Lakewood Villas acquired in Waco

WACO – Emerald Creek Capital acquired the 200-unit Lakewood Villas apartments after the bank foreclosed on the property at 1601 Spring St. The company bought the property to recoup the $3.3 million balance on the note. The bank intends to find a buyer for the complex.

The former owner, Austin-based PPA Group, had tried to unload the property in a distress sale for $3 million but found no takers.