Villa Nueva Apartments in Houston is under new ownership after conditions at the property earned it a spot on TikTok creator RichDameTV’s series “the most fucked up apartments in Houston.”
New York firm Longacre Asset Management purchased the 541-unit complex at 5300 West Gulf Bank Road with plans to turnaround the “extremely distressed” property, according to a release from the firm. PH Realty Capital and Rockledge teamed up to launch Longacre in 2021 with a focus on “the deals others hand back.”
Villa Nueva fits the bill, as it was last owned by SouthState Bank. The Winter Haven, Florida-based bank seized control of the property from Houston investor Fercan Kalkan’s Kalkan Capital in January after initiating foreclosure proceedings last July. The troubled loan was part of $125 million in alleged defaults tied to 3,000 units owned by Kalkan, which sought Chapter 11 bankruptcy protection for multiple properties in September.
Longacre’s purchase comes about a year after the property was featured in a viral TikTok video showing a hole in the side of the building, trash piling up around dumpsters and pools of standing water in the parking lot.
RichDameTV, who only provided his first name, Damian, when Chron wrote about him in 2025, described the property as “hell on earth.”
“Moral of the story: this place right here is a piece of shit, arguably the biggest piece of shit apartment complex I done did a video at so far,” he said.
The video wasn’t Villa Nueva’s first brush with notoriety. In 2022, the property was reported to the city’s 311 line 65 times, topping the list of Houston apartment complexes generating complaints, according to a report from KTRK, Houston’s ABC affiliate.
The circumstances of the trade underscore the manifestation of multifamily distress at Class B and C apartments throughout Texas. These properties that face foreclosure and get kicked back to lenders typically fail the value-add promise of investors who bought Sun Belt apartments when interest rates were low, with plans to fix them up and sell them at a profit.
Instead, interest rates spikes and underwater investors stopped paying trash service, much less installed stainless steel appliances.
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