Distressed Chicago High-Rise
Being based on the West Coast, Sabal needed a local operator that could stabilize this failed apartment building and prepare it for condo conversion. The building was plagued by significant deferred maintenance and massive collection issues. The former owner had disappeared with hundreds of thousands of dollars in rents and security deposits making the tenant base highly contentious. In addition, the existing property manager was neglecting all aspects of the building’s operations and had to be removed in very short order.
Over the course of two years, 33 systematically vacated the building, oversaw the $5M+ condo conversion and implemented new HOA management to take over the property once the conversion process was complete. Sabal exited the project through sale of 100% of the condos making it one of the most successful deals in their loan portfolio.