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Suburban Multifamily Bankruptcy

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Suburban Multifamily Bankruptcy

Project Overview

33 spent many months working with counsel and trustee for the estate to forecast rent and occupancy levels, quantify deferred capex, create a plan to right size operating expenses and ultimately determine value for the properties individually and as a portfolio sale. Given our wealth of operational experience, we were able to conduct an expeditious diligence process thereby allowing the court to move swiftly to a 363 (bankruptcy) sale.

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our process

Project Outcome

The auction was held in the midst of the pandemic with multiple qualified bidders attending the virtual auction. The winning bid came in over $3M higher than our stalking horse bid and the buyer was forced to close with no financing contingencies. The Windy City portfolio was part of a broader alleged fraud scheme involving a number of properties acquired by a not-for-profit shell entity called the Better Housing Foundation. The return on the sale of the Windy City assets was significantly higher than all other assets owned by BHF.

before
after
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$5.4M
Annual Gross Income
83%
Occupancy
4 Months
Case Duration
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