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| Acacia Cliffs Apartments, Austin, TX |
DALLAS, TX – HFF announced today that it has arranged $19.4
million in financing on behalf of Michael Ochstein, president of Price
Realty Corporation, for his second acquisition in Austin, Texas; Acacia
Cliffs, a 290-unit multi-housing community.
HFF
worked on behalf of Price Realty Corporation, to secure the 10-year fixed-rate
loan through Freddie Mac (Federal Home Loan Mortgage Corporation).
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| John Brownless |
HFF will service the securitized loan through its Freddie
Mac Program Plus® Seller/Servicer program.
Loan proceeds were used to acquire the property. This is the second acquisition by Price
Realty in Austin during the last few months, the other being Keystone
Apartments.
Acacia Cliffs is located at 7201
Hart Lane west of the North Mopac Expressway (Loop 1) in the Northwest Hills
area of Austin. The property was
renovated in 2011 and is 98 percent leased.
Community amenities include a clubhouse, business center, fitness
center, swimming pool and basketball court.
 |
| Michael Ochstein |
The
HFF team representing Price Realty Corporation was led by senior managing
director John Brownlee.
Founded in 1991, Price Realty Corporation owns/manages
approximately 6,000 apartment communities throughout Texas.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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