← 12028 Wade Park Ave, Cleveland, OH 44106 · All properties

UPDATES.md

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Property	12028 Wade Park Ave, Cleveland, OH 44106
Folder	README & Property Snapshot
Kind	Text
Updated	2026-07-11
Dropbox path	`00 - README & Property Snapshot/UPDATES.md`

What This File Appears To Be

Property Updates ## 2026-04-13 - Property Update (04/13/2026): - We are actively monitoring sale/disposition-related file activity for this property. - Transaction and documentation review is in progress. - A follow-up owner update will be sent with any material changes to status, timeline, or economics. - Confirmed transaction stage - Any owner actions required - Reconciliation/distribution notes if closing occurs ## 2026-04-10 - Property Update (04/10/2026): - **Sale Process Update:** - ROC

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# Property Updates

## 2026-04-13

- Property Update (04/13/2026):
- We are actively monitoring sale/disposition-related file activity for this property.
- Transaction and documentation review is in progress.
- A follow-up owner update will be sent with any material changes to status, timeline, or economics.
- Confirmed transaction stage
- Any owner actions required
- Reconciliation/distribution notes if closing occurs

## 2026-04-10

- Property Update (04/10/2026):
- **Sale Process Update:**
- ROC document filed April 6, 2026
- Sale process advancing toward proposed $120,000 MLS disposition
- Property status: Active sale with ECO Systems managing transition
- ECO Operating Cash: $-8,962.00 (as of April 6, 2026)

## 2026-04-06

- Property Update (04/06/2026):
- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $-17,092.03 |
| Lofty Operating Cash | $-4,172.90 |
| ECO Operating Cash | $-8,962.00 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $-33,474.41 |
| Estimated Owners' Equity | $177,953.00 |
| DAO Estimated NAV Per Token | $32.53 |
| DAO Tokens | 4442 |
| Current PM | ECO (Selling) |

## 2025-08-19

- Property Update (08/19/2025):
- Governance Results for 12028 Wade Park Ave:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Yes - Approve the transition of property management to ECO Systems, LLC under the same terms
- This option received 1,563 / 1,809 token votes, which is equal to 86% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3177763475) or by searching the application ID: 3177763475ï»¿

## 2025-08-19

- Property Update (08/19/2025):
- Governance Results for 12028 Wade Park Ave:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Yes – Approve the transition of property management to ECO Systems, LLC under the same terms
- This option received 1,563 / 1,809 token votes, which is equal to 86% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3177763475) or by searching the application ID: 3177763475

## 2025-08-19

## 2025-08-12

- Property Update (08/12/2025):
- Owner-Proposed Governance Vote for 12028 Wade Park Ave:
- The current property manager, Whalec Property Management with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ), is proposing a governance vote.
- This owner holds 1 token in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It's up to owners to verify the accuracy of the claims below.
- Governance Vote: Transition of Property Management - 12028 Wade Park Ave, Cleveland, OH 44106
- TL;DR:
- Authorize the transition of property management for 12028 Wade Park Ave, Cleveland, OH, from Whalec Property Management LLC to ECO Systems, LLC under the same terms. Earl, of ECO Systems, LLC, has stronger Cleveland market connections, on-the-ground presence, and is positioned to manage the property more effectively.
- Proposal Details
- As your property manager, I recommend transitioning management of this property to ECO Systems, LLC. Earl brings valuable relationships in the Cleveland area and a boots-on-the-ground approach that will enable faster response times and better oversight.
- Key Reasons for Transition:
- Local Connections: Established Cleveland-area contractor and vendor network.
- On-the-Ground Alignment: Immediate presence to handle property issues efficiently.
- Operational Continuity: Management to continue under the same terms currently in place.
- Voting Options:
- YES - Approve the transition of property management to ECO Systems, LLC under the same terms.
- NO - Keep Whalec Property Management LLC as the property manager for this property.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, August 19th, once the voting period ends.

## 2025-08-12

- Property Update (08/12/2025):
- Owner-Proposed Governance Vote for 12028 Wade Park Ave:
- The current property manager, Whalec Property Management with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ), is proposing a governance vote.
- This owner holds 1 token in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Governance Vote: Transition of Property Management – 12028 Wade Park Ave, Cleveland, OH 44106
- TL;DR:
- Authorize the transition of property management for 12028 Wade Park Ave, Cleveland, OH, from Whalec Property Management LLC to ECO Systems, LLC under the same terms. Earl, of ECO Systems, LLC, has stronger Cleveland market connections, on-the-ground presence, and is positioned to manage the property more effectively.
- Proposal Details
- As your property manager, I recommend transitioning management of this property to ECO Systems, LLC. Earl brings valuable relationships in the Cleveland area and a boots-on-the-ground approach that will enable faster response times and better oversight.
- Key Reasons for Transition:
- Local Connections: Established Cleveland-area contractor and vendor network.
- On-the-Ground Alignment: Immediate presence to handle property issues efficiently.
- Operational Continuity: Management to continue under the same terms currently in place.
- Voting Options:
- YES – Approve the transition of property management to ECO Systems, LLC under the same terms.
- NO – Keep Whalec Property Management LLC as the property manager for this property.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, August 19th, once the voting period ends.

## 2025-08-12

## 2025-05-05

- Property Update (05/05/2025):
- Governance Results for 12028 Wade Park Ave:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Yes [Change property managers to Whalec Property Management]
- This option received 961 / 1,562 token votes, which is equal to 61.5% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2974617139) or by searching the application ID: 2974617139

## 2025-05-05

## 2025-04-28

- Property Update (04/28/2025):
- An owner of this property has put together a proposal.
- This is in response to the previous governance vote sent out on 4/28, which can be viewed on the property page.
- If you have already voted, and would like to change your vote, click the button below, or at the end of this email.
- The owner who pmade the proposal owns 50 tokens in this property, and their wallet can be viewed [here](https://allo.info/account/NKCGAJML3X56QQMQLAXJFT6JDYRZEABKVO42FLBYLXBEOJHYIS6ES4XLUI).
- The owner's counter-proposal is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It's up to owners to verify the accuracy of the claims below.
- Evening all,
- Last month we voted strongly that we weren't going to give equity to yhome and weren't willing to pay Cal the exploitative 25% fee. I now truly personally thank everyone for voting like this.
- Since this vote, there has been no negotiation from Cal and so we need to find a new Property Manager. I recommend we accept Alec's proposal below but encourage you all to jump into discord and chat to him yourself directly so you all feel comfortable.
- For me, even if Cal presented a counter proposal or negotiated today, there would be nothing he could say that would justify us listening.
- Over the weekend, it came to light that yhome wanted us to "pay a 15% mark up plus fees". He hadn't shared this with us openly, and still hasn't uploaded the document into Dropbox for everyone to see (despite being asked). What makes the mark-up worse is that the monthly payments suggested are predatory as they are greater than what's affordable through rental income. Additionally, during this period of time $5,290 appears to have been transferred from the OR to yhome. Cal has confirmed he received these funds but I can not find evidence of what they have been used for or that they have been factored in prior to the proposed mark-up being added.
- We have requested fully itemised invoices from yhome and expect a full understanding