Managing Construction & Real Estate Investments with Technology
With over 163 years of combined real estate experience, Paradyme Investments is a real estate investment and development company that is committed to transparency, integrity, and providing an investment platform that’s accessible to everyone.
With projects spanning the nation, Paradyme Investments strives to provide clients with “recession-resistant” offerings. This includes delivering a healthy variety of construction and real estate investment projects to clients: multifamily, retail, office, storage, industrial, hospitality, senior living, medical, mixed-use, and land/entitlements.
“I like it (the camera). Period. It’s so easy!
The picture is clear, sharp, and precise. It always works.”
—Doug McAllister, President
SUMMARY
Company: Paradyme Investments
Location: Temecula, California
President: Doug McAllister
Industry: Real estate investment and development
Project: Parkview Place Townhomes, Lakewood, CO
Camera(s) Used: iBEAM Fixed 4K Construction Cameras
BACKGROUND
The Parkview Place Townhomes project is a ground-up 45-unit condominium project on a 2.2-acre site with a 19.61% target IRR (internal rate of return) offered by Paradyme Investment to clients.
Situated just 15 minutes from Downtown Denver, the Parkview Place Townhomes project is a luxury-style complex that will deliver high-end modern finishes, ENERGY STAR efficiency and solar power solutions, as well as 92 on-site parking spaces once complete.
NEEDS
With a diverse range of investment offerings and the Parkview Place Townhomes project starting soon, Paradyme Investments needed a way to further project transparency and strengthen relationships with clients while still delivering unparalleled value and profitable investment opportunities.
Located in California, Paradyme Investments needed to find a solution to help keep tabs on their geographically-dispersed projects that was easy-to-use yet affordable (in order to provide added value to projects for investors), and, perhaps more importantly, to help remotely monitor projects and receive real-time updates from team members/partners in the field.
THE PROBLEM
With a growing investment portfolio and client base, Paradyme found they needed a more effective and affordable way to monitor projects located out of state. This would allow them to provide timely project updates both to clients and internally amongst teams, but also help to ensure vendors and partners continue to fulfill their contractual obligations in a timely manner.
Finally, traveling weekly to job sites for updates -- from California to Colorado in this instance -- was becoming time-consuming and costly. Utilizing an effective construction camera solution with impeccable image quality and live-streaming video would provide the team at Paradyme with regular updates, as well as cost-saving measures for reducing travel.
SOLUTION
Having made the decision that a construction camera would be useful on the Parkview Place Townhome project, the Paradyme team began an online search for possible solutions.
After exploring several possible solutions and feeling like they hadn’t found quite the right fit, the Paradyme team contacted iBEAM Construction Cameras and was quickly impressed with the solutions provided.
“We’ve always wanted to do it (use a camera), but we needed to find the right camera for the right job," recalls Doug McAllister. They selected an iBEAM Fixed 4K camera, which provides live streaming video of the job site, photo archives, and unlimited time-lapse movies, for their project.
RESULTS
Doug and the team at Paradyme Investments have found the camera to be a great asset to their project. "The iBEAM camera we’re using is a great way to make sure everything is transparent for our clients," Doug shared.
In fact, Paradyme has been so pleased with the tangible deliverables and added value provided by their iBEAM Construction Camera that they are in the process of rolling out cameras on nearly all of their future development projects. “The camera is GREAT! I can’t wait to try the PTZ version on one of our next projects!”
Additionally, Doug noted that their camera helps to add an additional level of security for investors, as many individuals come to them with their entire retirement fund and want to see results on their investments. Providing real-time updates and allowing investors to see the project firsthand via the construction camera has been ideal for everyone involved.
Not only are Paradyme’s clients pleased with receiving timely updates via crisp 4K photos and unlimited on-demand time-lapse movies, but Doug and the team are thrilled with the internal cost-savings provided by the solution.
“Your camera has literally saved us hundreds of dollars a week - THOUSANDS of dollars per month!”
—Doug McAllister, President
Finally, Doug noted that since installing their iBEAM Construction Camera and informing subcontractors and builders of its presence, it has helped keep everyone on site more honest. There are no more questions about if/when deliveries were made to the job site, or what was accomplished the weekend prior thanks to their iBEAM Construction Camera.
FINAL THOUGHTS
When asked to share a final piece of advice with other investors or project-owners that may be considering implementing a construction camera on an upcoming project, Doug simply said:
“Why not use one? I mean, for even insurance purposes it’s great.
"Upgrade a little so your investors and principals can see everything going on from day one. Everything is transparent with a camera on the job.
"I understand the possible hesitation regarding the cost of a camera, but it’s such a small cost for a million dollar-plus project that it’s absolutely justified.
"Why not do it?!"
Until next time, keep what’s really important in focus.
Doing the right thing, for every client, every time.
Vicki Robertson
Vice President