Penzel Apartments

A special servicer foreclosed on 49 units that were suffering from stagnant occupancy, high receivables, and rising expenses. AthenianRazak was brought in to stabilize the property and prepare it for sale.

Our management team cut average monthly maintenance needs in half, improved the tenant base, instituted an assertive collections effort, and made critical repairs. These interventions led to a 31% decrease in monthly operating expenses and a 50% decrease in service calls. Net operating income went from negative to positive, adding approximately $1.2 million in value.

After just six months the property sold for 23% over the loan balance.