The owner of the Wood Ridge apartment complex has agreed to sell the property, after being unable to afford repairs to the apartments that were determined to be substandard.
Last May, dozens of people were evacuated from the complex after a balcony collapsed.
The city of Austin ordered the complex to make repairs, but the owner said he couldn't afford to do so.
Wednesday night, the owner made an agreement with the city to sell the property by May 30. The current owner must still pay $220,000 in fines.
The new owner will inherit $270,000 in fines. Those penalties will be forgiven if the new owner meets the deadlines for getting the property up to code.
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