SAN DIEGO, CA (July 21, 2010) – Douglas Wilson, owner of the Douglas Wilson Companies (DWC), has been appointed receiver for Vue, a 318-unit, 15-story luxury condominium tower on the waterfront in San Pedro, California. The recently completed Vue was billed as San Pedro’s first waterfront high-rise.
A nationally known problem resolution firm specializing in distressed real estate and court-appointed receiverships, DWC has assumed complete operational responsibility for the project, including all homeowner and leasing program issues. Developer Carlyle/Galaxy San Pedro opened Vue as a for-sale project in March 2009, but the building now has an active leasing or rental program as well, due to the current distressed real estate economy. DWC is currently discussing and evaluating with the lender and developer restarting the sales program for the property.
“This is the largest waterfront development in Old Town San Pedro, so we expect this asset to be a strong performer once the market has stabilized,” said Douglas Wilson, CEO of Douglas Wilson Companies (DWC). “With views of the harbor and upscale amenities like concierge service and a helicopter pad, the Vue sets a new standard for San Pedro.”
Until the property is transferred to different ownership, DWC will work with the existing management team to maintain and protect the value of the property.
Based in San Diego, Calif., Douglas Wilson Companies (www.douglaswilson.com) operates six offices around the United States, including Washington, D.C., Las Vegas, Miami, Orlando and San Francisco. To date, the company has provided problem resolution for more than 600 projects involving assets valued in excess of $12 billion. View coverage of the story at Curbed LA.
ABOUT DOUGLAS WILSON COMPANIES
Founded in 1989, Douglas Wilson Companies is one of the largest firms of its kind, providing a wide range of specialized business and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITS, financial institutions and property owners nationwide. Services include workout and problem resolution, forensic accounting and litigation support, joint venture investments and development, brokerage, asset management, crisis/force majeure response, entitlement and construction management.