Monday, February 23, 2015

HFF arranges acquisition financing for Class A multi-housing community in Austin, TX


Avendaro at Canyon Creek Apartments, 9807 Ranch Road 620 North, Austin, TX


Eric Tupler
DENVER, CO – HFF announced today that it has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin, Texas.

HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.56 percent, fixed-rate loan through a correspondent life insurance company.  

Loan proceeds were used to acquire the property, and HFF will service the loan.

                Avendaro at Canyon Creek is situated on 23.767 acres at 9807 Ranch Road 620 North in Austin, which was named by Kiplinger as the “No. 1 Best City for the Decade.”

 Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and Interstate 35.

 The 13 two- and three-story buildings are composed of 132 one-, 140 two- and 24 three-bedroom units averaging 965 square feet. 

Josh Simon
  Community amenities include a clubroom with full kitchen and catering area, media room with theatre seating, DVD and gaming library, business center, 24-hour fitness center, resort-style swimming pool with spa, outdoor media lounge with fireplace, children’s play area, sand volleyball court and dog park.

                The HFF debt placement team was led by senior managing director Eric Tupler, managing director Josh Simon, associate director Casey Wenzel and real estate analysts Leon McBroom and Bryan Harvey.

Griffis Residential is a multifamily real estate investment company that owns and manages approximately 6,000 Class A apartment units in Colorado, Nevada and Texas. 

With a property portfolio valued at approximately $900 million, Griffis Residential is the second largest institutional quality Class A multifamily apartment owner in Colorado. 

Headed by Ian Griffis, David Birnbaum and Tom Barta, Griffis Residential focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents.

Casey Wenzel
  For more information visit www.griffisresidential.com or contact Griffis Residential chairman, Ian Griffis (igriffis@griffisresidential.com); CEO, David Birnbaum (david@griffisresidential.com) or COO, Tom Barta (tbarta@griffisresidential.com).

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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