TEXAS – Austin couple sues homeowners group over condo sale

Statesman.com: Austin couple sues homeowners group over condo sale
By Shonda Novak
August 16, 2017
A couple who owned four units in the Villas on Town Lake is suing over the recent sale of the 1980s condominium project, saying they have yet to be paid $1.9 million they are owed. 

Kevin Green and his wife, Amy Edwards, filed the lawsuit in state district court in Travis County against the Villas on Town Lake homeowners’ association and individual board members. Also named as a defendant is Austin Valuation Consultants Inc., the company that appraised each of the 58 units in the condo project.

The lawsuit alleges the homeowners association and its board members breached their fiduciary duty, and that Austin Valuation breached its duty to “fairly and accurately appraise” Green’s and Edwards’ units, and the property overall.

The Villas on Town Lake sits at the end of Red River Street on downtown’s eastern edge and overlooks Lady Bird Lake. The Sutton Co., based in Austin, sold the property in June to Dallas-based Genesis Real Estate Group, which plans to build two apartment towers on the site.  Read more:

 

http://www.statesman.com/business/austin-couple-sues-homeowners-group-over-condo-sale/tLvZ6f0983oDM7ZdK2uiuN/

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