Featured Community
River Oaks
1215 24th Street Place
Moline, IL 61265
309-912-4118
Workout Experience
Axiom Properties, Inc. has a long history of diverse real estate activity with a particular focus on repositioning underperforming and problem assets. Our work with these types of assets dates back to the 1970’s when Robert Cagann was engaged as a consultant by a major east coast bank to work out, reposition and liquidate its portfolio of troubled properties. Rather than liquidating the assets “as is” at fire sale prices, the strategy was to invest money prudently to improve the assets, reposition them as performing properties and maximize the values at sale. As a hands-on consultant, Mr. Cagann reported directly to the bank’s Senior Vice-President of Asset Management and was given broad discretion in determining and executing the strategy for each asset. In this role, he repositioned and sold over $400,000,000 of real estate assets. That was the beginning, and it has served as the model through the years in leading us to the same success measures we still carry on today as an active participant in today’s real estate market.
Project List
| The Arbors | 218 | Reacquired 218 units in Rockford, IL, formelry Arlington Place. Occupancy of 81% at time of purchase, reached 100% in less than 12 months. |
| Town and Country | 662 | Completion phase 5 of the project. Work completed in 7 months, 1 month leased 44 units. |
| Axiom Wisconsin Portfolio | 1,157 | Workout 4 properties with 220 down units and 72% occupancy. Unit completion in 6 months and leased up in 12 months to 94% occupancy |
| Chateau Knoll | 396 | Workout of property with 22 down units and completed exterior renovation to all buildings. Work completed in 18 months. Achieved and stabilized 95% occupancy in 90 days. |
| Mayfair | 134 | Moderate exterior renovation and upgrade of all units Exterior work completed in 90 days and units are upgraded as leases expire. Maintained occupancy average above 95% throughout 2008 |
| Park Village | 343 | Exterior and common area renovation of performing apartment community. Maintained occupancy in excess of 90% throughout the project. |
| Birches | 261 | Exterior, common area and unit renovation of performing apartment community. Maintained occupancy in excess of 90% throughout project. Units completed as apartments turned. |
| Pine Ridge/ River Oaks | 363 | Complete workout of nonperforming asset. A 36 month project complete renovation of all units and common area. Increased occupancy from 29% to a high of 99% that stabilized to above 95%. |
| Highland Apartments | 134 | Workout of nonperforming asset. 90 days into project starting at 8% occupancy. 120 days into the project C of O received on 2/3 of units. |
| Pheasant Run | 146 | Complete workout of nonperforming asset. |
| Rideau Towers Calgary, Alberta |
258 | Condo REO. Complete construction and sold units |
| Stonebridge Apartments Arlington Heights, IL |
400 | Assessed performance of ownership, hired and retained new staff. |
| Hanover Park Apartment Community |
220 | REO – Did a cosmetic rehab, repositioned and re-leased the property. |
| Kings Apartments Vancouver, BC |
330 | REO – Rehabbed, repositioned and leased up. |
| Cape Henry Towers Virginia Beach, VA |
192 | REO – completed construction, supervised association management |
| Cochrane Hall Pittsburgh PA |
158 | REO – completed construction, supervised association management and sold remaining units. |
| Cabot Estate Boston MA |
176 | REO – Finished construction, corrected latent builder defects. Provided association management, planned and provided market study, facilitated design and plans, supervised construction of phase II and sold units. |
| Fox Chase of Alexandria Alexandria, VA |
2,076 | Purchased from REO – formally named Shirley Duke Apartments. A gut job. Totally rehabbed and the largest HUD loan at that time. Total lease up in less than 18 months. |
| Tuxedo Estates Winnipeg, Manitoba |
140 | New construction. Performed market study. Worked with attorneys on preparation of condominium documents. Assisted construction. Supervised entire marketing program. Sold out phase 1 (72 units) in 24 hours. |
| Villas Charmante Columbus, OH |
228 | REO – Completed construction and supervised a sell out of all units. |
| Wyngate Apartments Dayton, OH |
380 | REO – Supervised a cosmetic rehab. Repositioned and leased apartments |
| Vendome Condominiums Boston, MA |
140 | Supervised correction of latent builder defects. Hired and supervised association management company |
| Ridgefield Condominiums Ridgefield (Cleveland), OH |
220 | REO – Supervised correction of latent builder defects and sale of remaining units |
| West-Oaks Minnetonka (Minneapolis), MN |
180 | REO – Supervised completion of construction and sale of remaining apartments |
| Woodland Oaks Huston, TX |
404 | REO – Rehabbed and repositioned property. Supervised the leasing of apartments. |
| Sunset Lake Apartments Justice, IL |
614 | Purchased property from REO – Rehabbed and repositioned entire asset. Installed utility sub-metering system. Re-leased entire property and did one of the first Fannie Mae DUS loans. |
| Trillium Madison, WI |
136 | Acquired asset. Rehabbed all units. Repositioned property. Completed new lease up. |
| Arlington Place Rockford, IL |
218 | Acquired asset. Performed cosmetic rehab. Raised rent and re-leased the property. |
| Multiple Projects | 5000 | Over 5000 multi-family units, where property assessments were performed, staffed retrained or new-hired and supervised results |
