COLUMBUS, Ohio — A newly appointed receiver is taking over operations at the Latitude Five25 Apartments on the city’s east side after the City of Columbus obtained a court order on Monday. The former owners, Paxe Latitude, were ordered to turn in their keys.
Latitude Five25, located on Sawyer Boulevard, was evacuated on Christmas Day in 2022 when some pipes burst due to the freezing temperatures, causing electrical damage. The city condemned the complex after the buildings were found to be without potable water, heat and a working fire suppression system. Additionally, only one of four elevators was working.
According to City Attorney Zach Klein, tenants were evacuated due to unsafe conditions and neglect and mismanagement by ownership.
The owners filed for relief under chapter 11 of the United States Bankruptcy Code in New Jersey on Feb. 20. That bankruptcy claim was dismissed by a judge in August, paving the way for a receivership group to take over the property.
“Turning the keys over to a receiver is a significant win as we can finally begin a new chapter following years of negligence and mismanagement by landlords that failed to meet even the most basic needs,” said Klein. “The City is encouraged by the receiver’s proven track record, and we look forward to working with a new, responsible partner that is willing to do right by tenants, work to turn this property around, and develop a real, sensible strategy for the future of the towers.”
The property is being taken over by New Perspective Asset Management, LLC (NPAM). The city says that NPAM has experience in working with real estate deemed a public nuisance and they have already been appointed in nearly 100 cases by the Environmental Court.
Paxe Latitude must turn over the keys to the property and allow NPAM to come in, evaluate the condition of the property, develop an appropriate rehabilitation plan to bring the property back to a usable state and maintain the safety and security of the site until the eventual sale of the property.
NPAM will be responsible for developing a plan for former tenants to retrieve any remaining personal property once remediated from asbestos.
In addition to turning in the keys, the city says the owners must also provide all other forms of access and critical documents within five business days.