LoanCore Capital successfully acquired the Solara apartment complex for $21.3 million through an auction, resulting in a significant discount from its appraised value of $27 million. The previous owner, GVA LLC based in Austin, defaulted on a loan worth $56.3 million tied to the property at 11710 Parliament St with a variable interest rate.
The sale was handled by Holland & Knight led by Mark Weibel as substitute trustees. GVA faced challenges in the local multifamily market and encountered defaults on loans for other properties such as Melia Apartment Homes and Bella Madera apartments before eventually selling off Aspire Apartments.
This transaction highlights distressed properties being sold at discounted prices in San Antonio’s real estate market according to reports from San Antonio Business Journal.
