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.
- Adams LaSalle Picks Up 322 Units From MBS [Globe St.]
- The Lodge at Baybrook [CBRE]
- The Lodge at Baybrook [Adams LaSalle Realty]
- Help for the Huntwick [Swamplot]