Spring Creek, CA
The Reliant Group purchased a 268-unit apartment complex previously known as Suncreek Apartments. The complex was subject to mold litigation. The seller was servicing the debt without any cash flow from the property, and the lender had filed a foreclosure action. Two prior purchasers had fallen out of escrow, placing the seller under significant pressure to find a solution.
The Reliant group was able to satisfy the lender in full, resolve the mold litigation, pay the borrower in cash and fully rehabilitate the property to market rate rental housing. (read more