ALPS Property Management | Chicago, IL
When properties fall into distress or dispute, a capable court-appointed receiver becomes essential. At ALPS Property Management, we provide strategic receivership services tailored to the needs of banks, special servicers, REITs, and private equity firms throughout the Chicago metro area. Our team protects the asset's value, stabilizes operations, and ensures transparent reporting every step of the way.
Why Banks and REITs Trust ALPS Property Management
As a Chicago-based firm with deep roots in property operations and legal compliance, ALPS acts swiftly and decisively when assigned as a receiver. We specialize in commercial, multifamily, and mixed-use assets under court supervision, bringing control and clarity to otherwise chaotic situations.
Our team has the financial acumen, property management expertise, and legal understanding necessary to navigate complex receivership cases with efficiency and professionalism.
Our Receivership Services Include:
1. Immediate Asset Stabilization
- Securing the property and establishing control
- Addressing safety concerns and code violations
- Replacing vendors and establishing reliable maintenance workflows
2. Financial Oversight & Reporting
- Managing bank accounts in accordance with court orders
- Transparent monthly reporting for all stakeholders
- Rent collection, expense management, and trust accounting
3. Operational Management
- Leasing vacant units and enforcing existing leases
- Overseeing on-site staff and vendors
- Handling tenant communications and complaints professionally
4. Legal & Compliance Coordination
- Working closely with attorneys, courts, and stakeholders
- Navigating complex ownership, lien, or tax issues
- Preparing documentation for foreclosure, sale, or disposition
5. Disposition & Exit Strategy
- Preparing the asset for sale or transition
- Supporting lender or investor goals for stabilization and recovery
- Coordinating appraisals, inspections, and broker relations
Receivership Case Studies
CASE STUDY 1: 48-Unit Multifamily in South Side Chicago
Situation: A failed rehab left the property with open code violations, squatters, and unpaid taxes. The lender requested a receiver after the borrower stopped communicating.
Action: ALPS secured the building, addressed life-safety issues, and negotiated with the city to reduce fines. Within six months, occupancy returned to 85% and the asset was stabilized.
Result: The lender recovered full principal through a negotiated sale at market value.
CASE STUDY 2: Mixed-Use Retail/Office in Evanston
Situation: The asset was under-managed and losing tenants, with delinquent rents exceeding $200K. The REIT initiated foreclosure and requested receivership.
Action: ALPS replaced vendors, restructured leases, and launched a focused leasing campaign.
Result: NOI increased by 40% in 9 months, improving the asset's value ahead of disposition.
CASE STUDY 3: Suburban Industrial Flex Property
Situation: Partnership dispute among out-of-state investors left the property in limbo, with neglected maintenance and expired insurance.
Action: ALPS was appointed receiver and brought all operations back online, resolved insurance issues, and created financial transparency.
Result: Property sold within 6 months of stabilization with all parties satisfied.