HFF Arranges $27M in Refinancing for Round Rock Complex
- Aug 24, 2012
Holliday Fenoglio Fowler LP has secured $27 million in refinancing for City North at Sunrise Ranch, a Class A community in Round Rock. The 384-unit complex, which is 93 percent leased, is comprised of 19 buildings with one-, two- and three-bedroom units averaging 949 square feet each and includes amenities like a swimming pool, fitness center and clubhouse and billiard room. Built in 2009, the community is located about 20 miles north of downtown Austin.
Represented by senior managing director Douglas Opalka, director Charles Halladay and associate director Robert Wooten, HFF arranged a seven-year loan at a floating rate through Freddie Mac, reports Citybizlist.com. The firm worked on behalf of McShane Development Co. and Arsenal Real Estate, according to Multi-Housing News.
In other news, a 166-unit community near the Arboretum was recently acquired by Price Realty in Addison. The acquisition of the Keystone apartments represents the first property owned in Austin by the Dallas investor, which owns a large portfolio in Dallas and Fort Worth, according to the Austin Business Journal.
The seller, Austin-based Falcon Southwest, was represented by Pat Jones and Andrew Shih, ARA principals. According to Jones, the new owner intends to make future investment in renovating the apartment interiors, as quoted by the Austin publication. Built in 1980s, about one-third of the garden-style apartments were remodeled prior to the sale.
Regent Property Group reports the Austin apartment market is on a streak as hot as August in Texas, with rents and occupancies reaching their highest levels in 21 years. “The Austin mid-year apartment occupancy rate stood at just shy of 98 percent,” said Austin Realtor Brian Talley in an official statement.
Photo credits: www.citynorthapartments.com
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