Dallas' Applesway Investment Group lost more than 3,000 Houston-area rental units in a forced sale by lenders after defaulting on more than $200 million in...
The investor lost the rental communities when variable-rate mortgages on the properties increased to higher payments, according to reports.
A New York-based investor paid $197 million for the troubled apartments at a foreclosure auction in early April. Applesway is headed by Dallas’ Jay R. Gajavelli, who previously worked for an India-based technology firm. Gajavelli solicited funds from more than 300 investors promising a “steady stream of passive income.” The firm has acquired more than 20 apartment properties, according to Gajavelli’s presentations to investors.
Last summer Applesway Investments sold The Crossings 820, a 418-unit community in Fort Worth that was acquired by a Dallas investor.
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