Areas of Expertise

Keystone Consulting Group began their effort together in the early 1990s. During the initial years, Keystone developed a reputation for valuing complex properties ranging from large mixed-used developments to Jai-Alai frontons. Although the company was perceived as one of the top three consulting groups in valuation and analysis of lodging facilities and golf courses, the decision was made during the formative years to strive to become one of the most knowledgeable consulting groups with specialization to include all forms of commercial real estate. From the time that decision was made, Keystone Consulting Group has continuously expanded our knowledge base.

We currently focus on the following property types:

Lodging and Resort
Golf Courses
Residential Subdivisions
Retail
Office
Residential Condominium
Self Storage
Convenience Stores/Gasoline Stations
Churches
Amusement Parks
Marinas
Industrial/Ports/Intermodel Facilities
Environmentally Sensitive Lands
Apartments/LIHTC Properties


Lodging and Resort

We have conducted thousands of appraisals, market studies, and feasibility studies of hotels and resorts over the past 20+ years ranging from road-side economy properties to premier resorts throughout the United States, Caribbean, and Central America. We have been involved in many redevelopment and repositioning strategies with individual owners, REITS, life companies, and financial institutions. The most notable projects recently completed involved an asset with a total development cost exceeding $400 million located in Florida and a project in the Caribbean having total development costs exceeding $1.0 billion. We have expertise in all types of lodging facilities, including condo/hotels, timeshare, and fractional ownership properties.

Golf Courses

Keystone Consulting Group has played an instrumental role in valuation of both public and private golf courses located throughout the United States. Clients include REITs, life companies, individuals, and financial institutions. Keystone has created proprietary methodology for evaluating competitive positioning of golf courses and makes this information available in each study.

Residential Subdivisions

As a company, Keystone Consulting Group has valued hundreds of subdivisions along the eastern seaboard containing thousands of individual residential lots. These valuation scenarios range from basic feasibility analyses to determine whether a subdivision should be constructed, to the valuation of a developer’s lot inventory after the construction of horizontal improvements. During this process, information is amassed from all competitive subdivisions in the region to more comprehensively analyze each component of the individual transfers and determine the drivers and influences on value in a given market. These indicators are primarily illustrated by contrasting sale price to physical attributes of each individual lot. The lot transfer data is then compared to the ultimate sale of the house/lot package to an end user. We have been instrumental with regards to some of the largest residential communities along the eastern seaboard of the United States.

Retail

Principals of Keystone Consulting Group have been involved in design and valuation of retail projects throughout the United States. Each report provides detailed consideration of saturation, retail sales volume, potential for increasing capture rate, and trend analyses based on a national database.

Office

Keystone Consulting Group is well-versed in the valuation and development of office buildings. From neighborhood office condominiums to Central Business District skyscrapers in Boston, New York City, Raleigh, and Miami, Keystone has worked on all levels of the office segment. Working directly with the developers of office buildings from conception to construction has given Keystone an intimate knowledge of office buildings. Each report considers the economic base of an area, together with supply-side considerations to include typical tenant size and mobility, load factors, and future drivers of demand.

Residential Condominium

With the challenges created by the collapse of the secondary mortgage market and the resulting impact on the residential condominium market, Keystone Consulting Group has been engaged by international lenders to perform a multitude of advisory services relating to a distressed assets held in their portfolio. The assets often are centerpieces of proposed mixed-use waterfront redevelopments that include contractual obligations between a local municipality, developer, and lender. Many of the assignments include redevelopment and new construction, retail space, boutique hotel units, marina slips, office space, and community/civic space. Our reports include recommendations regarding feasibility of all development scenarios, valuation, and exit strategies. Project costs routinely exceed $100 million.

Self Storage

Keystone Consulting Group collects and analyzes data regarding market trends and specific profiles of the submarket to understand conditions of supply, demand, and equilibrium for self-storage facilities. Additional analyses have been completed on local trade areas, which represent the best indicators of market conditions, to analyze the competitive position of a specific project. With regard to self-storage facilities, there is a correlation between demand and key demographic variables of a given market. As self storage increases in importance as an investment vehicle, experience alone is no longer a sufficient guide for decisions. Sophisticated investment decisions are based on quantitative and qualitative analyses with reliable conclusions.

Convenience Stores/Gasoline Stations

Keystone Consulting Group has performed appraisals of numerous convenience stores and gasoline service stations. This experience has resulted in unparalleled ability to assist financial institutions and property owners in acquisition, lease negotiation, and refinancing. There are unique considerations required by gas stations, and whether acquiring a single station or refinancing a nationwide portfolio, comprehensive service and a timely reporting process are expected. A full range of real estate due diligence services is offered; from consulting services involving our strategic partners, to complete narrative appraisal reports.

Churches

The valuation of religious properties takes a special skill in understanding the marketplace. In many instances the analysis of a church property incorporates the value of proposed construction. Other examples include analysis for tax or accounting purposes, refinancing, or when a church, as an entity, desires to purchase or sell adjoining property.

Amusement Parks

Keystone Consulting Group has valued amusements parks in several east coast states. We recently valued an oceanfront, marine-themed amusement facility and an Olympic training facility open to the public.

Marinas

We maintain active involvement in marina facilities from Maine to Florida. Past assignments have included full array of dock and storage facilities. Each assignment includes in-depth consideration of all factors affecting demand. We analyze trends in disposable income, licensing, and other statistical data.

Industrial/Ports/Intermodal Facilities

Keystone Consulting Group maintains ongoing involvement with international companies in the valuation of facilities with complex issues pertaining to linkages and sources of demand.

Environmentally Sensitive Lands

The state of Florida contains many challenging issues regarding development potential and value of vacant land involving wetlands. Principals of Keystone have prepared assignment of complex, environmentally sensitive land for owners and agencies such as Florida Department of Natural Resources. Additional services provided to the State of Florida include the valuation of submerged land leases, endangered species habitats, and right-of-way condemnation.

Apartments LIHTC Properties

Many public and private clients routinely engage our professional services in identifying development and/or reposition opportunities for market rate and low income residential housing units. Since the inception of Limited Income Housing Tax Credits (LIHTC) programs in the United States, Keystone has been on the forefront of valuation and feasibility analysis for projects attempting to gain tax credit approval. These complex and heavily-scrutinized projects require a knowledgeable and credible consulting firm to value both the property involved and the tax credits issued.