East-side apartment complex target of $9M foreclosure

December 13, 2011

An apartment complex on the far east side of Indianapolis is the target of a nearly $9 million foreclosure complaint filed by Wells Fargo Bank.

The bank, acting as trustee for lender Bank of America, filed the foreclosure in Marion Superior Court in late November. Judge Timothy Oakes on Thursday approved the appointment of a receiver to manage Lexington Park.

The apartment complex, at 9060 E. 39th Place near North Post Road, is operated by Lexington Apartments LLC of Clayton, Mo.

Wells Fargo said in its suit that the company obtained a promissory note from Bank of America in March 2004 for $9.1 million. A balance of $8 million remained as of September 2011, the complaint said.

Including interest and various fees, however, the actual amount owed is $8.9 million, Wells Fargo said.

The 362-unit complex was built in 1967.

Monthly rental rates for one-bedroom units at Lexington Park range from $420 to $470 and from $525 to $625 for two-bedroom units.
 

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