Undermanaged Property Receives Fixed-Rate Loan for Immediate Turnaround
- Jan 11, 2008
By Keat Foong, Executive Editor Austin, Texas–The Houston office of HFF (Holliday Fenoglio Fowler LP) arranged a $1.8 million financing for Alpine Village and Alpine Grove Apartments, two multifamily communities totaling 68 units in southern Austin, Texas.Seamless Development Inc. is using the loan proceeds to acquire the properties, implement a more efficient property management team and make minor capital improvements to facilitate immediate increases in rental rates. “The multifamily market in South Austin has been very resilient in withstanding rental increases without affecting occupancy levels. The close proximity to Saint Edward’s campus and the mismanagement of the property made it an attractive play for us to unlock immediate value. We have cured deferred maintenance, raised rents considerably and extended all of the leases at the property,” says Joe Warnock, president of Seamless Development Inc.HFF managing director Tucker Knight worked exclusively on behalf of Seamless Development, Inc. to secure the three-year, 5.99 percent fixed-rate loan with Washington Mutual. Seamless Development, Inc. is an Austin-based land development company founded in 2006 that focuses on infill redevelopment opportunities in the urban core.The fully-leased properties have studios, one- and two-bedroom units and feature access gates, laundry facilities and barbeque/picnic areas.