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Success Stories

Highland/Bluff House Condominiums

Synopsis:

Highland, Phase I, is a 146-unit condominium of which 12 units had been sold when Trigild was appointed receiver. Bluff House, Phase II, is an adjacent 146-unit conventional rental property not yet incorporated into the condominium.

Challenges:

  • Volatile local market conditions.
  • Traditional marketing and advertising ineffective.
  • Condo association in distress, delinquent taxes.
  • Units sold prior to receivership created operating challenges.

Resolutions:

  • After evaluating current market conditions, Trigild terminated the sales program for Highland, and tapped an established property management firm — with a demonstrated performance history in the local market — to implement an aggressive leasing and marketing campaign.
  • To supplement traditional advertising and address volatile local market conditions, Trigild developed and approved implementation of marketing efforts — employing an expanded internet presence, flexible rental programs, and marketing outreach visits to local employment centers. Print media advertising was re-focused to publications targeting medical, educational and military professionals because of their significant local market presence.
  • To facilitate sale of the property, Trigild consolidated ownership of the condominium units and initiated appropriate tactics for acquiring the previously sold condominium units. Simultaneously, Trigild maintained effective communications with numerous parties offering proposals to purchase the property and ensured sound evaluation of all offers received.
  • Under FDIC, the note was sold. The new note holder foreclosed on the note while maintaining the receivership to address an active insurance claim and satisfactorily resolve the renovation of affected units.