A Collin County judge has ordered residents of the Evana Grove Apartments in Plano to vacate the property due to unsafe living conditions. The apartment complex, owned by Jon Venetos’ firm Lurin Capital, was deemed “uninhabitable” after accumulating 1,458 code violations and nearly 100 lawsuits related to its condition.
On October 27, Judge Bryan Gantt granted the city of Plano a temporary restraining order against the property at 3500 Hillridge Drive. Despite legal filings, residents reportedly still lacked water, sewer, or gas services at the complex. Venetos asked the court to dissolve the order on procedural grounds, but Judge Gantt denied his request.
Lurin Capital acquired the 264-unit building in 2022. City official Curtis Howard described it as “the worst apartment complex we have in the city of Plano,” according to local reports. Howard stated, “We really want to avoid people becoming homeless, especially at this time.”
The eviction order is part of broader legal challenges facing Jon Venetos and Lurin Capital. Lender Acore alleges that Venetos defaulted on almost $400 million in loans tied to properties in Florida and Texas. Twelve properties in Florida are scheduled for foreclosure auction following these defaults.
Court records indicate that Acore filed six lawsuits in October seeking judgments totaling $80.7 million based on payment guarantees and other expenses related to loan defaults. Acore claims Venetos’ liability was triggered both by loan defaults and by allowing mechanics’ liens on properties.
Venetos is also contesting a lawsuit from Select Securities Europe, a Luxembourg-based lender claiming he defaulted on 15 loans amounting to $40.5 million.
More information about Acore’s efforts to collect an $80 million judgment from Venetos can be found at https://therealdeal.com/texas/dallas/2023/11/01/acore-hunts-jon-venetos-to-collect-80m-judgment-from-guaranties/. Details regarding additional foreclosures and defaults involving value-add investors are available at https://therealdeal.com/texas/dallas/2023/04/06/value-add-investor-faces-40m-default-after-losing-12-properties/ and https://therealdeal.com/texas/dallas/2023/03/29/value-add-investor-faces-foreclosure-on-383m-in-multifamily-loans/.
