A troubled apartment complex in Houston’s Greenspoint neighborhood is set to change hands in the near future.
The Landings at Northpoint, a 292-unit complex near the intersection of Beltway 8 and Greenspoint Drive, will be up for grabs Oct. 3 by way of a foreclosure auction, Bisnow reported.
The complex, owned by Landings at Northpoint LLC, which is linked to Michigan-based investor Dylan Borland, received a $20 million loan from Prudential Affordable Mortgage Company in March 2021. The loan is now being overseen by special servicer CWCapital.
In addition to the foreclosure, the property has been plagued by multiple liens from vendors and faces two lawsuits alleging negligence and safety lapses by the landlord and property manager Asset Living.
One lawsuit, filed by a resident’s mother in June, alleges that a registered sex offender living at the complex sexually assaulted her daughter. Another, filed recently, claims visitors were assaulted and stabbed due to inadequate security in the complex.
Both cases have been met with a general denial from Landings at Northpoint, claiming it had no control over the incidents.
The complex has accumulated more than $40,000 in unpaid bills from various vendors, such as cleaning and repair companies.
The property has an assessed value of almost $28 million, according to the Harris County Appraisal District.
The impending sale marks the seventh high-profile apartment complex in Houston to go into foreclosure this year.
Applesway Investment Group has lost five multifamily properties via foreclosure, and Rockstar Capital lost one earlier this month.
—Quinn Donoghue
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