Trigild was appointed receiver and oversaw management of thirteen multifamily properties across four states. The properties ranged from Class B small boutique properties to larger Class B 500+ unit properties.
The portfolio maintenance had been neglected. Tenants began to complain, specifically to city officials. It then surfaced that Westchase Ranch which was located in Houston had never received a certificate of occupancy. The property at that time was at 81.80% occupancy. The property would need to be brought up to code or closed down.
Trigild was able to work with the city to bring Westchase Ranch up to code and also keep the property open. Additionally, Trigild was able to work closely with city building officials to grandfather in the building requirements for the year 2000 instead of the current year and keep costs lower for the owner.
Trigild was able to oversee a seamless management transition. Occupancy was increased across the board for all thirteen properties. Trigild faced a number of legal, operational and Tenant challenges following its appointment as receiver. Within hours of receiving court approval, Trigild was on site, assuming fiduciary responsibility and resolving the most pressing issues. The portfolio was stabilized for the interim before the lender foreclosed.