Newly Completed Austin Community Trades Hands
- May 21, 2014
Austin, Texas—Oden Hughes LLC has completed the disposition of its newly built 293-unit Landmark Double Creek apartment community in South Austin. Toronto-based Brass Enterprises picked up the asset, which was completed in June 2013, for an undisclosed price.
The project was the third launched by Austin-based Oden Hughes, which was founded by Steve Oden and Craig Hughes in 2010. A second phase of the property with 276 units will begin this year. Oden Hughes recently started its tenth Class A apartment asset in Texas and currently has three communities under construction in Austin and Houston.
“Given the strength of the multifamily market and overall economy in Austin, Class A communities like Double Creek are very attractive to investors,” Oden says.
Pat Jones of ARA Austin represented Oden Hughes in the sale.
“Landmark Double Creek was sought after by institutional and private investors seeking a core investment opportunity,” says Jones. “Investors were drawn to the outstanding growth prospects of the I-35 corridor, the property’s proximity to Austin’s central business district, and the luxury product finishes.”
TD Bank funds $17.3M loan for apartment acquisition
Orlando, Fla.—TD Bank announced that it provided a $17.3 million loan to The Heafey Group of Miami and Quebec to support the purchase of apartment units in Baldwin Park in Orlando, Fla. The loan carries a 30-year amortization and was completed by the Bank’s Regional Commercial Real Estate group.
The funding supported the acquisition of 177 residential units located on the second floors of four buildings in the Village Center of Baldwin Park. The mixed-use property also has retail/commercial space on the ground floors. LeClair Group will manage the apartment units, called Majestic at Baldwin Park.
The Heafey Group is a private real estate investment and management company founded more than 33 years ago and headquartered in Gatineau, Quebec, Canada, with operations in Miami. The group’s current portfolio is valued in excess of $600 million dollars, and is primarily composed of apartments, condominiums and hotels.
“It isn’t easy to get financing for mixed-use projects in today’s market, and TD Bank was here for us,” says Pierre Heafey, principal of The Heafey Group. “We deal with TD in Canada and have a 25-year relationship there and were happy to work with TD in the U.S. With these types of deals, you need access to money and you need it fast, and our loan officer did a great job of making sure it went through on time.”
“TD Bank continues to invest in commercial real estate and multi-housing projects that enhance communities and create access to quality housing,” says Tony Lott, senior relationship manager, Regional Commercial Real Estate at TD Bank. “We look forward to working with The Heafey Group as they bring high-quality apartment living to Orlando.”
Boston Capital invests in Texas LIHTC development
McKinney, Texas—Boston Capital has announced that it is investing in the construction of a 164-unit development in McKinney, Texas, known as The Millennium. The developer is Dallas-based GroundFloor Development. The asset will be built with tax credit equity from the LIHTC program and will be available to residents earning 60 percent or less of the AMI, though 34 units will be offered at competitive market rents. To date, Boston Capital has invested in nearly 21,700 units of affordable housing in Texas.
“The Millennium represents Boston Capital’s third investment with our friends Alan McDonald and Brandon Bolin of GroundFloor Development,” says Jeff Goldstein, chief operating officer and director of real estate at Boston Capital. “Attractive amenities and a close proximity to grocery markets, medical facilities, schools and employment centers will contribute to the development’s competitive position in the McKinney marketplace.”
The development will feature a clubhouse building with a leasing office, fitness center, business center, media room, community room and kitchen. Exterior amenities will include a swimming pool, sports court, playground, barbecue grills and picnic tables.