A troubled Greenspoint-area apartment complex is the latest in a growing list of Houston multifamily complexes to hit the block at the Harris County foreclosure auction.
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The Landings at Northpoint, a 292-unit Class-B complex near the intersection of Beltway 8 and Greenspoint Drive, is set to be sold at auction Oct. 3, according to a foreclosure document filed this month.
Notable complexes sold at the Houston foreclosure auction this year include one Rockstar Capital lost this month and five complexes lost by Applesway Investment Group over a four-month span this spring and summer.
Prudential Affordable Mortgage Co. issued a $20.4M loan in March 2021 to Landings at Northpoint LLC for the complex at 220 Northpoint Drive, public records show. The limited liability company is tied to Dylan Borland, a Michigan-based investor who advertises coaching and consulting services to help people “reach financial freedom through real estate investing” on his website.
Along with the foreclosure, the complex has had multiple liens placed on it by vendors who say they weren’t paid for completed work, and it faces two lawsuits accusing owners and management of not protecting residents’ or visitors’ safety.
Borland did not respond to emailed requests for comment through his website or his company, Borland Capital Partners.
The $20.4M loan is with special servicer CWCapital, which declined to comment beyond confirming its status as special servicer. Prudential Financial did not respond to a request for comment.
The complex’s appraised value was $27.9M as of January 2023, according to Harris County Appraisal District records.
Borland has a YouTube channel with 2,330 subscribers where he shares videos discussing what he’s learned since he began investing in single-family and multifamily real estate in 2006, according to his channel’s description. He also offers The Ultimate Real Estate Investing Course, which advertises on-demand coaching with Borland and others in a “mastermind” group for $300 monthly, per its website.
The Landings of Northpoint has seen its share of misfortune even prior to the foreclosure action. The owner and its management company, Asset Living, are facing two lawsuits filed this year in Harris County, both alleging gross negligence and premises liability.
One suit, filed in June, was brought by a mother alleging her daughter was sexually assaulted by a registered sex offender who resided at the complex. Per the complaint, management was allegedly aware of the resident’s status and did not warn other tenants.
Another suit was filed this month by two people who claim they were assaulted and stabbed when visiting a friend at the complex. The complaint alleges that the complex is in a high-crime area and the defendants failed to provide adequate security.
Attorneys for Landings at Northpoint LLC have filed a general denial in both cases, stating the acts were results of third parties the defendants have no control over. Asset Living did not immediately respond to a request for comment Tuesday.
The property has also seen bills pile up. A floor and carpet cleaning business filed a lien on Landings at Northpoint in May 2022, claiming it was not paid $18K for work done at the complex. An air conditioning business filed a lien in September 2022 for nonpayment on about $10K worth of work. Another business filed a lien in June 2023, asserting it wasn’t paid for about $16K in cleaning and general repair services work.
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