Lender Moves To Foreclose On Stafford Apartment Complex After $288M Loan Default
Multifamily distress continues to make itself evident in Houston, with a Stafford apartment complex set to be sold at a Harris County foreclosure auction after the owner defaulted on a $288M loan, public records show.
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The loan has five borrowers, all limited liability companies tied to the Retreat at Stafford as well as to apartment complexes in Richardson and Lewisville, Texas; Hendersonville, Tennessee; and Greenville, South Carolina. All of the complexes are owned by GVA Real Estate Group, an Austin-based value-add multifamily operator with over 30,000 units, according to its website.
GVA did not respond to a request for comment.
LoanCore Capital Credit REIT LLC issued the $288M on Feb. 15, 2022, shortly before federal interest rates began rising, according to the foreclosure document. A special servicer is involved, per the document. LoanCore Capital did not respond to a request for comment.
The Retreat at Stafford is a 264-unit garden-style complex built in 2006 and located at 12752 Stafford Road in Stafford, according to Apartments.com. Monthly rents for one-bedroom apartments start at $1,199, according to the complex’s website, which says GVA “specializes in conventional as well as affordable opportunities, paying particular attention to expanding sub-markets.”
GVA’s investment strategy entailed looking for properties that could yield above-market cash flow once stabilized.
The complex is set to appear at the foreclosure auction on Dec. 5, according to the foreclosure filing.
The Retreat at Stafford could add to a long and growing list of multifamily properties foreclosed upon in Harris County this year. Rockstar Capital lost one in September and Applesway Investment Group lost five complexes over a four-month span this spring and summer.
A Greenspoint-area community tied to Dylan Borland, a Michigan-based investor, was lost through foreclosure in October.
A motel-turned-apartment complex is also set to go on the block at the December auction after apparently not appearing in November, according to public records.