GVA Offloads San Antonio Apartment Complex

Troubled multifamily syndicator GVA has offloaded one of its San Antonio assets and evaded a foreclosure.

Big Spring-based nonprofit Crossroads Housing Development has acquired the 335-unit Aspire Apartments, at 1830 Bandera Road, on the city’s Northwest Side, the San Antonio Business Journal reported.

While the sale price was not disclosed, Bexar County records show that Crossroads took out a $21 million loan from real estate finance company Greystone. The property was assessed at $26.5 million, according to the Bexar Central Appraisal District.

Of the Aspire’s 335 units, at least 50 percent are required to be reserved as affordable housing, the outlet said. Monthly rents range from $669 to $1,299, according to CoStar.

It’s unclear how much Austin-based GVA paid for the complex, but simply offloading it is a win, given the firm’s recent struggles. GVA defaulted in November on a $56.3 million loan tied to the 285-unit Solara apartments on the city’s North Side. The lender, LoanCore Capital, pursued foreclosure shortly after.

GVA also missed November and December mortgage payments for the 328-unit Bella Madera apartments at 2914 Olmos Creek Drive in northwest San Antonio.

GVA, led by principal Alan Stalcup, is grappling with similar challenges in other markets. Two of the firm’s Austin properties — Falls on Bull Creek and Park at Walnut Creek — also went into foreclosure last month 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.

Its problems deepened last month, when it missed payments on a $145 million loan tied to three Sun Belt assets, leading to foreclosure filings for two of them.

—Quinn Donoghue