In re GALP Highcross Limited Partnership (Bankr. S.D. Tex.) Case no. 11-36741
In re GALP Waters Limited Partnership (Bankr. S.D. Tex.) Case no. 11-36743

GALP Highcross Limited Partnership and its Co-Debtor recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances.  The Debtor’s real property consists of an apartment building known as Sedona Pointe Apartments located at 311 Highland Cross Drive in Houston, Texas, valued by the Debtor at $10.1 million and an apartment building known as the Gallery at Champions Apartments located at 2431 FM 1960 Road West in Houston, Texas, valued by the Debtor at $14.5 million. The Debtor’s personal property consists of escrow reserves valued by the Debtor at $1.7 million; security deposits valued by the Debtor at $185,956; accounts receivable booked by the Debtor at $84,698; furniture and fixtures valued by the Debtor at $504,816. The Debtor’s gross rents for 2009 were $3.1 million; for 2010 they were $2.9 million; and for 2011 to date they are $1.9 million.