John A. Burpee Court Appointed Receiver
South Bay Apartments
South Bay Apartments – 44 units in Tampa, FL
John Burpee was contact by Citigroup regarding the South Bay Apartments in South Tampa, Florida. South Bay is a 44-unit multifamily which was in severe distress.
Citigroup had already initiated foreclosure proceedings and needed all services associated with regaining control and ultimately disposing of the property. Within 48 hours of the initial call John Burpee and associates were able to perform a physical inspection of the property and return a Broker Price Opinion (BPO) to the lender. Even though the property was in complete disrepair and rents had not been collected in months, the BPO indicated a higher value than other offers which had been previously submitted. John Burpee was able to leverage its local market knowledge and recent transaction experience to realize the significant upside to this type of opportunity.
As a result, John Burpee was appointed receiver of the property and brought in it’s property management division to secure the asset. Realizing the most likely investor was going to vacate the remaining units, and completely rehabilitate the property, John Burpee and associates started securing units and removing tenants. We worked closely with the lender and the City of Tampa to help eliminate all fines and penalties the property was facing through code enforcement violations.
John Burpee then launched its disposition program to locate the best investor for this unique opportunity. Within in a matter of weeks the property was under contract for nearly twice the price of other offers the lender had previously received. During the contract phase John Burpee and team were able to vacate the remaining units, secure the property and complete the sale of the property
- John Burpee was contacted by Citigroup and regarding South Bay Apartments in Tampa. John Burpee consulted on current market conditions and completed a BPO.
- John Burpee was appointed as receiver and implement property management to secure the property.
- John Burpee continued to secure the property, evict remaining tenants and implement a disposition program.
- John Burpee worked with city to ensure final tenants are removed from property and last units are secured. Property is placed under contract for nearly twice the amount of previous offers to lender.
- John Burpee and associates was able to successfully close transaction.
- JBA managed the asset and then disposed of the property through a brokerage sale.