DALLAS, TX – HFF announced today that it has arranged acquisition financing for Estancia at Ridgeview Ranch (top left photo), a 500-unit, Class A multi-housing community in Plano, Texas.
Working on behalf of Praedium Group and Mike Ochstein, president of Price Realty Corporation, HFF placed the loan with MetLife Real Estate Investments. Loan proceeds were used to acquire the property.
Estancia at Ridgeview Ranch is located at 10200 Independence Parkway adjacent to the Ridgeview Ranch Golf Club between the Dallas North Tollway and North Central Expressway about 23 miles north of Dallas’ central business district.
Completed in 2007, the property has 23 apartment buildings with an average unit size of 1,076 square feet. Community amenities include two pools, a car care center, playground, business center, fitness center and club room. Estancia at Ridgeview Ranch is 94 percent leased.
The HFF team representing Praedium Group and Price Realty Corporation was led by senior managing director John Brownlee (middle right photo) and managing director Brian Carlton (lower left photo).
The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $7 billion in total investments to date in more than 275 transactions comprised of 45 million square feet of commercial space and 55,000 multifamily units.
Price Realty Corporation was founded in 1991 and currently owns and manages more than 5,800 units in the Dallas/Fort Worth area.
Contact:
John S. Brownlee, HFF Senior Managing Director, (214) 265-0880, jbrownlee@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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