DENVER, CO – HFF announces $33.5 million in financing for Autumn Creek Apartments, a 360-unit, multi-housing community in the Phoenix suburb of Chandler, Arizona.
The HFF team worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA, Inc.-managed fund, to secure the five-year, floating-rate loan through an international bank. The loan was used to acquire the property and includes a future-funding component to assist the borrower with their capital expenditure program. This transaction follows the recent announcement of financing HFF arranged on behalf of the partnership with the same lender for Greentree Place, a 256-unit apartment community less than 2.5 miles south of Autumn Creek Apartments.
Autumn Creek Apartments is located at 1320 N. McQueen Road approximately one mile east of N. Arizona Avenue and 23.5 miles southeast of the Phoenix CBD. In addition, the property offers nearby access to a variety of major shopping, dining and entertainment amenities such as Downtown Chandler, Tumbleweed Park and San Marcos Golf Course. The two-story, garden-style community features fountains, expansive lakes, streams and resident amenities, including a swimming pool, basketball and volleyball courts, fitness center and business center. Autumn Creek Apartments is 95 percent occupied.
The HFF team representing the borrower included managing director Josh Simon and senior director Brad Miner.
Holliday GP Corp. ("HFF") is a commercial mortgage broker licensed with the Arizona Department of Financial Institutions, License Number CMB 0935500 and NMLS Number 1524298.
About MDC Realty Advisors USA, Inc. MDC Realty Advisors USA, Inc. is a private boutique real estate company focused on commercial and multi-residential markets in the western United States and western Canada. The company offers real estate advisory services in investment, asset and property management of office, industrial, retail and multi-residential properties. MDC is also involved in raising capital and private equity real estate investing for asset appreciation. MDC has offices and operations in Denver, Phoenix, Los Angeles, Chicago and Seattle in the U.S. and Calgary, Vancouver and Toronto in Canada. For more information, please visit mdcra.com.
About Western Wealth Capital: Western Wealth Capital has a singular focus: create wealth through well-selected real estate investment. WWC acquires underperforming multifamily rental properties and increases net operating income and valuation through an approach that has been successfully applied across its entire portfolio. WWC manages these assets, distributes resulting cash flow to investors and, when appropriate, divests. WWC only focuses on markets underpinned by the economic fundamentals of population, employment and GDP growth. Its entry point is when these demand drivers place long-term pressure on vacancy rates and rental pricing. To date, WWC has invested in the Phoenix and San Antonio markets. Its execution and results have formed strong relationships that give it access to some of the best multifamily investment opportunities in the American Southwest. For more information, email info@westernwealthcapital.com or visit westernwealthcapital.com.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.