Although San Antonio and Austin Texas are better off than most communities in the US, multifamily apartment foreclosure notices continue to trickle in at the Bexar County court house.
Texas Apartment Brokers, LLC announced that three significant apartment complexes have been posted for foreclosure for the September 2009 foreclosure sale. The sale will be held Tuesday September 4th on the courthouse steps at the Bexar County Court House in San Antonio, Texas.
The three Apartments posted for foreclosure include a 319 unit apartment complex a 244 unit apartment complex and a 135 unit apartment complex.
The original loan amounts range from a low of $3,714,000 to a high $19,700,000.
Leslie H. Cox, President of Texas Apartment Brokers, LLC explains that although the overall occupancy in San Antonio and Austin remains high, the credit crunch is making it difficult for some property owners to refinance their properties. Properties purchased at the peak of the market in 2006 and 2007 may have a much higher debt to equity ratio than is allowed by today’s underwriting guidelines.
Texas Apartment Brokers Specializes in the sale of multifamily properties throughout Texas. Currently Texas Apartment Brokers is closely monitoring all distressed Apartment properties in San Antonio and Austin. www.TexasAB.com | Leslie@TexasAB.com
