Swamplot Archives by Tag: Michael B. Smuck

Monday, September 8, 2008

The Michael B. Smuck Apartment Flips Begin

September 8, 2008 – 9:49 am
   

Triumph Land & Capital Management, the company that bought two other former Smucked apartment complexes, has already flipped a third: “‘The seller had bought the loan on Village at Loch Katrine, then foreclosed on it, then sold the property,’ says Russell D. Jones, vice president of Apartment Realty Advisors in Houston. He says Andrew Chong had signed the purchase agreement before Triumph Land & Capital foreclosed on the loan. Although Jones kept mum about the price, area sources believe the Village at Loch Katrine, situated at 16545 Loch Katrine Lane, sold for $6.5 million to $7 million.” [Globe St.; previously]

9:49 am | 3 Comments | Read more about Apartments, Buying and Selling, Foreclosures, Neighborhoods: Glencairn, Quicklink, Real Estate Investing
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Wednesday, August 27, 2008

The Lodge at Baybrook: Smuck Survivor

August 27, 2008 – 9:32 am

The Lodge at Baybrook, 19100 Glenwest Dr., Friendswood, Texas

Another apartment complex rescued from the clutches of famed real-estate investor and apartment-maintenance whiz Michael B. Smuck! This time it’s the Lodge at Baybrook, a 12-building, 322-unit compound on 13.7 acres just behind Baybrook Mall in Friendswood. Globe St.’s Amy Wolff Sorter reports that Chicago-based Adams LaSalle Realty has bought the complex from Smuck’s bankrupt MBS Properties for “well below” the $28.6 million it first listed for back in 2006.

The Lodge at Baybrook was built just 9 years ago, but apparently there’s plenty of deferred maintenance for the new owners to take care of. No word of any impending name change.

Photo: CBRE

9:32 am | 3 Comments | Read more about Apartments, Buying and Selling, Neighborhoods: Friendswood, Real Estate Investing
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Thursday, July 24, 2008

Help for the Huntwick

July 24, 2008 – 1:29 pm

Huntwick Apartments, 5100 FM 1960 Rd., Houston

A Dallas real-estate firm is ready to rescue the Huntwick Apartments on FM 1960 near Wunderlich Rd. from receivership — and also from its management, before that, by Louisiana real-estate investor Michael B. Smuck.

As of last year, just as it prepared to file for bankruptcy, Smuck’s Louisiana-based MBS Companies owned 65 apartment buildings in Texas — 33 of them in the Houston area. Even prior to that, the company’s property-maintenance skills had reached legendary status. The president and executive vice president of the Houston Apartment Association relayed complaints from residents and neighbors of MBS apartments to the Wall Street Journal last year, and reported that the griping had only increased after the influx of residents fleeing Hurricane Katrina in late 2005.

Here’s a commenter on the Houston Politics blog back in April (quoted in Swamplot), describing the scene at the 288-unit Huntwick:

Balconies have collapsed, lots of overgrown vegetation, the paint is peeling, there is obviously a total lack of maintenance. A large tree split in half on their property adjacent to Coral Gables Dr., and after the dead half lay on the ground (in plain view) for over 6 months, a crew finally cut it into smaller pieces, which then lay in the same spot for another 6 months.

After the jump: What’s happening to the Huntwick, plus the complete Michael B. Smuck Houston apartment roster!

Continue Reading This Story >

1:29 pm | 1 Comment | Read more about Apartments, Buying and Selling, Foreclosures, Neighborhood Disputes, Neighborhoods: FM 1960, Real Estate Investing, Renovations
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