A California-based company known for buying up foreclosed homes recently bought the Founders Square apartments on North Marsalis.
Wedgewood Inc. acquired the 63-unit building that sits on the edge of Founders Park, as well as a 267-unit complex in Lake Highlands.
A local developer bought Founders Square several years ago and pursued a “land swap.” That deal would’ve allowed Windmass Capital to give City of Dallas parks the 1.37 acres where the apartments sit in exchange for 1.37 acres at the corner of Colorado and Marsalis, which is part of Founders Park. Windmass wanted to build a new apartment development of five-to-seven stories, plus retail or restaurants on the corner. That proposal also would’ve come with a promised $500,000 in improvements to the park. But the Dallas Morning News opposed it, and the developer scrapped its plans.
Zoning on 929 N. Marsalis Ave. allows the owner to build as high as eight stories.
Wedgewood was involved with more than 544 deeds records in Dallas County from 2016-2019, San Francisco news station KNTV reported in January.
That TV station described Wedgewood as a “house-flipping giant” that “has faced legal challenges from tenants and opposition from housing advocates.”
