Saturday, October 31, 2015

Rent-Stiffing Landlord Facing Eviction From 100-Unit Residential Building Dodges Boot, Coughs Up $270K+ To Cure Default On Ground Lease Payments Owed To City/Land Owner

In Chattanooga, Tennessee, The Chattanoogan reports:
  • Owners of the Walnut Commons apartments on Walnut Street have paid up on money owed the city for a ground lease after the city filed suit in Circuit Court.

    Earlier, the apartment owners had submitted a check for $11,025, which the city did not cash.

    The city contended the total amount owed was $262,418 more than the amount submitted. Soon after the lawsuit was filed, the apartment owners sent a check for the full amount the city says it was owed. The city is expected to dismiss the lawsuit.

    The local owners of the Walnut Commons apartment complex in October 2014 sold out to a large real estate investment firm, APRO II LLC.

    John Clark, David Hudson and Bob McKenzie spent years developing the site at Walnut, Aquarium Plaza (Second Street) and Riverfront Parkway. The 100 apartment units were quickly leased when it finally opened in 2013.