Texas’ Biggest Loans Headed to Foreclosure in September

UPDATED 9/3/25 5pm

Multifamily distress is mounting in Texas.

The total number of commercial loans headed to foreclosure continues to rise, according to Roddy’s Foreclosure Listing Service. Most of the properties are apartment complexes with loans from 2022 and 2023.

This month will see more than $710 million in loans at the auction block, up from $670 million in August and $400 million in July.

Harris County, home to Houston, was once again the hardest hit, with 10 properties totaling nearly $350 million in debt facing foreclosure.

Here are the biggest loans up for auction this month. It’s possible that some of these borrowers and lenders will reach agreements to avoid auction.

Houston

The largest CRE loan hitting the auction block in Houston this month is a $52.5 million mortgage tied to the 592-unit Estates at Avenstar. The apartment complex, at 10950 Briar Forest Drive, was built in 1974 and is owned by Lurin. The lender is Nexbank.

San Antonio

Austin-based Casoro Group was facing foreclosure on the Aviator at Brooks, a 280-unit apartment complex at 8010 Aeromedical Road in San Antonio, but the sale was canceled. Acres Capital provided the $33.9 million mortgage. The debt on the property, built in 2016, works out to $121,000 per unit.

Dallas

In a blow for both Jonas Woods and downtown Dallas, Pacific Elm Properties is facing foreclosure on One Dallas Center. The firm owns the bottom half of the 30-story tower that Todd Interests converted to mixed-use in 2014. It appears to have defaulted on a $34.5 million securitized mortgage tied to the building.

Fort Worth

The owners of Apex Apartments — a joint venture between California-based fund CalTier, Arizona-based Bakerson and Las Vegas-based investment firm Camino Verde Group — could lose the Tarrant County property to foreclosure at this month’s auction. The notice claims the firm defaulted on a $12.8 million mortgage from CoreVest American Finance Lender for Apex Apartments, at 5320 East Rosedale Street. The 152-unit apartment complex was built in 1968, and the debt amounts to $84,00 per unit.

Repeat offenders

Of the 10 foreclosures in Houston’s Harris County, seven properties are regulars. They’ve received multiple foreclosure notices but haven’t been sold yet. The list includes some holdovers from Fercan Kalkan’s multifamily portfolio, which hit the auction block last month.

Mar Del Sol, a 248-unit complex at 9303 Woodfair Drive ($10 million);
Sutter Ranch Apartments, at 10445 Greens Crossing Boulevard ($18.2 million);
The Pointe Apartments, a 517-unit complex at 4101 Shaver Street ($27.6 million);
Villa Nueva Apartments, a 542-unit complex at 5300 West Gulf Bank Drive ($28.6 million);
Veranda Village, a 330-unit complex at 3635 Shaver Street ($31.6 million);
Falls of Las Villas, a 466-unit complex at 407 Richey Street, and Falls of Alta Vista, a 514-unit complex at 621 Richey Street ($33.5 million); and
The Selena Apartments, a 446-unit complex at 250 Uvalde Road ($37.9 million).

Two properties in Bexar County are headed to the block a second time:

The Joseph at Huebner, a 192-unit complex at 11660 Huebner Road ($31.2 million); and
Poet’s Walk, an assisted living facility at 5438 Presidio Parkway ($48 million).

Travis County will see one repeat customer at the auction block this month: