Trusted Stewardship. Strategic Recovery. Local Expertise.

When financial distress, legal disputes, or property mismanagement threaten asset stability, courts often turn to experienced professionals to step in and take control. At ALPS Property Management, we provide court-appointed receivership services that bring order, compliance, and value restoration to troubled real estate assets throughout the Chicago area.

Whether you're an attorney, lender, municipality, or investor, we act as a neutral third party to stabilize operations, preserve asset value, and prepare the property for resolution—whether that's sale, restructuring, or long-term repositioning.

• What Is a Court-Appointed Receiver?

  A receiver is a neutral third-party fiduciary appointed by the court to take control of a property or business during legal proceedings—often due to foreclosure, partnership disputes, probate issues, or regulatory non-compliance.

  As a court-appointed receiver, ALPS Property Management assumes responsibility for:

  • Securing and maintaining the property
  • Managing day-to-day operations
  • Collecting rents and handling expenses
  • Resolving code violations or deferred maintenance
  • Preparing reports for the court and involved parties
  • Maximizing asset value for all stakeholders

  We work collaboratively with attorneys, courts, and creditors while maintaining transparency and strict compliance with Illinois law.

• Our Receivership Services Include:

  • Emergency Property Takeover
    Immediate securing, inspection, and assumption of operational control.
  • Property Management & Operations
    Full-service leasing, rent collection, maintenance, vendor oversight, and reporting.
  • Code Compliance & Rehabilitation
    Resolving violations, coordinating repairs, and bringing distressed assets back to code.
  • Asset Stabilization & Financial Oversight
    Budgeting, financial reporting, and strategic planning to restore profitability or prepare for disposition.
  • Disposition Support
    Broker coordination, property marketing, and sale preparation when liquidation is the end goal.

• Why Choose ALPS Property Management?

  With deep roots in the Chicago real estate market, ALPS Property Management combines on-the-ground knowledge with the legal and operational discipline receivership demands. We understand the urgency, nuance, and impartiality required—and we deliver results that withstand court scrutiny and restore property potential.

• Case Studies

  Case Study 1: Multifamily Rebound on the South Side

  A 12-unit apartment building in South Shore was in disrepair, plagued by code violations and abandoned by its out-of-state owner during foreclosure. ALPS was appointed receiver and immediately:

  • Secured the building and cleared safety hazards
  • Coordinated over $80K in critical repairs
  • Worked with city inspectors to resolve 14 code violations
  • Stabilized rent collections to cover operating costs
  • Successfully transitioned the asset to a new owner within 6 months

  Case Study 2: Commercial Office Turnaround in Logan Square

  A family-owned mixed-use office and retail building fell into dispute after the death of its managing partner. ALPS stepped in to:

  • Resolve ongoing maintenance issues and bring vendors up to date
  • Mediate among heirs while keeping the building operational
  • Maintain lease compliance for 6 commercial tenants
  • Provide transparent reporting to the probate court
  • Prepare the property for a successful sale during litigation

  Case Study 3: Single-Family Home Saved from Blight in Austin

  A vacant single-family property was ordered into receivership by the city due to repeated complaints and structural issues. Our team:

  • Cleaned, secured, and boarded up the home
  • Hired contractors for roof and plumbing restoration
  • Reduced neighborhood nuisance complaints to zero
  • Positioned the property for transfer to a rehab developer aligned with the city's goals

Ready to Appoint a Receiver?

ALPS Property Management is ready to help restore order and value. Whether you're an attorney filing a motion, a lender seeking oversight, or a municipality fighting blight—our team brings clarity, capability, and calm to complex situations.