REAL ESTATE SERVICES
Receivership Services
We have an extensive track record as court-appointed receivers for a wide range of properties, and we also have acted as chief restructuring officer in various situations. Over the years we have built a solid reputation for honesty and integrity by appropriately delegating an organizations funds and making decisions in order to benefit the property.
M. Shapiro receivership services are cost-effective and proven to help our clients maximize the value of real estate assets.
A 64-unit apartment complex had fallen into serious disrepair. The owner, elderly and in failing health, had turned the property over to third party managers who failed to maintain the complex, regularly remove trash, or stay current on mortgage, tax, and other payments. The owner received no reports from the third party managers, and rent payments had disappeared.
Within 48 hours of being appointed receivers, M. Shapiro took control of the property, collected all property management records, and had the third party managers removed. We quickly took steps necessary in order to turn the apartment complex around:
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Rehabbed units that had been left in un-rentable condition
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Installed professional on-site management
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Evicted delinquent tenants
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Built verifiable P&L statements
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Cleaned up the apartment grounds and removed all trash and debris
We were able to rehab and lease apartments at a total cost of $25, 000, and in turn increase gross revenues by $7,000 a month. M. Shapiro turned the apartment complex around, increased occupancy, installed professional accounting systems and effective management, and made the property marketable for sale. And we did it all in less than 120 days.
M. SHAPIRO ADVANTAGE - QUICKLY TURNING AROUND A DISTRESSED PROPERTY