Raybec LTD is the asset manager and owner of the Falcon Ridge Apartments. Based in Illinois, it owns and manages 3,000 apartments throughout Texas. We recently had the opportunity to visit company executive Joey Litz.
Litz spoke about the company’s concern for the safety of the tenants in the 64 units destroyed. Litz says the company wants to stay in tune with tenant concerns throughout the recovery process.
What is the latest you can share about the progress and the process (going forward) at the apartment complex?
I was able to visit the property on Wednesday, December 10th. I met with the entire team at Universal City (City Hall) to discuss the next steps. At this time, we are working with our engineer, contractor and the city to make a determination of the safety and integrity of the building. After the fire, within 24 hours everyone, including Universal City, Implicity Management, BR Construction and Centerpoint Energy were able to get the remaining buildings unaffected by the fire back up and running. Our number 1 concern is safety, and we understand that residents want to get back into their apartments, but we need to go through the process to avoid any possible hazards.
Who will make the final decision about whether the property is going to be rebuilt (after the December 7th fire) and what timeline do you anticipate?
The property will most certainly be rebuilt. Right now, we will get the report from the engineer which the city will then evaluate. Once they make their recommendations, we will work together to get plans approved for the rebuild. I suspect the entire process will take between 6–9 months. It is possible parts of the "100" section may be habitable sooner if the engineer and the city sign-off. We are very happy to comply with all the steps to ensure a proper and safe housing environment. If we are able to come to an agreement, we may see between 8–20 units ready to move in within the next few weeks. Again, I do not want to give any false hope since there are lots of steps to this. We will work as diligently as we can to get residents back home.
Explain why making decisions about moving forward will take time.
Due to the nature of the fire, the city will require certain reports from experts. This is not uncommon, and we understand the process as we have experience in both rehab and new construction. My estimation is that within a few weeks we will be able to have a much clearer timeline and will continue to communicate any updates we receive.
What has the company done to support displaced tenants?
First off, there are many people that need to be thanked. First, where Pastor Ryan (Gilbert) has taken people in not only to help with housing but also collecting donations both monetary and physically. We are so grateful for that. We plan to make donations to all the organizations that have helped. The American Red Cross has also stepped in and has helped with temporary housing and funds as well. (From) an ownership standpoint, anyone in the building 100 section where the fire was located has been refunded December rent. We have also offered housing specials at our sister properties in Lackland with flexible terms with the hopes that Falcon North residents can return. Many apartment complexes in the area have done the same. We are also so grateful to the entire team at Implicity Management. Jody, Ashley and Celia worked day and night making sure residents were safe and accommodating them as best we could with the few vacant units that were unaffected by the fire.
Litz in closing
We know how devastating a fire can be. I have lived through my childhood home flooding and being displaced for almost a year. We keep taking a step back as difficult as it may be and remind ourselves that there were no casualties. That is still the most important takeaway and the first question we asked when alerted about the fire. We are eternally grateful to the (Universal City) fire department and neighboring firehouses that answered the call and made sure everyone was safe. Life and safety are above all, and we are so grateful for that outcome.