The collapse of Lurin Capital’s multifamily portfolio isn’t just affecting the firm’s investors and lenders; mismanagement of its properties has rendered some tenants homeless.
A Collin County judge ordered residents of Evana Grove Apartments in Plano, which is owned by Jon Venetos’ firm, to vacate by Nov. 4, due to unsafe conditions at the property, KXAS first reported.
Judge Bryan Gantt granted the city of Plano a temporary restraining order on Oct. 27. The property, at 3500 Hillridge Drive, had racked up 1,458 code violations, and nearly 100 lawsuits were filed against Venetos and property managers regarding the conditions at the property.
Even so, the filing said residents still had no water, sewer or gas at the complex.
Venetos responded, asking the court to dissolve the order. He said the city didn’t follow Texas Rules of Civil Procedure in pursuing the order. Judge Gantt denied the request.
Lurin purchased the complex in 2022, deed records show. The 264-unit property was built in 1975. City official Curtis Howard called it “the worst apartment complex we have in the city of Plano,” the outlet reported.
The order comes amid mounting legal trouble for Jon Venetos, whose firm has been bleeding properties all year.
Lender Acore claims Venetos defaulted on nearly $400 million worth of loans tied to properties in Florida and Texas. The 12 Florida properties headed to foreclosure auction in April.
Acore also claims Venetos personally guaranteed the $394.4 million he borrowed. The lender filed six lawsuits in October asking for judgments totaling $80.7 million, Venetos’ payment guaranties, plus other default-related expenses, court records show.
Acore alleges his liability was triggered when he defaulted on the loans and when he allowed mechanics’ liens to be placed on the properties.
Venetos is also fighting a recent lawsuit from Select Securities Europe, a lender from Luxembourg that claims he defaulted on 15 loans totaling $40.5 million.
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