big city

Suburban Multifamily Bankruptcy

33 realty
about us
Case Studies
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.

33 parallax logo
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.

Annual Gross Income
4 Months
Case Duration
city on gray

Want your property to be successful too?

Get in touch to talk about the many ways our investment brokerage team can create extraordinary experiences for you and your residents.
contact us