Heatherstone Apartments Acquired by Bank Following a Foreclosure Auction

by San Antonio Attorney

After a tedious bidding process, the sheriff’s auction of the Heatherstone Apartments finally concluded as the property is now in the hands of the bank.

Heatherstone Apartments is now officially owned by the U.S. Bank with a bid of $5.05 million.

Attorney N. Lance Bryan, who also represents U.S. Bank, initially placed a bid of $3,333,400. Bryan expected that the final bid will shoot up at a higher price than the appraised value. U.S. Bank intends to sell the property.

U.S. Bank mobilized the foreclosure of Heatherstone Apartments last November 2014, when the previous owner failed to keep up with the 2006 loan payment of $7.5 million.

Jim Parrack became the appointed receiver of the property after Judge Nightingale ruled in favor of U.S. Bank last October 2015.  Parrack’s work background covers as a receiver for an estimated amount of 60 apartment complexes throughout Oklahoma for the past years.

Parrack stated that the fate of the apartment complex is fairly common as owners shell out for it but the management will not fix problems if something goes wrong.

Parrack added that the apartment complex suffered maintenance issues and went to the extent that most apartment space became unrentable.

When Parrack took over, the occupancy fell to 70 percent.

However, he tried to alleviate the apartment’s deteriorating condition by doing light repairs of stairwells and walkways.

Parrack clarified that he is not in the right position to restore order to the property but wants to ensure that the apartment won’t suffer any more deterioration.

Foreclosure may be a negative thing to others but Parrack emphasizes on the fact that this can also be beneficial for the residents since the new owners will invest in more money to improve the apartment’s living conditions.

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