A judge in Collin County has ordered residents of Evana Grove Apartments in Plano to vacate the property due to unsafe living conditions. The apartment complex, owned by Lurin Capital and managed by Jon Venetos’ firm, was deemed “uninhabitable” after accumulating 1,458 code violations. Nearly 100 lawsuits have been filed against Venetos and the property managers regarding the conditions at the complex.
Judge Bryan Gantt granted a temporary restraining order to the city of Plano on October 27. Despite this action, court filings noted that residents still lacked essential utilities such as water, sewer, and gas. Venetos attempted to have the order dissolved, arguing that the city did not follow proper legal procedures under Texas Rules of Civil Procedure. Judge Gantt denied his request.
The Evana Grove Apartments, located at 3500 Hillridge Drive and built in 1975, were purchased by Lurin Capital in 2022 according to deed records. City official Curtis Howard described it as “the worst apartment complex we have in the city of Plano,” as reported by KXAS. Howard also told WFAA: “We really want to avoid people becoming homeless, especially at this time.”
The order comes amid broader financial and legal challenges for Jon Venetos and Lurin Capital. Lender Acore alleges that Venetos defaulted on nearly $400 million worth of loans connected to properties in Florida and Texas. Twelve Florida properties are set for foreclosure auction as a result.
Acore claims that Venetos personally guaranteed $394.4 million he borrowed and has filed six lawsuits seeking judgments totaling $80.7 million along with payment guarantees and other expenses related to defaults (https://therealdeal.com/texas/dallas/2023/10/24/acore-hunts-jon-venetos-to-collect-80m-judgment-from-guaranties). The lender states that his liability increased after he defaulted on loans and allowed mechanics’ liens on several properties.
Additionally, Select Securities Europe—a lender based in Luxembourg—has filed a lawsuit alleging that Venetos defaulted on 15 loans amounting to $40.5 million (https://therealdeal.com/texas/dallas/2023/10/17/value-add-investor-faces-40m-default-after-losing-12-properties).
These developments follow reports that Venetos is facing foreclosure proceedings on $383 million in multifamily loans (https://therealdeal.com/texas/dallas/2023/09/29/value-add-investor-faces-foreclosure-on-383m-in-multifamily-loans).
