A 102-unit not-for-profit affordable multifamily property in Logansport, Indiana, came to Bradley Company when the property was in a very distressed position. There were serious financial deficiencies as well as compliance issues that had the U.S. Department of Housing and Urban Development threatening foreclosure.
Affordable Apartment Management
Location
Logansport, Indiana
Property
Affordable Housing Apartments
Services
Multi-Housing Management
SOLUTION
Bradley Company worked closely with the Board, HUD, Internal Revenue Service, Indiana Department of Revenue, and auditors to quickly get this property back in compliance and save thousands of dollars in potential fines and penalties.
RESULTS
The property has since performed extremely well with average occupancy at 98% over the last 10 years. This has resulted in the mortgage being paid off and the accumulation of strong reserve balances.
