Non-Performing Note Sale: Serenity Residences | Receiver in Place

Brokered by Walker & Dunlop and powered by RealINSIGHT Marketplace, Serenity Residences at 6400 Wurzbach Road is a 268-unit garden-style multifamily community in San Antonio, Texas, securing a non-performing first lien loan with an original principal balance of $28.506MM. The note carries a 6.11% fixed rate, is interest-only through May 1, 2027, and is scheduled to mature April 1, 2033. A court-appointed receiver took control in July 2026 and has restored domestic hot water and cooling to occupied units as life-safety work continues. Built in 1980 on approximately 12.4 acres, the collateral includes 27 two-level apartment buildings, 231,724 rentable square feet, an 865-square-foot average unit size, and approximately 442 parking spaces, plus a clubhouse and fitness center. Physical occupancy stands at 57.5%, with 154 occupied or notice units and 109 vacant units unrented and not ready. Reported leased rents average approximately $865 per month against an average market rent of approximately $834. A June 2026 PCA identified approximately $1.479MM of recommended and immediate repairs, including $1.303MM of Priority 90-Day items, and 25 units were reported as down. The site is zoned MF-33 multifamily and C-2 commercial. The collateral offers an experienced multifamily operator a repositioning opportunity across a diversified mix of one-, two-, and three-bedroom units.