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The largest property foreclosure in the history of Los Alamos is underway.
The Los Alamos Apartments, with a foreclosure value of approximately $3 million, run east of the Bradbury Science Museum to 9th Street between Central Avenue and Iris Street, and includes two buildings immediately adjacent to museum park housed the Los Alamos National Laboratory student housing.
Assistant County Administrator Tony Mortillaro made the announcement during Tuesday’s county council meeting held at the Community Building. Mortillaro told the board that the county had been notified of the foreclosure by the U.S. Department of Housing and Urban Development (HUD), adding that the Bradbury Row development project intended for the property is probably not going to happen.
The foreclosed property is one of the highest density residential properties in Los Alamos with 132 units on some four acres of land. It’s owned by Los Alamos Apartments Inc. of which Kent Waterman owns 100 percent of the stock. He purchased the property in 1994 from a California man. The man had inherited the apartments from his father who owned them since 1965.
“They had become slums,” said Kent’s brother, Roger Waterman, during a meeting Tuesday.
The Waterman brothers own TRK Management, which has managed the Los Alamos Apartments since 1995.
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