ThirdEye Partners (TEP), a specialized real estate advisory firm focused on distressed multifamily assets and lender-led workout strategies, has been retained by one of several lenders tied to a financially troubled, 10-property multifamily portfolio in Houston, Texas.

TEP will provide the lenders and borrower with an objective, data-driven foundation for restructuring and workout planning.

The borrower, which self-managed the properties under the name of Falls Management Group, has transitioned operations of the full 3,633-unit portfolio to Lynd Management Group, a multifamily operator with extensive experience in distressed asset turnarounds and lender-led workouts. Lynd has assumed full operational responsibility and is implementing stabilization initiatives, including lease-up execution, operating discipline and targeted cost-containment measures.

TEP and Lynd are jointly working with lenders and stakeholders on a comprehensive workout strategy for six non-bankruptcy assets and four in Chapter 11 bankruptcy.