Assumption of Distressed Portfolio in Indianapolis, Indiana
Loop Investments has “accepted the challenge” to enter into a joint venture in order to stabilize a distressed 1000 unit portfolio in Indianapolis, Indiana owned by foreign investors. The current crime rate at the properties is the highest in the city and the property condition is under an immediate threat of being condemned by the Board of Health and Fire Department of Indianapolis. Due to the property’s poor condition, it is in the process of foreclosure. Loop Investments was assigned by the limited partners to bring the property up to code and implement proper operations and best practices to prevent the foreclosure. The plan for the first quarter of 2020 is to address all the fire and health violations and take care of all major eye sores. They will also address the crime by increasing security and evicting residents with lease violations.