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.