For example, real estate investor Tuba Malinowski described how her firm, Stockbridge Developers, of which she is a managing director, purchased a multifamily property built in 1971 in Southern California through a competitive bid process, which provided 30 days to complete due diligence. As with every property, Stockbridge hired a third-party assessment team to check it out, but no red flags were found. “It had just undergone a $16 million renovation,” she said. “It looked beautiful.”
After two years, water intrusion issues came into play and residents complained and even began vacating the condos — a nightmare for a property owner, the managing director said.
