing whether this award represents competitive pricing.

What are the key performance indicators (KPIs) for this contract, and how will they be monitored?

The specific Key Performance Indicators (KPIs) for this field service management contract are not detailed in the provided data. Typically, such contracts would include metrics related to response times for maintenance requests, property inspection schedules, tenant satisfaction, preventative maintenance completion rates, and adherence to safety and regulatory standards. Monitoring these KPIs would be the responsibility of the contracting officer's representative (COR) at HUD, who would review performance reports submitted by 24 Asset Management Corp. and conduct site visits or audits to ensure compliance and service quality.

What is the historical spending pattern for field service management by HUD in this specific geographic area?

The provided data does not offer historical spending patterns for field service management by HUD in the specific geographic area (Area 5A/8A, Florida). To analyze historical spending, one would need to access HUD's procurement records and financial databases to identify previous contracts for similar services in that region. This would involve looking at contract awards over several fiscal years, noting the contractors, contract values, and durations. Understanding past spending trends can help contextualize the current $10.1 million award and identify any significant increases or decreases in investment in these services.

Are there any specific risks associated with managing residential properties in Area 5A/8A, Florida, that this contract addresses?

The provided data does not specify any unique risks associated with managing residential properties in Area 5A/8A, Florida, that this contract is designed to address. However, general risks in residential property management can include tenant issues, property damage, maintenance challenges, and compliance with local housing regulations. The contract's success will depend on 24 Asset Management Corp.'s ability to mitigate these common risks effectively. A deeper dive into the Statement of Work (SOW) and any associated risk assessments would be necessary to identify contract-specific risk mitigation strategies.

Industry Classification

NAICS: Real Estate and Rental and Leasing › Activities Related to Real Estate › Residential Property Managers

Product/Service Code: MAINT, REPAIR, ALTER REAL PROPERTY › MAINT, ALTER, REPAIR BUILDINGS

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 13155 SW 42ND ST, MIAMI, FL, 33175

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Hispanic American Owned Business, Minority Owned Business, Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $10,124,600

Exercised Options: $10,124,600

Current Obligation: $10,124,600

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 86614524D00006

IDV Type: IDC

Timeline