WindMass Capital founder Mitchell Voss told The Multifamily Five Podcast in 2019: “I shouldn’t really be able to do what I’m doing with the limited track record that I have.”
It looks like his “limited track record” is coming back to haunt him. The Dallas-based multifamily syndicator, that so far outlasted peers like GVA and Tides Equities, hit a wall of distress.
The firm is facing foreclosure on five Dallas apartment complexes totaling 1,406 units after allegedly defaulting on a $120 million loan from Voya, according to a foreclosure notice dated March 10. The loan works out to $85,348 per unit.
The loan is tied to five apartment complexes in Dallas’ Lake Highlands neighborhood:
- The Beckham, a 260-unit property at 12111 Audelia Road, valued at $32.6 million;
- The Bernard, a 314-unit property at 11991 Audelia Road, valued at $32.9 million;
- The Bentley, a 284-unit property at 12121 Audelia Road, valued at $29.9 million;
- The Blake, a 309-unit property at 9669 Forest Lane, valued at $32.3 million; and
- The Baxter, a 239-unit property at 9737 Forest Lane, valued at $23.9 million.
The properties were built in 1983 and 1984, records show.
WindMass purchased the portfolio in 2021. Last spring, It utilized what’s known as the “traveling” housing finance corporation loophole by selling the properties to Pecos Housing Finance Corporation, which is over 400 miles from Dallas, and leasing the ground. The transactions closed May 28, 2025 — the same day Gov. Greg Abbott signed House Bill 21, which closed the loophole.
The program, which aimed to incentivize investors and developers to offer affordable apartments, became a popular cost-cutting tool for struggling syndicators, allowing them to wipe hundreds of millions of dollars worth of property off tax rolls without the knowledge of local taxing districts.
WindMass was one of the multifamily syndicators that swept through the Sun Belt when interest rates were low, picking up older apartment buildings at high valuations with plans to renovate, jack up rents and sell at a profit.
The market attracted inexperienced operators like Voss and his peers at Applesway and Tides Equities. When interest rates rose, they were unable to pay debt service on the floating-rate loans they’d taken out during their buying sprees.
WindMass held on longer than peers in the market and stepped in to help out struggling syndicators by taking distressed properties off their hands. WindMass bought GVA’s Northgate Hills in Austin in December 2024, paying $50 million for the 412-unit property at 9024 Northgate Boulevard.
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