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.

7979 E. Tufts Avenue
Suite 820
Denver, CO 80237
Telephone: 303.721.8755
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.0985
2030 Main Street
Suite 1300
Irvine, CA 92614
Telephone: 949.379.1202