Our History

Over the years the company became known for it’s expertise in managing multi-family properties either distressed, troubled or both. New World Management was primarily involved in managing only those properties which it’s owner owned until 1985 at which time they were retained by a local investor to complete the rehab and manage a 196-unit property which he owned in the southern part of Dallas County. He selected Mr. Lengyel because of his reputation both in the city and lending community.

Shortly thereafter, Mr. Lengyel was retained by a group of California investors that had placed three apartment complexes (two in Dallas and the other in Fort Worth) in Chapter 11. Although the owners subsequently elected not to attempt to save the properties, New World was able to make improvements out of the cash flow alone and increase the occupancy at all three complexes. Perhaps the most interesting development of that experience was that the lender retained Mr. Lengyel to manage other properties which they owned due to the manner in which he ran the Chapter 11 complexes. In the case of Summercrest in Fort Worth, Mr. Lengyel cut the monthly negative cash flow from $50,000 to $7,000 in two months and subsequently stabilized the property. 

As a result of saving Sunrise Savings and Loan approximately $70,000 in the re-roofing and pig-tailing of Western Oaks in Grand Prairie, Mr. Lengyel was retained by the four (4) owners (Sunrise, Ocean Federal of New Jersey, Imperial in California and Southern Savings, Brownwood, Texas) to manage the property.

Apparently the performance at Western Oaks impressed Southern Savings to the extent that they retained Mr. Lengyel to manage Kiest Valley, a 108-unit minority property in Oak Cliff. Initially retained by the Court to monitor the operations, but eventually placed in control, Mr. Lengyel assumed control after the foreclosure.

The attorney that represented the California group has continued to recommend Mr. Lengyel as a result of his track record to manage the Eagle Ridge Apartments in White Settlement, Montfort Place in North Dallas, The Summit in Wichita Falls, and Rose Pointe in Arlington, Texas. These assignments were not solicited but rather the owners sought out Mr. Lengyel and his team.

In the case of Rose Pointe, the owner became alarmed over the deteriorating condition of the property and increasing expenses of operation. A study was commissioned by the owner, and it was ascertained that the managers were not performing as would be expected by their reputation. According to the owner, the management company was dismissed as a result of their performance on the site and in meetings held between the lender, owner, attorney and management when it became apparent that the owner’s interests were not being considered ahead of the management company. Mr. Lengyel was then retained and managed the property until its condition was improved and a sale was executed.

Mr. Lengyel has had an on-going relationship with the Federal Asset Disposition Association since it’s inception. As an approved contractor, New World Management, of which Mr. Lengyel was President, had five management contracts in both Dallas and Fort Worth involving 1,698 units. They were also retained by FADA to perform studies as to the feasibility of the rehabilitation of an apartment complex in Austin, Texas.