High-Profile West End Complex Succumbs to Foreclosure

According to an article in the Dallas Morning News , the high-profile 1001 Ross Avenue apartment block with retail space on the ground floor was posted for foreclosure.

The article said:

“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.”

Nearly 50 foreclosures posted for next month were apartment complexes, some of them burdened with loans worth more than $496 million. Analysts examining the current foreclosure crisis have noted that the profiles of recent foreclosure have gradually changed.  Many foreclosures are now affecting higher quality/valued properties as the credit availability for even the most luxurious properties has slowed to a trickle. Since many commercial real estate properties such as apartment complexes are owned by a single large corporation, rising foreclosures in the commercial real estate sector could cause an outbreak of commercial real estate bankruptcies as companies struggle to survive multiple foreclosures hitting their property portfolios.

By | 2017-12-13T01:40:21+00:00 August 17th, 2009|Foreclosures|Comments Off on High-Profile West End Complex Succumbs to Foreclosure