Distressed SA Apartments Sell at Discount

LoanCore Capital was able to acquire the 285-unit Solara apartment complex for $21.3 million at auction. The San Antonio Business Journal reports that amounted to a discount from its $27 million appraised value.

The original owner, Austin-based investor GVA LLC, had recently defaulted on a $56.3 million loan tied to the asset at 11710 Parliament St. The loan, drawn in 2022, carried a variable interest rate.

A Holland & Knight group led by Mark Weibel handled the sale as substitute trustees.

GVA had run into a number of bumps in the local multifamily market in recent months. Shortly after defaulting on the Solara loan, the company ran afoul of a $25 million loan for its Melia Apartment Homes property on the Northwest Side. At the beginning of 2024, another default was recorded for the Bella Madera apartments. More recently, the company sold off its Aspire Apartments on the West Side.

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