Receivership & Special Asset Management

Beechgrove Apartments was a multifamily assignment located in a suburban area with a total of 452 units across 2 separate phases. It had been foreclosed by a bank due to non-payment of mortgage by the previous owner. The property was approximately 40% occupied when assigned, and been the subject of a long and contentious dispute during which time it had deteriorated and required significant repairs and renovations. Additionally, due to its organizational structure it was operated as 2 separate 501©3 tax exempt entities, both of which were forfeited due to intentional non filing of informational tax returns. The bank was looking to sell the property and wanted to ensure that it was in stable condition and properly managed until it could be sold.