Multifamily | West Point Village Apartments
In August of 2011, Trigild was appointed receiver of the West Point Village Apartments.It was immediately evident that this large, garden-style apartment complex was in a state of extreme distress.
- Due to previous mismanagement, there were numerous pending life safety issues and code violations tied to the property.
- The property had apparent structural concerns. Slabs in several building foundations were severely cracked.
- Local police reported that crime on the premises was 57% higher than crime within the surrounding 1 mile radius.
- Due to the lack of thorough background/credit checks, it was estimated that 10-12% of the property’s occupants were not creditworthy.
- Trigild immediately contacted city officials to resolve the life safety issues and code violations. Management then moved swiftly to contract quality vendors to make repairs and improvements needed to bring the property up to code.
- A structural engineer was contracted and damaged foundations were repaired within three weeks.
- Trigild first addressed the property’s prevalent theft issues by contacting the local police department to establish an authoritative presence. Shortly thereafter, significant funds were deployed to increase and enhance the property’s contracted security via off-duty police officers
- A policy requiring mandatory background checks for all new and prior tenants was enacted. Counsel was retained to process evictions in a timely manner.
Outcome: Trigild leveraged its extensive distressed asset skillset to stabilize the property. While adhering to the court appointed receivership order, management exercised great patience and foresight to help position the asset for an effective marketing campaign. While evictions originally reduced occupancy, aggressive leasing efforts executed in concert with stringent tenant selection has significantly reduced eviction–related vacancy. This element of stability has enhanced marketing opportunities which is evidenced by the numerous competitive for sale bids recently made on the property.