HFF Facilitates Sale of Austin Community
- Oct 25, 2016
By Anca Gagiuc, Associate Editor
Austin, Texas—HFF announced that it has closed the sale of and secured financing for The Parker, a 152-unit multifamily community in central Austin.
HFF marketed the property exclusively on behalf of the seller, Icon Urban Group LLC. The asset was acquired by Austin Capital Advisors for an undisclosed amount. Moreover, HFF assisted the new owner in securing a seven-year, fixed-rate acquisition loan through LStar Capital.
The HFF investment sales team representing the seller was led by Director Forrest Bass, while the debt placement team representing the buyer was led by Director Casey Wenzel.
The Parker is sited on 4.87 acres at 5106 N. Lamar Blvd., northeast of the intersection of North Lamar Boulevard and West Guadalupe Street, close to The University of Texas, Interstate 35 and Mopac Expressway.
Built in 1967, the asset was extensively renovated in 2015 in a retro modern style. Residents can choose from one- to three-bedroom floor plans averaging 643 square feet, with community features including two resort-style swimming pools with cabanas, outdoor bar, barbecue and picnic areas, life-size outdoor chess board and croquet, fitness center, dog run and a courtyard with fire pits and reflection pool. Furthermore, the property also offers guest rooms for short-term lease.
Image courtesy of RENTCafé