A distressed apartment property on San Antonio’s North Side, formerly owned by embattled multifamily syndicator GVA, sold at auction recently.
An LLC with ties to LoanCore Capital, the lender that foreclosed on the property in November, paid $21.3 million for the 285-unit Solara complex, at 11710 Parliament Street, the Austin Business Journal reported.
The price, equating to roughly $74,700 per unit, marks a roughly 21 percent discount from its appraised value of $27 million, according to Bexar County tax records.
Austin-based GVA defaulted on a $56.3 million variable-rate loan, prompting LoanCore to take back the property. It’s unclear how much of the loan balance remained when foreclosure proceedings began.
LoanCore appointed independent trustees of law firm Holland & Knight to handle the March 5 auction.
GVA, which has a portfolio of roughly 30,000 units, is grappling with distressed assets across the Texas Triangle and beyond. The firm, led by principal Alan Stalcup, failed to make its November and December mortgage payments for the 328-unit Bella Madera apartments in northwest San Antonio.
Two of the firm’s Austin properties — Falls on Bull Creek and Park at Walnut Creek — went into foreclosure in December after defaulting on nearly $125 million in loans.
GVA also faces foreclosure on the 264-unit Retreat at Stafford apartment complex in Houston, after falling delinquent on a $288 million loan.
The firm’s problems deepened in January, when it missed payments on a $145 million loan tied to three Sun Belt assets, leading to foreclosure filings for two of them.
However, the firm has successfully offloaded a few properties as of late, including the 335-unit Aspire Apartments in San Antonio and a 252-unit complex in suburban Nashville.
—Quinn Donoghue
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