DALLAS, TX – HFF announced today that it has arranged $17.25 million in financing on behalf of Michael Ochstein, President of Price Realty Corporation
HFF worked on behalf of Price Realty Corporation to secure the three-year, floating-rate loan through Principal Real Estate Investors. Loan proceeds were used to acquire the property. This is the third acquisition by Price Realty in Austin during the past year, the others being Keystone Apartments and Acacia Cliffs.
Ten Oaks Apartments is located at 12612 North Lamar Boulevard about 10 miles north of downtown and close to Interstate 35 and U.S. Route 290. Completed in 2013, the Class A property has 192 units that are 97% leased. Community amenities include a clubhouse, fitness center, resort-style pool, barbecue grills and smoker, business center, outdoor fireplace, gaming lounge with Wii, billiards parlor, and cyber café.
The HFF team representing Price Realty Corporation was led by senior managing director John Brownlee.
Founded in 1991, Price Realty Corporation owns/manages over 6,000 apartment units throughout Texas.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF, together with its affiliate HFFS, offers clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.