Advenir Secures $191M for Three-State Portfolio
- May 21, 2019
Advenir has secured $190.8 million in financing for a six-property residential portfolio totaling 1,843 units in Alabama, Colorado and Texas.
An HFF team of Eric Tupler, Josh Simon, Cortney Cole, Chip Sykes and Matthew Putterman arranged the financing on behalf of Advenir. The seven-year, fixed-rate loans were secured in six separate transactions through Freddie Mac. Two of the deals were acquisition financing and four were refinances from floating- to fixed-rate loans.
The portfolio encompasses the Texas properties of Advenir at Mayfield, a 300-unit community situated at 3200 Bromley Place in Midland; Advenir at The Meadows, a 320-unit community located at 5101 N. A St., also in Midland; Advenir at Stone Park, a 480-unit community situated at 6160 E. Sam Houston Parkway N. in Houston; and Advenir at Wynstone, a 258-unit community located at 6464 Sam Houston Parkway N. in Houston.
The portfolio also includes Advenir at Station 121, a 255-unit community located at 2000 2nd Ave. S. in Birmingham, Ala., and Advenir at Bear Valley, a 230-unit community situated at 3550 S. Kendall St., in Denver, Colo. The average occupancy rate for all six properties is 94.8 percent, according to HFF.
Last summer, Advenir secured $172.8 million to refinance five residential communities in Denver and Houston.