Alamo Equity founder seeks bankruptcy on North Side apartments

The would-be developer accused of mismanagement at the El Tropicana Riverwalk Hotel is now seeking bankruptcy on another failed project. 

Logan Anjaneyulu’s Afton Oaks Residences LLC filed for bankruptcy on a nearly 500-unit apartment complex planned on San Antonio’s North Side, the San Antonio Express-News reported. It lists assets from $10 million to $50 million and liabilities from $1 million to $10 million.

Anjaneyulu, the founder of Alamo Equity, was accused of mismanaging the El Tropicana—which was later sold—and several other assets last year. He did not respond to requests for comment on the Afton Oaks bankruptcy, according to the Express-News.

The developer had planned to build the apartment complex on 29 acres it owns in the area of 601 East Afton Oaks Boulevard. The chunk of land runs from Loop 1604 on the north to Hollywood Park on the south. 

Marketing materials indicate Anjaneyulu planned to raise money from investors and start construction on the apartments two years ago, with a stated goal of getting a certificate of occupancy this month or next. No work has been done at the site.

The project, when built out, would have produced $8.7 million in revenue and $4.8 million in net operating income by the fourth year of operations, the materials said.

Another entity tied to Anjaneyulu, Alamo Multifamily Group LLC, has a $3.7 million claim as an unsecured creditor of Afton Oaks.

Afton Oaks’ court filing indicated it plans to “sell or refinance its secured debt with Infin8 Lending, LLC” as a step toward “a more feasible reorganization plan.” The amount of Infan8’s secured debt wasn’t disclosed.

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