LAS VEGAS (KTNV) — Residents at a troubled Las Vegas apartment complex are breathing a sigh of relief after weeks of facing an uncertain future.
In February, Channel 13 started reporting on the trouble the owners of the Tides on Twain apartment complex were in after going into foreclosure.
Documents we obtained revealed they were in $43 million of debt to their lenders.
WATCH | Longtime resident shares hope for future at Tides on Twain
That meant the tenants in the complex were paying their bills, and they weren’t.
“The cost of moving is not cheap, and where would I go?”
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Tenants' futures uncertain after Las Vegas apartment complex foreclosure
That’s what longtime resident Dorris Beck told us, when it was unclear whether she and her neighbors would have to move out.
Last month, a judge approved a receivership, which meant a management company could take over and get the property turned around.
Dorris reached out to Channel 13 this month, and said that “they were slumlords,” when we asked about the previous owners.
“The pools went, the mailboxes were broken into. They never got fixed.”
She received a letter from Stout Management Company dated April 8. They said they were brought in by the court-appointed receiver to manage the property.
“This structure ensures that the property remains under qualified, accountable oversight and that all residents continue to be cared for without disruption,” Stout Management said in the letter.
The new management provided guidance on how to pay rent, and who will be in charge of collecting it.
Any resident can mail or hand-deliver their rent each month, and Stout Management says they’re available to talk about lease renewals and next steps with residents as well.
This is welcome news for Assemblymember David Orentlicher. He represents the district where Tides on Twain is located on East Twain and Boulder Highway.
He was one of the lawmakers that held an informational town hall for residents of the Tides on Twain and Indios after both properties went into foreclosure.
“Seeing that letter providing the reassurance that they have to provide was very good,” he said, adding that “it lifts some uncertainty” for residents.
Orentlicher explained that he’d keep an eye on how things go. “We need to make sure it continues for the long-term,” he said.
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