HUD awards $48.9M for Asset Management Services to Chronos Real Estate, LLC
Contract Overview
Contract Amount: $48,923,229 ($48.9M)
Contractor: Chronos Real Estate, LLC
Awarding Agency: Department of Housing and Urban Development
Start Date: 2010-06-01
End Date: 2016-03-31
Contract Duration: 2,130 days
Daily Burn Rate: $23.0K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 27
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: ASSET MANAGER (AM) M&M III - AREA 2D
Place of Performance
Location: VIENNA, FAIRFAX County, VIRGINIA, 22182
State: Virginia Government Spending
Plain-Language Summary
Department of Housing and Urban Development obligated $48.9 million to CHRONOS REAL ESTATE, LLC for work described as: ASSET MANAGER (AM) M&M III - AREA 2D Key points: 1. The contract value is substantial at $48.9 million. 2. Chronos Real Estate, LLC secured the award. 3. The contract was awarded under full and open competition. 4. The period of performance was 2130 days.
Value Assessment
Rating: fair
The contract value of $48.9 million over 2130 days suggests a significant investment. Without specific per-unit cost data or benchmarks for similar asset management contracts, a precise pricing assessment is difficult. However, the duration and scope imply a need for robust cost controls.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded through full and open competition, indicating a broad solicitation process. This method generally promotes competitive pricing and allows for a wide range of potential contractors to bid, leading to potentially better price discovery.
Taxpayer Impact: The competitive nature of the award suggests that taxpayers likely received a fair price for the asset management services rendered.
Public Impact
Ensures effective management of housing assets, potentially impacting housing availability and quality. Supports the Department of Housing and Urban Development's mission to create strong, sustainable communities. The services provided could influence the stability and value of the housing market in Area 2D.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of specific performance metrics provided.
- No indication of small business participation.
Positive Signals
- Awarded under full and open competition.
- Long-term contract provides stability for services.
Sector Analysis
This contract falls within the professional services sector, specifically related to real estate and financial management. Spending benchmarks for similar asset management contracts can vary widely based on the portfolio size and complexity.
Small Business Impact
The data indicates that small business participation was not a factor in this award (ss: false, sb: false). Further analysis would be needed to determine if opportunities were missed for small businesses in this procurement.
Oversight & Accountability
The Department of Housing and Urban Development is responsible for overseeing this contract. Standard oversight mechanisms would apply to ensure contractor performance and adherence to contract terms.
Related Government Programs
- Mortgage and Nonmortgage Loan Brokers
- Department of Housing and Urban Development Contracting
- Department of Housing and Urban Development Programs
Risk Flags
- Lack of detailed performance metrics.
- No small business participation noted.
- Limited insight into specific asset management activities.
- Potential for cost overruns in long-term contracts if not managed tightly.
Tags
mortgage-and-nonmortgage-loan-brokers, department-of-housing-and-urban-developm, va, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Housing and Urban Development awarded $48.9 million to CHRONOS REAL ESTATE, LLC. ASSET MANAGER (AM) M&M III - AREA 2D
Who is the contractor on this award?
The obligated recipient is CHRONOS REAL ESTATE, LLC.
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 $48.9 million.
What is the period of performance?
Start: 2010-06-01. End: 2016-03-31.
What specific asset management tasks were included in this contract, and how did they align with HUD's strategic goals?
The contract details are limited, but 'Asset Manager (AM) M&M III' suggests responsibilities for managing mortgage and nonmortgage loans, potentially involving property maintenance, tenant relations, financial reporting, and disposition strategies. These tasks would directly support HUD's mission to maintain the quality and availability of housing stock and ensure the financial health of its programs.
Were there any performance issues or contract modifications during the 2130-day period that might indicate risk?
The provided data does not include information on contract modifications, performance reviews, or any disputes that may have arisen. A comprehensive risk assessment would require access to contract performance reports, any change orders, and termination history, if applicable, to identify potential issues.
How effectively did the competitive bidding process ensure value for money for the taxpayer?
The contract was awarded under 'FULL AND OPEN COMPETITION,' which is a strong indicator of a process designed to achieve value for money. This approach allows multiple bidders to compete, driving down prices and encouraging innovation. However, without post-award cost analysis or comparison to similar contracts, the precise level of value achieved remains to be fully determined.
Industry Classification
NAICS: Finance and Insurance › Activities Related to Credit Intermediation › Mortgage and Nonmortgage Loan Brokers
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › PROFESSIONAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY
Offers Received: 27
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 1199 S BELT LINE RD STE 105, COPPELL, TX, 75019
Business Categories: Category Business, Limited Liability Corporation, Not Designated a Small Business, Partnership or Limited Liability Partnership, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $51,308,277
Exercised Options: $51,308,277
Current Obligation: $48,923,229
Contract Characteristics
Commercial Item: COMMERCIAL ITEM
Parent Contract
Parent Award PIID: GS23F0009V
IDV Type: FSS
Timeline
Start Date: 2010-06-01
Current End Date: 2016-03-31
Potential End Date: 2016-03-31 00:00:00
Last Modified: 2020-10-02
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