California ‘house flip giant’ buys apartments in Founders Square

0

A California company known for buying foreclosed homes recently bought the Founders Square apartments in North Marsalis.

Wedgewood Inc. acquired the 63-unit building on the edge of Founders Park, as well as a 267-unit complex in Lake Highlands.

A local developer bought Founders Square several years ago and pursued a “land swap”. The deal would have allowed Windmass Capital to give Dallas City Parks the 1.37 acres where the apartments are located in exchange for 1.37 acres on the corner of Colorado and Marsalis, which is part of Founders Park. Windmass wanted to build a new apartment complex of five to seven floors, as well as shops or restaurants around the corner. This proposal would also have been accompanied by a pledge of $ 500,000 in improvements to the park. But the Dallas Morning News objected, and the developer abandoned their plans.

Zoning on 929 N. Marsalis Ave. allows the owner to build up to eight floors.

Wedgewood was involved in more than 544 acts in Dallas County between 2016 and 2019, San Francisco news channel KNTV reported in January.

This television station described Wedgewood as a “house flip giant” who “faced legal challenges from tenants and opposition from housing advocates.”


Source link

Share.

Leave A Reply