This property is a 171-unit student apartment complex that opened in 2009 in a thriving neighborhood surrounding the University of Denver. The property experienced financial challenges because of low occupancy. After default of the secured lender’s debt, Cordes & Company was appointed receiver. We worked with a property management company to improve occupancy and stabilize the operations. Because of our forensic research, we identified nearly $450,000 of property-related funds held by the debtor in a separate bank account, most of which was ultimately recovered and provided to the secured lender. The original lender sold its note just prior to the foreclosure to a third party. After the foreclosure sales, we worked with the note purchaser on a successful transition.