The owner of a northwest-side apartment complex is facing foreclosure on a $4.56 million note.
Fannie Mae filed a lawsuit in Marion Superior Court Tuesday, seeking foreclosure and the appointment of a receiver at Arrowwoods Apartments. The 169-unit complex is at 7135 Warrior Trail, east of Michigan Road.
The owner is JVM Realty Group, which has six other complexes in the Indianapolis area. In 2007, JVM executed one of the largest commercial-property purchases of the year, paying $16.6 million for Waterside at Castleton, a 400-unit complex on Whipporwill Drive, according to IBJ research.
JVM principal James Madary II was not immediately available for comment Wednesday morning. The Oak Brook, Ill., firm manages and invests in multifamily properties in several Midwest states.
Arrowwoods was the scene of a fire in late January that left 33 people displaced and two with minor injuries. The three-story property features apartments ranging from 650 to 1,100 square feet that rent from $510 to $665 per month.
JVM's other local apartment properties are Decatur Woods, Mallard Cove, Suncrest, Teal Run and Woodridge.