In calendar year 2009 Resolute was appointed as the Receiver and Property Manager on 15 matters involving multifamily communities totaling more than 1,200 apartment units. In most cases, the properties were horribly neglected in both a physical and operational capacity. Additionally, the tenant mix was precarious due to cultural differences or immigration status.
Resolute’s bilingual and solution-orientated staff worked diligently to overcome the previous ills from the mismanagement of the properties. Conscious efforts were made to immediately address outstanding life safety issues, physical deterioration, unsavory tenant mix and overall rent readiness. In many cases these actions were accomplished using existing cash flow and without the need for additional funding from the Lender.
Resolute was instrumental in breathing new life into otherwise tired multifamily assets. Results were achieved by improving the overall occupancy while stabilizing rent rolls and expenses. Resolute also facilitated the disposition of many of these assets either through a Fee Simple Sale or Sale of the Note and Deed of Trust.