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Sherwood St./Apartments
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This was a highly distressed property with high vacancy and
county citations, which United AMS was able to stabilize by working in
conjunction with the county and local agencies to safely vacate the
remaining units and secure the buildings. This property is located in a
high crime area and with United AMS’ efforts, vandalism and crime were
minimized and virtually extinguished on this property. The asset was
secured by United AMS and was handled by their affiliated property
management company after the receivership ended until the property was
sold with United AMS’ assistance.
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Van Patten St./Apartments
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This was a highly distressed property with high vacancy, which
United AMS was able to stabilize by working with tenants to safely
relocate them and then secure the buildings. This property is also located
in a high crime area and with United AMS’ efforts vandalism and crime
were minimized and virtually extinguished on this property. The asset
was secured by United AMS and was handled by their affiliated property
management company after the receivership ended until the property was
sold with United AMS’ assistance.
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Casa Salvatore Apartments
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This property had a high tenancy, yet was not operating in the
black at take-over. United AMS was been able to preserve the asset by
working with tenants and rehabilitating units. United AMS implemented a
move-in plan and has been able to rent out additional units. This property
is located in a medium-high risk crime area and security was an issue in
the past with tenants and walk-ons on the property. With its affiliates,
United AMS was able to offer an on-site office manager and regular
security to provide better living conditions for the tenants. Additionally,
United AMS had staff that was able to keep the property in a working and
habitable condition. This property has been foreclosed on and returned to
the possession of the bank. United AMS was released as Receiver and
their affiliated property management company operated the property until
it was sold in March 2010.
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1165 Blankenship/Murray Apartments
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This property is a 33 unit complex and was in poor condition
when the Receiver was appointed. Upon further inspection, the Receiver
recommended that due to the health and safety hazards the property may
present, it would be more cost effective at this time that the property is
closed. The Receiver moved all tenants off property and closed the
property, after which the property was boarded, fenced, and is now
monitored by security. The Receivership ended on 7.29.10 and the
Receiver was kept on as Asset Manager.
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2605 Sherwood/Apartments
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This property is a 15 unit, gated apartment complex, which had
only 2 tenants at the time of appointment of the Receiver in June 2010 andno onsite management. The property was kept in good condition and the
tenants remained with the property. The Receiver provided security for
the property and no security or vandalism issues arose during
Receivership. The Receivership ended on 8.30.10 and the Receiver was
kept on as Asset Manager. The asset was operated by United AMS and
was sold in December 2010 with United AMS’ assistance.
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E. Bonanza/Bonanza Apartments
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This property has 35 units and is was 57% occupied at time of
appointment of the Receiver. The property was in good/clean condition
when the Receiver took over and there was onsite property management in
place. The Receiver continued to work on the property in conjunction
with the property management company and onsite manager and was able
to fill a few vacant units during Receivership. The asset was operated by
United AMS and was handled by their affiliated property management
company until the property was sold with United AMS’ assistance in late
December 2010.
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2800 N. Kim/Thunderbird Apartments
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This is a 100-unit townhome community that is currently 60%
occupied. The property was in a neglected condition when the Receiver
was appointed and upon immediate inspection it was discovered that wind
had cause damage to several roofs in the community; the Receiver
immediately filed a claim with the insurance to address the issue and the
roofs have been repaired. Security was absent and crime is an issue on the
property; security surveillance has been put in place, which has increased
the safety of tenants. The bank took ownership of the property in early
January 2011 and the Receiver has been kept in place while negotiating
the possibility of staying on as the Asset Manager for the property.
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Campaige Place
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This property has 319 low-income units and the building is
operating at a mid to high occupancy rate and a very high turnover rate; it
is located in the heart of Downtown Las Vegas. Dotan Y. Melech was
appointed the Receiver in February 2010 and handled the operation,
maintenance, security, collections, deposits, and preparation and reporting
of its accounting. The property is a tax credit property and the Receiver
has operated the property in such a way that the 2010 Housing audit was
passed in May 2010. The property has been stabilized and kept in good
condition. In June 2010 the property went back to the bank and Dotan Y.Melech was released as Receiver. However, United AMS, LLC was then
contracted to continue on as Asset Manager of the property by the bank.
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1901 S. Jones
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This is an approximately 14,300 square foot stand-alone,
commercial/office building with common areas that is currently occupied
solely by one tenant. The building is in good condition, other than repairs
that are needed on one of the air-conditioning units, which is the tenant’s
responsibility at this time. The Receiver was successful in negotiating a
lease with the tenant, who still occupies the entire building.
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4357 W. Sunset
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This is a 14,000 square foot light, industrial building with one
tenant, who operates as a custom cabinet shop. The property appears to be
in good condition. The Receiver attempted to negotiate a new lease with
the tenant, however, the tenant moved out of the property leaving it
vacant. The Receivership ended in November 2010 and the Receiver was
contracted to continue managing the asset as Asset Manager.
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