BERKELEY — The owner of a Berkeley apartment complex that faces foreclosure has filed for bankruptcy in a legal gambit meant to delay a lender’s efforts to seize or auction off the property.
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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. The court has also scheduled a September meeting of the creditors.
An affiliate of Academy West Investments bought the five-story apartment complex at 1709 Shattuck Ave. in 2020 for $34 million, documents on file with the Alameda County Recorder’s Office show.
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.
Academy West was also betting on the long-term trend of housing supply constraints in the area.
“We are excited,” Muro said, that upgrades to the units would help University Park “command premium rents considering the demand for luxury housing within this highly desirable market.”
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