Saturday, August 15, 2009

West End apartment complex in Dallas faces foreclosure

A high-profile West End apartment complex is scheduled for foreclosure next month.

The 1001 Ross Avenue apartment block was built in 2003 and contains more than 200 apartments, with retail space on the ground floor. The building is owned by a real estate partnership, Jefferson on Ross Avenue LP.

Bank of America has scheduled a Sept. 1 foreclosure auction on the property, which has $29.3 million in original debt, according to foreclosure filing information collected by Addison-based Foreclosure Listing Service Inc.

The downtown Dallas apartment project is one of 184 commercial and investment properties threatened with forced sale at next month's foreclosure auctions in Dallas, Tarrant, Collin and Denton counties.

Real estate with more than $496 million in loans is included the latest foreclosure filings on commercial properties. The largest category – almost 50 postings – is for apartment projects.

Almost three dozen tracts of land also are set for foreclosure, including large development sites on State Highway 380 in Denton County and State Highway 114 in North Fort Worth.

So far this year, commercial property foreclosure postings are up more than 10 percent from a year ago, according to Foreclosure Listing Service.

The type of properties being threatened with foreclosure also has changed, according to Foreclosure Listing Service president George Roddy. "The quality of the properties keeps getting better," Roddy said.

Counting September's postings, almost 1,700 commercial property foreclosure filings have been recorded in the D-FW area so far this year.
Steve Brown/DMN