Two east Fort Worth apartment complexes owned by A&R Multifamily are facing foreclosure, according to Roddy’s Foreclosure Listing Service.
Colleyville-based A&R purchased 1505 Exchange Apartments in 2021. The 256-unit property, at 1505 Homedale Drive, was built in 1980 and was last appraised for $25.3 million. An affiliate of New York-based Argentic Real Estate Investment provided a mortgage of $23.5 million in June 2021.
The firm also bought the 346-unit Woodlands apartment complex at 7040 John T. White Road. That complex, which was built in 1979, was last assessed at $23 million. Argentic also provided the mortgage for this property. The amount was $29 million.
The foreclosure sale for both properties is set for April 2 at the Tarrant County Courthouse.
Foreclosures for commercial properties have spiked in Texas in the last year, the Dallas Morning News reported last month. Higher interest rates and a tough lending environment have caused commercial property owners to default on mortgage payments.
Since January, multi-million dollar commercial foreclosures have mounted in DFW.
Multifamily giant Greystar lost the Gabriella highrise apartment building in Dallas to foreclosure in February after taking out a $127 million mortgage on it in 2022. Wolfe Investments’ 211 North Ervay in downtown Dallas was returned to lender Thistle Creek Partners in a February foreclosure sale. Deeds to the Oil & Gas building in downtown Fort Worth and Windsor Senior Living Apartments returned to an entity affiliated with lender Legacy Bank & Trust last month, according to county documents. Both of those properties were purchased by a partnership of Wolfe Investments and Dallas-based developer Bluelofts.
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A&R Multifamily is a syndicator founded by Anna Simpson and Rajesh Gupta in 2019, according to documents filed with the state.
Gupta was removed from state documents related to A&R Multifamily after he was suspended from acting as a broker in 2020. The Financial Industry Regulatory Authority alleged Gupta failed to pay the $1.5 million balance on four loans to former employer Morgan Stanley, according to BrokerCheck.