HFF Facilitates Acquisition Financing for Apple Creek
At the time of the deal, the asset was 98 percent leased.
By Anca Gagiuc
Apple Creek, Georgetown, Texas
Austin, Texas—HFF announced that it has facilitated acquisition funding for Apple Creek, a multifamily community in Georgetown, Texas for a joint venture between Austin-based GVA LLC and Decisive Ventures LLC of Round Rock, Texas. Loan proceeds will be used for the acquisition and renovation of the property.
HFF placed the seven-year, 3.3 percent, floating-rate loan with Freddie Mac’s Capital Markets Execution program on behalf of the joint venture. HFF will service the securitized loan.
Apple Creek is a 176-unit property built on 10.5 acres at 302 Apple Creek Drive, off Interstate 35—Central Texas’ main transportation artery. The 10-building, two-story community offers a unit mix featuring one- and two-bedroom floor plans averaging 673 square feet. Common area amenities include a clubhouse, swimming pool, dog park, playground, grilling area and basketball court. The property was 98 percent leased, at the time of the transaction.
The team representing the borrower was led by Director Robert Wooten.
Image courtesy of Yardi Matrix
