Texas-based multifamily investor Lurin Capital is facing increased financial pressure after being named in a $40.5 million debt default lawsuit, just months after losing a dozen properties in Florida to foreclosure.
The lender, Select Securities Europe, claims that Lurin defaulted on 15 loans when it stopped paying interest two years ago. The loans matured last year, and as of last month, the company reportedly owed $10.7 million in interest.
Lurin’s co-founders, Jon and Ashley Venetos, personally guaranteed the loans. If the firm cannot repay the debt, they could be held personally responsible for the amount owed.
Earlier this year, Acore Capital Mortgage foreclosed on $383.6 million in loans tied to 12 of Lurin’s Florida properties and auctioned off those assets. The firm also faces the possible loss of Estates at Avenstar in Houston—a 592-unit complex—after defaulting on a $52.5 million mortgage from Nexstar.
Elsewhere in Texas real estate news this week:
A new Texas law targeting “traveling” housing finance corporations has drawn legal action from the Texas Workforce Housing Coalition. The coalition filed suit challenging House Bill 21’s constitutionality, arguing that its retroactive application violates state law and threatens existing tax exemptions before its scheduled implementation in 2027. Supporters believe HB 21 is needed to curb abuse of tax exemptions, while critics argue it restricts local authority.
Ares Real Estate has expanded its presence in Fort Worth by acquiring 1.6 million square feet of warehouse space across Tarrant County. These fully leased properties are situated along major logistics corridors and will be managed by Ares Industrial Management as part of the Los Angeles-based firm’s efforts to enter high-demand markets.
Recent legislation banning certain foreign buyers has reduced Chinese homebuying activity in Texas. The ban targets non-resident buyers from countries considered security threats—including China, Iran, North Korea, and Russia—and has caused concern among some legal residents.
Austin continues to experience an oversupply of office sublease space, with large offerings such as Meta’s full-building listing at Sixth and Guadalupe remaining available for an extended period.
In another development, Austin broker Katie Jackson of @properties Lone Star showcased the Bouldin Treehouse at 801 Post Oak Street—a property listed for $1.6 million as a redevelopment opportunity—on HGTV’s “Zillow Gone Wild.”
