A $120 million loan default led to a $78 million foreclosure sale, displacing 239 tenants within 30 days.
A 239-unit Dallas apartment complex, The Baxter, faces foreclosure after its owner defaulted on a $120 million loan. The property was sold for $78 million to Oconee Real Estate Holdings in April, forcing tenants to relocate within 30 days or transfer to a sister property.
The portfolio, originally acquired by WindMass Capital in 2021, shifted ownership to Fundamental Partners amid legal disputes. The sale reflects broader pressure on multifamily syndicators in the Dallas-Fort Worth area due to rising interest rates.
Tenants must vacate or move to The Bernard, a nearby complex under the same ownership, as the foreclosure wave continues to impact regional housing stability.