Loss: Significant apartment rental income lost due to multiple buildings being uninhabitable due to drastically tilted foundation slabs.
Cause of loss: Foundation failure due to deteriorating landfill, exacerbated by its location adjacent to the Arkansas River.
Solution: Following five separate surveys over 24 months, 14 of 44 buildings received new piering. Voids in landfill were secured and the best-located units were fully renovated.
Result: Traded to new owner who continued the unit redevelopment plan.
Property Manager: BH Management
Lender:
