ALPS Property Management – Trusted Receivers for Complex Commercial Assets
When commercial properties fall into financial distress, lenders, attorneys, and courts rely on experienced receivers to stabilize and preserve asset value. At ALPS Property Management, we serve as court-appointed receivers for commercial real estate throughout the Chicago metropolitan area, ensuring transparency, protection, and operational integrity during foreclosure or litigation.
With deep market knowledge, financial acumen, and hands-on operational experience, our team steps in to manage, stabilize, and reposition distressed assets—protecting value and preparing properties for sale, lease, or eventual transition back to ownership.
Our Role as Commercial Receivers
As a commercial real estate receiver, ALPS Property Management is entrusted with the critical responsibility of:
- Securing and protecting the asset immediately upon appointment
- Stabilizing operations including rent collection, vendor management, and tenant relations
- Preserving asset value by addressing deferred maintenance, code compliance, and lease enforcement
- Financial reporting to courts and stakeholders, ensuring accountability and clarity
- Facilitating sale, lease-up, or repositioning depending on the court's or lender's objectives
Our portfolio includes office buildings, mixed-use developments, retail centers, industrial warehouses, and land slated for commercial use. Whether the asset is underperforming, abandoned, or embroiled in litigation, we offer clear direction and reliable execution from day one.
Why ALPS Property Management?
- Chicago-Based: We understand the nuances of Cook County and the broader Chicagoland real estate and legal environment
- Judicial Experience: We work seamlessly with legal teams, courts, and lenders to comply with all legal obligations
- Transparency & Reporting: Our systems ensure real-time access to performance metrics and financial updates
- Hands-On Management: We don't outsource—our in-house team handles day-to-day operations, tenant engagement, and physical inspections
- Outcome-Oriented: Whether the objective is disposition, lease-up, or long-term repositioning, we focus on maximizing recovery and minimizing risk
Receivership Case Studies
CASE STUDY 1: Multi-Tenant Office Building – Chicago West Loop
Situation: A 6-story office building with 12 tenants fell into foreclosure due to unpaid debt and deferred maintenance. The property was 40% vacant and had major HVAC and elevator issues.
Our Actions:
- Immediately secured the premises and resolved critical maintenance issues
- Renegotiated service contracts and improved operating cash flow
- Communicated with tenants and stabilized collections
- Oversaw leasing efforts that increased occupancy to 85% within six months
Result: The property was sold in a court-approved process at 92% of the appraised value.
CASE STUDY 2: Abandoned Retail Strip – South Suburbs
Situation: A lender requested a receiver after discovering the owner had abandoned the property, which had fallen into disrepair and attracted code violations.
Our Actions:
- Worked with city officials to bring the site into code compliance
- Removed illegal dumping, secured the site, and hired new vendors
- Engaged national brokerage to market the center for sale
Result: The asset was sold to an investor within 4 months, avoiding further legal risk for the lender.
Contact Us
If you're a lender, attorney, or investor in need of a court-appointed receiver for a commercial property in Chicago, trust ALPS Property Management to respond swiftly, manage professionally, and protect your investment.
Contact us today for a confidential consultation.