Solar World Estates apartment complexes to be auctioned
Sale of rental complexes part of bankruptcy action
Two apartment complexes that were originally built to cater to corporate travelers will go up for auction next month as part of bankruptcy proceedings, says a real estate broker who's marketing the sales.
The Solar World Estate complexes, which include a total of 126 living units, are scheduled for trustee's sales at 10 a.m. April 12, at the Spokane County Courthouse, says Tim Reinertsen, vice president of Sammamish, Wash.-based Realty Marketing/Northwest.
One Solar World Estates development is at 20 E. Pine Ridge Court, on Spokane's North Side. It has 32 units in eight structures, and is located just east of Division Street near the Division "Y" amid the larger Pine Ridge Apartments complex.
The other Solar World Estates complex is in Airway Heights, at 1892 S. Lawson, a few blocks south of U.S. 2. It has 94 living units in 24 structures. The Airway Heights property also includes 4 acres of vacant land.
The North Side complex was built in 1990 and remodeled in 2002, and construction of the Airway Heights complex started in 1988, Spokane County Assessor's records show.
Reinertsen says the sales will have no reserve—or minimum opening bid—price.
Assessor's records list Daiichi Solar World LLC, of Seaside, Calif., as the owner of the complexes, having bought the properties through an affiliate investment company, DYI Properties Inc., also of Seaside, in 2004 for $6.4 million, records show.
Daiichi Solar World filed for Chapter 11 bankruptcy protection in 2011, listing assets and liabilities each at more than $1 million, U.S. Bankruptcy Court records show.
Most of Daiichi Solar World's unsecured debts were owed to California investors and creditors.
However, court documents list Spokane County, which was owed $68,300 in taxes, as the company's largest unsecured creditor located in Washington state.
Solar World Estates originally provided apartment-style living quarters for business visitors and others for extended stays.The complexes now target market-rate apartment renters, and the two currently are 80 percent occupied, Reinertsen says.
