Residential Turnaround Projects
VSP has over 30 years' experience in the workout of distressed and foreclosed real estate. We specialize in commercial an multifamily turnarounds, creating value and maximizing returns across a range of challenging markets.
In addition to acquiring and taking title to distressed real estate projects, VSP has a long history of ORE consulting and in-house engagement by banks, where we have established a reputation for creativity, integrity, and sound insight.
Dolphin Run, Virginia Beach, VA
Acquisition, Completion, Sale
110 unit beachfront condominium, incomplete, in foreclosure, fully unsold with 2000+ competing units on the market. Took ownership, improved, and completed construction. Sold 40% on opening day with full sellout in six months.
Pinebrook Subdivision, Park City, UT
Foreclosure, Reposition, Disposition
for Dime Savings Bank
Incomplete 2150 unit master planned development on 1435 acres with single family; low, medium, and high density units. Built infrastructure (roads, water), replaced management, worked through zoning, marketed/sold to developers in 18 months.
Village Square at Tampa, FL
Acquisition, Development, Sale
Foreclosed 151 unit weather-damaged rental complex, incomplete and idol for two years. Took ownership, restored and completed. 100% occupancy within 13 months despite vacancy rate of 35% in Tampa's rental market at the time.
Village Square at Orlando, FL
Acquisition, Turnaround, Sale
139 unit rental complex in foreclosure, unoccupied and 62% incomplete, with local vacancies high. Took ownership, completed, and filled in 18 months. Highlights include innovative water conservation techniques and riverboat-style clubhouse that generated significant media coverage.
Essex Square Apartments, Columbia, SC
Completion, Turnaround
for Citibank
339 unit rental property in foreclosure incomplete and competing in overbuilt market with a 33% vacancy rate. Upgraded, completed and, using an aggressive marketing campaign, achieved full occupancy within 14 months.
Biscayne Boulevard, North Miami, FL
Foreclosure, Loss Mitigation, Disposition
for Dime Savings Bank
High-rise waterfront condominium with 185 units, hurricane damaged and foreclosure. Re-negotiated insurance settlement, freeing proceeds to reduce outstanding loan in advance of sale. Re-marketed and sold.
Greens of Carrollwood, Tampa, FL
Foreclosure, Construction, Disposition
for Dime Savings Bank
69 unit luxury golf community condominium development (townhouses and apartments) in foreclosure; only one third complete and with very weak sales. Prepared property for sale and marketed.
Park Shores, Vero Beach, FL
Foreclosure, Turnaround, Sale
for Dime Savings Bank
40 unit upscale condominium development, incomplete, partly sold, and in foreclosure. Completed construction. Sold units, recouped losses within 24 hours.
North Salem Road Subdivision, Waccabuc, NY
Vacant Land Subdivision
for Dime Savings Bank
51 acre vacant subdivision stalled in zoning for a decade and in foreclosure. Reconfigured with allowance to county land trust; took through planning, zoning, subdivision and sold in less than 12 months.
Waterside Apartments, Salt Lake City, UT
Analysis, Oversight
for Dime Savings Bank
132 unit rental complex in financial distress and requiring oversight. As bank representative, performed loss mitigation analysis and monitored improvements by bank-appointed manager. Expenses reduced and property 100% leased within two months.
Sky Ridge Apartments, Jackson, MS
Recovery Analysis
as consultant to Citibank
196 unit apartment development in foreclosure and incomplete. Evaluated and advised on options for maximizing recovery, including property condition review and assessment to cost to complete/sell vs liquidating as is.
Donner Pines, Donner Pass, CA
Consult: Loss Mitigation Analysis
for Citibank
80 unit lakefront vacation rental property in distress and in need of structural repair. As consultant for Citibank, provided analysis of property and recommendations for improvement.
Del Reo, Ft. Lauderdale, FL
Loss Mitigation Analysis
as consultant for Citibank
60 unit townhouse condominium project in distress. Provided analysis to maximize bank recovery including property condition review, evaluation of workout requirements, and study of liquidation value.
Fairway Villas, Wellington, FL
Loss Mitigation Analysis
as consultant for Citibank
60 unit condominium development in distress. Provided analysis to maximize bank recovery, evaluated workout requirements and assessed cost to liquidate.