The 360-unit property is at 1320 N. McQueen Road, about 23 miles southeast of the Phoenix CBD. The two-story, garden-style community features fountains, lakes, streams and various common amenities, including a swimming pool, basketball and volleyball courts, fitness center and business center.
Autumn Creek Apartments is currently 95 percent occupied; rent for a one-bedroom unit at the property runs at $625, according to Apartments.com. RentCafe puts the average rent for an apartment in Chandler at $1,137, a 4 percent increase compared to a year ago.
Borrower Plans Capital Expenditures on Property
HFF facilitated the five-year, floating-rate loan through an international bank. The loan was used to acquire the property and includes a future-funding component to assist the borrower with its capital expenditure program.
The transaction follows the recent financing HFF arranged on behalf of the partnership with the same lender for the acquisition of Greentree Place. The property is a 256-unit apartment community less than 2.5 miles south of Autumn Creek Apartments.