LOS ANGELES-Locally based National Asset Services, which has $2billion in assets under management, has formed a series ofstrategic alliances with receivership companies to provide assetmanagement services designed to safeguard the values of propertiesand retain tenants during the receivership process. Karen Kennedy,the company's president and founder, explains that NAS hasestablished the new alliances because, "Lenders and other firmsinvolved in proceedings against distressed commercial property mustoften rely on the services of court-appointed receivers who canprotect the property's value by stabilizing operations andretaining tenants."

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Kennedy, who also has experience as a court-appointed receiverfor commercial properties, says that receivers of distressedoffice, retail, multifamily and student housing properties areturning to the partnership approach because so many propertiesacross the US are underperforming.

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NAS manages both sole owner and multi-owner properties. andoffers a wide range of strategic asset and property managementcapabilities including: Real estate strategy analysis; long-rangebusiness objectives; monitoring changing market conditions;investor relations; real estate and investor accounting; receiverand real estate owned services; loan modification and workoutsolutions; exit and hold strategies; leasing marketing plans;tenant retention plans; research studies; site selections;feasibility studies; insurance risk management; capital improvementplanning and tracking; property tax appeal services and costsegregation services.

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NAS declined to name the receiverships with which it hasalliances, citing confidentiality. However, the company also hasestablished strategic alliances with operators, among them AssetCampus Housing, the Real Estate Group, Greystar, Riverstone, CampusLiving Village, the Shopping Center Group and Alliance.

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