Westwood apartments in Gainesville are about to go into receivership after more than two years of financial hardship.
The property owners have been fighting for two years to sell their Gainesville apartment building at 1130 South 6th Avenue, which has been home to Westwood Apartments since its founding in 2016.
The $1.5 billion property was sold in 2018 for $5.5 million.
It was built on an unused parcel at 745 S. 6th Ave.
The building is a part of the Cross Creek Apartments complex, which includes three buildings in Gainville, and the apartments on the ground floor are now owned by Westwood.
The Gainesville building has been a source of concern for property owners since its construction in 2016, and some have filed lawsuits.
The owners said they could not sell to make ends meet and they did not want to risk having to pay rent to keep the property going.
But property owners on the street and in the building have been working to keep it open.
“It’s going to be tough,” said one Westwood owner.
“I just don’t know if we can do it.”
But some Westwood residents have started to question the owners ability to keep up with the cost of the building and keep their apartments affordable.
“They’re going to have to start paying the rent,” said another Westwood resident.
“We don’t have a lot of money right now.
I’m kind of worried about that.”
There have been several calls for Westwood to close, but there are no immediate plans to do so.
The owner has also been working on another property in Gain, but that property is not in receivership.
The Gainville City Council approved a resolution to sell the property.
The city has also said that if there is a change of ownership in Gain and the Gainville area, the Gainesville property will be closed.
The Westwood property is also the home of two other apartments, which are still open and remain vacant.