Jo Summers found out her mailboxes had stopped working last year. Nobody at The Baxter, her 239-unit apartment complex in far northeast Dallas, ever fixed them. Looking back, she says, that was probably the first sign something was wrong.
The full picture arrived this week in an email. Residents of The Baxter, at 9737 Forest Lane, learned Monday evening they had 30 days to either transfer to The Bernard, a nearby sister property under the same ownership, or vacate entirely. Summers acted fast, touring a unit at The Bernard the following morning. It rented for $865 a month, $120 more than what she’d been paying. After factoring in a pet fee, she ended up paying just under $1,100 to make the move. “It’s just really unfortunate because the only options are more expensive,” she said.
The notice traces back to an April foreclosure auction that most Baxter residents likely never noticed at the time. Dallas-based multifamily syndicator WindMass Capital bought The Baxter and four nearby buildings as a five-property portfolio in 2021. Ownership later shifted to WindMass’s investment partner, Fundamental Partners, amid a legal dispute between the two firms. In May 2025, the portfolio moved again, this time into an arrangement with the Pecos Housing Finance Corp., under which a nonprofit entity holds the land tax-exempt in exchange for affordability commitments. Fundamental Partners then defaulted on a $120 million loan tied to the portfolio, triggering the April foreclosure sale. Oconee Real Estate Holdings XIX BX5 LLC, an entity that shares an address with lender Voya Investment Management, bought the five properties for roughly $78 million…