Troubled Lakeside Pointe apartment complex acquired

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The long-troubled Lakeside Pointe at Nora apartment complex—under threat of a city nuisance lawsuit—has a new owner. Not-for-profit Genesis Housing Foundation Inc. will take over the property through a subsidiary, Mayor Joe Hogsett’s administration announced Tuesday.

“This morning the City received word that Lakeside Pointe at Nora had been sold,” Hogsett said in a statement. “While we are hopeful for the future of the property, our top priority continues to be the safety and well-being of the property’s residents. We are committed to working with the new owner to address the long deferred maintenance and outstanding enforcement actions. And, we will continue to engage with neighbors and community stakeholders to ensure that the new property owner is meetings its obligations to tenants.”

Genesis subsidiaries have already acquired two local apartment complexes formerly owned by Lakesides Pointe’s ownership group, JPC Charities: the Estates at Crystal Bay Apartments, 7136 Crystal Bay Drive E., and Woodhaven Park Apartments, 6363 Commons Drive. Both complexes are on the city’s northwest side.

A representative from Genesis could not be immediately reached Tuesday for comment on the acquisition.

The change in ownership means city and local heath officials will shelve—for now—a “test case” lawsuit under Indiana’s nuisance law. Officials said in February they were holding back until the end of the month to allow the sale to go through.

Lakeside Pointe residents, who include refugee placements, have reported a dozen fires in the last year, raw sewage leaks and weeks-long periods without hot water, air conditioning and heating, among other complaints.

The complex’s former owner owed more than $225,000 for the 600-plus housing code violations the complex at 9000 N. College Ave. has racked up since 2017, according to the city. There are also demolition orders in progress for two buildings destroyed in fires.

Genesis now inherits those violations. Asked when the city would crack down, Bode said there would be a brief adjustment period, but no set timeline.

Officials last month expressed hope in Genesis, even as they acknowledged the severity of conditions at Lakeside Pointe.

“There’s reason to be more optimistic than with the current owner, [but] that doesn’t mean that this is an absolute vote of confidence,” said Deputy Corporation Counsel Matt Giffin. “… [If] we determine that the new owner isn’t any better than the old owner, then we will go ahead and file the nuisance suit and use every tool in our box to enforce the laws.”

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2 thoughts on “Troubled Lakeside Pointe apartment complex acquired

  1. The other two complexes mentioned as being previously acquired by Genesis are near 46th & High School and 71st & Michigan respectively, not near each other, but both on the northwest side, rather than the northeast side as the article states.

  2. “insert real estate investor mindset” – Hopefully these buyers got a a hell of a deal, and will fix up these units. It’s catch 22 for the residents though. Nothing is free and rents will probably go up and NOI increased. I’d bet all of these properties are under market rates for the numerous reasons mentioned in the article.