Case Study

Court-appointed receiver for 798-unit multifamily property

Represented a New York-based hedge fund focused on real estate debt in the successful sale of a 798-unit garden apartment community on 18 AC located near the Houston Galleria.
Entrance to The Palms on Westheimer Apartments
The Situation

Served as court-appointed receiver

In this role, negotiated settlements with utility providers – water, electricity, gas, cable – for borrower’s past due invoices. We also brokered an agreement between the lender and the borrower, enabling the lender to foreclose and take fee simple title to property.

The Approach

Improved operations via asset management services

Served as the asset manager for the property during its four-month marketing period, overseeing and executing the following tasks:

  • Established a formalized program to control rental rates for new and renewing tenants
  • Implemented stricter leasing requirements to ensure a stable tenant base
  • Recommended and oversaw the completion of many repairs
  • Monitored and approved all expenses
  • Enhanced tenant amenities

In this role, negotiated settlements with utility providers – water, electricity, gas, cable – for borrower’s past due invoices. We also brokered an agreement between the lender and the borrower, enabling the lender to foreclose and take fee simple title to property.

The Solution

Strong recovery for lender

The work we provided allowed the lender to recover approximately 80% of its loan amount, the highest percentage this particular lender had recovered on any of its foreclosed assets across the country that year.

Ready to dive in?
Contact us today.

1912 Ventures

Regionally focused.
Nationally recognized.

© 2021 1912 Ventures, LLC. All rights reserved.