Cross Creek Apartments
Cross Creek Apartments is a 200 unit property that was in need of significant repairs. The property was originally planned to be redeveloped by a tax credit developer so the property was neglected and repairs were not made to the property. When the tax credit financing fell through, the owner decided to sell the property. Sterling had property under control for 16 months before closing the transaction. It was complicated by the unexpected death of the seller, over 50 code violations, over $2.0M in fines due to the City of Austin, the payoff of a loan to the City of Austin, reconveyance of a LURA, a lis pendis, a lawsuit and injunction with the City of Austin. To close the transaction, Sterling negotiated a three party agreement with the city and seller to resolve all open issues and obtain clean title.