Judge sets new hearing to consider sale of troubled apartment tower in Independence
A Jackson County judge on Friday set a new hearing next month to consider the sale of the troubled Independence Towers apartments, according to court records.
Judge Charles H. McKenzie scheduled the hearing on the apartments' possible future ownership for 1:30 p.m. April 18.
A court-appointed receiver, San Diego-based property management giant Trigild Inc., filed an emergency motion earlier this week asking for permission for an expedited sale of the apartment tower at 728 N. Jennings Road in Independence.
Trigild said it had reached an agreement to sell the apartments to PG Independence Tower LLC, an Indiana limited liability company, for $2.8 million.
But in a court filing on Friday, the building's owner, 728 N Jennings RD Partners LLC, opposed the accelerated sale.
'While 728 does not oppose the sale of the Property, it has concerns with the rushed nature of this sale,' Jason Leiker, an attorney for 728 N Jennings RD Partners wrote in the court filing. 'Particularly when the sale price is far below the indebtedness owed by 728, which is $5,550,000.'
The proposed sale comes after a year-long legal battle between Fannie Mae and 728 N Jennings RD Partners, which Kansas City real estate investor Parker Webb, the CEO of FTW Investments LLC, controls.
Fannie Mae contended that 728 N Jennings RD Partners failed to maintain the building according to its loan agreement and accelerated the loan payments.
In February 2024, Fannie Mae filed a lawsuit and sought an emergency appointment of a receiver. In May, McKenzie appointed Trigild as receiver, replacing the former building management, Tango Property Management LLC, which FTW Investments owns.
Trigild had asked for the expedited sale due to the possible erosion of property value and an ongoing legal battle with tenants attempting to form a class-action lawsuit against 728 N Jennings RD Partners, FTW Investments and others.
The proceeds from the sale would go to lender Fannie Mae to pay the outstanding balance loan and the expenses of the receivership.
In his filing, Leiker said that Trigild failed to address the difference between what is owed and the sale price as well as the loss or injury that his client might face due to the rushed sale.
'As it stands right now, 728's guarantors on the mortgage loan might be required to pay the deficiency,' the filing said.
728 N Jennings RD Partners contends that Trigild also failed to provide sufficient evidence about other offers to purchase the property nor attempts to negotiate a higher price. Just over a year ago, 728 N Jennings RD Partners had a purchase offer that was $500,000 higher, according to the filing.
Leiker condends the tenant lawsuit has no significance on whether the sale happened Friday or in 30 days, saying a decision on whether class-action status would be granted is not expected until late summer.
Trigild also failed to explain the reasoning behind its statement that the property's value is eroding, the filing contends, saying the receiver is responsible for keeping the property maintained, and it has 'lauded its own efforts in this regard.'
Leiker also said in the filing that 728 N Jennings Road Partnership and Fannie Mae are in discussions to settle the lawsuit and the sale price Trigild receives for the property could impact whether a resolution is possible.
'728 request the the property be sold,' the filing said. 'However, it believes the Receiver has a duty to ensure that maximum value is received . . . The rushed nature of this sale has red flags.'
The property has been at the center of controversy for the last year, after tenants started raising red flags last spring about living conditions at the apartment building.
Last May, residents of Independence Towers unionized with KC Tenants after the building's hot water system was down for two weeks, following months of serious plumbing, heating and cooling, and pest control issues.
That, however, was just the start of a series of issues for the troubled complex.
In June, an alleged arson fire damaged multiple units on the lower floors of the building.
In July, 3-year-old Tidus Bass fell to his death out of an eighth-story window at the apartment building. Moses Lee Bass and Destiny Lee Randle each were charged with first-degree child endangerment, a felony, in the boy's death. Both alleged they tried for months to get the faulty window fixed.
When U.S. Rep. Emanuel Cleaver II toured apartments at Independence Tower in September, he called the living conditions unacceptable.
'Some of it is worse than your words, I don't know how I'm going to describe it to people,' Cleaver said.
In October, some tenants started a rent strike over the living conditions, which remains ongoing.
Members of the Independence Towers Tenants Union said in a news release Friday they also oppose the sale, accusing Trigild of attempting to sell the building to 'another out-of-state landlord without the usual time for due diligence, leaving tenants with serious concerns about another transition that fails to guarantee safe, stable housing.'
The Star's Noelle Alviz-Gransee contributed reporting.
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