SAN ANTONIO-FSC Realty added new meaning to the term “Texas shoot-out,” beating out 50 offers to acquire the 312-unit Colonnade. The Beverly Hills, CA buyer was able to close quickly and offer hard money and a price that meant servicer Midland Loan Servicing only had to write down a small amount on the class A asset.

The 15-year-old Colonnade at 9898 Colonnade Blvd. once belonged to MBS, which declared bankruptcy in 2007. The Metairie, LA-based company is down selling off its last few properties in Texas.

Marcus & Millichap Real Estate Investment Services vice president and senior director Will Balthrope represented both Midland Loan and receiver Greystar Real Estate Partners. He tells that FSC Realty plans to put approximately $2 million into the property to fix down units and to upgrade the interiors and exteriors. The asset currently has mid-80s occupancy.

Balthrope, who teamed with Marcus & Millichap associate director Ryan Epstein on the transaction, says the Colonnade attracted a variety of potential buyers, from life companies, to opportunity funds, to private individuals. “Everyone wants to buy a distressed asset, but no one wants to buy distressed real estate,” Balthrope says, explaining the asset’s popularity. “What these buyers are looking for is high-quality real estate that, for whatever reasons, must be sold on today’s market.”

Balthrope says in this particular case, the lender didn’t foreclose on the asset, as much as he modified and restructured the loan for a new buyer. In a sense, therefore, FSC Realty, headed up by Stan Fimberg and Albert Baril, ended up assuming the loan with about 10% to 15% down, Balthrope explains. It also meant that the lender was able to recover approximately 20% to 30% of the loan. The sales price was kept confidential, but the Bexar Appraisal District values Colonnade at $18 million.

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