The owner of University Park Apartments, a 97-unit complex at 1709 Shattuck Ave., filed Chapter 11 bankruptcy to delay an impending foreclosure and auction tied to a $28.3 million loan from Terra Property Trust made in 2023. The property was purchased in 2020 for $34 million by an affiliate of Academy West Investments. A U.S. Bankruptcy Court scheduled an early September hearing and a September creditors meeting to address the filings. Academy West specializes in student housing, is affiliated with Sunstone Development, and was formed by Blake Wettengel and Tanya Muro in 2018. Executives emphasized the property's close proximity to UC Berkeley and planned unit upgrades to command premium rents.
The 97-unit University Park Apartments had been headed toward an auction and foreclosure over a $28.3 million loan provided in 2023 by Terra Property Trust. Those efforts now face an uncertain timeline after the property owner, an affiliate of Academy West Investments, filed for Chapter 11 bankruptcy to reorganize its finances. A U.S. Bankruptcy Court in California has set a hearing for early September to discuss the status of the court filings in the case.
Academy West specializes in student housing and apartment investments and is affiliated with Sunstone Development. In 2018, real estate executives Blake Wettengel and Tanya Muro formed Academy West. At the time the Academy West affiliate bought University Park Apartments, the company's executives touted its proximity to UC Berkeley. We thought the location of the property was unsurpassed since it's within a 2-minute walk to campus and near downtown, a major transportation center, and an arts and cultural district, Muro said.
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