Cordes & Company

Foreclosure of Las Vegas apartment complex

This property is a 107-unit apartment complex in Las Vegas, Nevada.  The property consists of a single, four-story apartment building with a little more than 40,000 square feet of rentable area.  It includes 76 studio and 31 one-bedroom apartments.  The receivership was initiated as part of a foreclosure proceeding related to an approximate $2.9 million secured loan by a regional, California-based bank.  As receiver, Cordes & Company maintained the property during foreclosure, which involved minor physical property and tenant issues and oversight of onsite management.  The creditor was scheduled to foreclose.  Instead, the property was purchased by a different party at the trustee’s sale for a price higher than the appraised value.

4400 MacArthur Boulevard
Suite 980
Newport Beach, CA 92660
Telephone: 949.379.1202
5299 DTC Boulevard
Suite 815
Greenwood Village, CO 80111
Telephone: 303.721.8755
180 N. Stetson Street
Suite 3500
Chicago, IL 60601
Telephone: 312.466.5712
220 South 6th Street
Suite 2125
Minneapolis, MN 55402
Telephone: 612.455.6027
2850 W. Horizon Ridge Pkwy
Suite 200
Henderson, NV 89052
Telephone: 702.430.4544