/

|

A Houston-based multifamily investor who aimed to revitalize high-crime communities is now facing a mounting debt crisis and appears to be losing control of what was once a $1B portfolio. 

At least eight apartment complexes owned by LLCs tied to Fercan Kalkan, founder of Kalkan Capital, are slated to appear at the Harris County foreclosure auction on Aug. 5, according to records reviewed by Bisnow. 

The investor who was once growing his portfolio of deep value-add communities at a 25% minimum per year, according to an archived version of his website, is now accused of letting communities fall into disrepair, presenting potential health and safety hazards, and defaulting on tens of millions of dollars of financing.