John A. Burpee Court Appointed Receiver
Ivy Chase Apartments – 60 units in Hudson, FL
In June of 2015 John Burpee was contacted regarding the Ivy Chase Apartment Complex. Ivy Chase is a 60 unit multifamily property located in Hudson, FL. John Burpee performed a valuation on the property at that time and presented a proposal to market the note.
John Burpee was then contacted in June 2018 by Five Mile Capital who had already initiated foreclosure proceedings and needed all services associated with regaining control and ultimately disposing of the property. As a result, John Burpee was appointed receiver of the property and brought in it’s property management division to secure the asset.
John Burpee and Team were able to perform a physical inspection of the property. Even though the property was currently functioning it was running in a deficit and needed a full review to try to bring costs back in line and improve current on-site conditions for the existing tenants / owners.
John Burpee implemented a strategic plan to manage the asset back to financial health. This 18 month plan resulted in a $10 million dollar in the value of the asset.
- John Burpee was contacted regarding Ivy Chase in Hudson, FL. Our Office consulted on current market conditions and completed a valuation on the property.
- John Burpee was appointed as receiver and implemented property management to secure the property.
- John Burpee continues to review current operating procedures to cut overhead and implement more cost effective processes on the property.
- JBA managed the asset and then disposed of the property through a brokerage sale.