On April 29, an auction was held to sell the Charlestowne North Apartments at 8150 Lakecrest Drive, an apartment complex that has been in receivership since February. Paul Cooper, vice president of the auction house conducting the sale, told the News Review the property was sold to the lender Freddie Mac. Last week Freddie Mac confirmed to the city that they were the winning bidder on the foreclosure sale. However, they said, the sale will not be ratified for approximately 45 to 60 days and, in the meantime, the receiver will remain in place.
Freddie Mac filed for foreclosure and emergency receivership against the building owner on January 31 and February 2, 2024. The receivership was broadly celebrated by residents and city officials, following ongoing problems and code violations at the property since it was bought by Charlestowne North Holding Company LLC in 2023. Now that Freddie Mac is the property’s owner as well as lender, it’s expected they will eventually sell the property, perhaps after some work.
“Right now the property has a lot of issues,” said City Manager Josué Salmerón. It would be unique if the lender was to become the long-term owner, he told the News Review.
“To me it’s not bad news,” said Salmerón who spoke of a good working relationship already in place with Freddie Mac. They have regular check-ins and inspections and are meeting goals, deadlines and expectations, he told the News Review. “We welcome a new owner that will be invested in the property and tenants and in Greenbelt.”
