Here\u2019s what you should know if you\u2019re facing eviction in the Dallas area<\/a><\/p>\nArticle continues below this ad<\/p>\n
Toby Toler, a lifetime resident of the area and property tax consultant, said he used to know a lot of young professionals that lived in the complexes near Forest Lane.<\/p>\n
\u201cWhen they were first built they were lovely, manicured and well maintained and the entire complex was a different stripe than it is today and so we\u2019ve known those complexes every step of the way,\u201d Toler said.\u00a0<\/p>\n
Toler said he has heard concerns about how tearing down The Baxter could impact the taxable value in the area, but said he\u2019d rather see a change.<\/p>\n
\u201cIt\u2019s a little too dense,\u201d Toler said. \u201cThere needs to be a little space. I\u2019m not opposed to a park or taking a few units out.\u201d<\/p>\n
Signs of financial challenges<\/p>\n
The notice telling residents to move followed a series of changes to try and financially support the apartments in the BX5 Portfolio.\u00a0<\/p>\n
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The first sign of financial trouble came when the apartments\u2019 previous owners attempted to get a property tax exemption, but a new state law and the appraisal district\u2019s denials prevented them from doing so.<\/p>\n
The owners then defaulted on a $120 million loan and portfolio ownership was transferred to Voya, the issuer of the loan. The apartments had been owned by Fundamental Partners.\u00a0Part of the portfolio\u2019s challenges could be attributed to competition in an apartment-heavy area.<\/p>\n
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The Baxter apartments face possible demolition.<\/p>\n
El\u00edas Valverde II\/The Dallas Morning News<\/p>\n
There are about 6,000 apartments within a few blocks of the portfolio, David Ellis, president of the DHFC, said during the board meeting. During periods of economic downturn, landlords struggle to find renters amid competition.\u00a0<\/p>\n
\u201cEvery time we\u2019ve had these downturns there\u2019s never been a real solution,\u201d Ellis said. \u201cThere\u2019s never been anything that we could do about it. They go to rent. They go to foreclosure. They hit a zombie state with the lenders.\u201d<\/p>\n
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As rents drop and owners offer concessions, apartments are making less money which could make paying a loan on the deal more difficult, Ellis said in an interview about the area. If the loan\u2019s interest rate isn\u2019t fixed, payments could become more expensive, he said.<\/p>\n
\u201cSo now you\u2019re struggling and you get distressed,\u201d Ellis said. \u201cAnd so now all the cash flow isn\u2019t going towards the property. It\u2019s just going into your debt service. And you\u2019re spending money on the deal. You\u2019re not operating it right. You\u2019re cutting corners.\u201d<\/p>\n
Road to demolition<\/p>\n
Demolishing the property is an attempt by the DHFC and Voya to improve the other properties in the portfolio.<\/p>\n
If approved, Voya would sell The Baxter to the DHFC, for a loss, Ellis said at the meeting. \u00a0<\/p>\n
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The loss is the risk Voya is taking to increase the value of the other four properties and get a partnership with the corporation, he said. The corporation would then provide an equitable title partnership to Voya for the remaining four properties, providing a full tax exemption, according to board documents reviewed by The News.<\/p>\n
The funds for the purchase and demolition of The Baxter will be primarily provided by the Skillman Corridor Tax Increment Financing District, Ellis said. Other sources will also be explored by the board.<\/p>\n
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The Baxter apartments pictured, Thursday, Aug. 13, 2026, in Dallas.<\/p>\n
El\u00edas Valverde II\/The Dallas Morning News<\/p>\n
After the demolition, the corporation will give the approximately four acres of land to Dallas Park and Recreation. The land is next to the existing Audelia Urban Park.\u00a0<\/p>\n
The mission of the corporation is to create safe, sanitary and decent housing at affordable levels, Ellis said. He said this deal is solving for a safety and sanitation issue, but not necessarily an affordability issue.<\/p>\n
In order for the agreement to be enacted, entities like the Skillman Corridor TIF Board, the Lake Highlands Public Improvement District and City Council have to approve. Ellis said he\u2019d like to have approval from the City Council by the end of the year, but it could be early next year.<\/p>\n
After the meeting, Ellis said the corporation was not prepared to make any additional statements about what would be happening to the property.<\/p>\n","protected":false},"excerpt":{"rendered":"The Dallas Housing Finance Corp.\u00a0board has given its initial support to an agreement that could lead to the…\n","protected":false},"author":2,"featured_media":431688,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[160,162,161,92725,90037],"class_list":["post-431687","post","type-post","status-publish","format-standard","has-post-thumbnail","category-plano","tag-plano","tag-plano-headlines","tag-plano-news","tag-tp-lake-highlands","tag-tp-residential-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/431687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=431687"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/431687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/431688"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=431687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=431687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=431687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}