DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for Riverton at Davis Springs, a 312-unit apartment community in northwest Austin’s Parmer Lane Tech Corridor.
Working on behalf of the borrower, a joint venture arranged by HFF between Griffis Residential and GE Asset Management, HFF placed the five-year, fixed-rate loan with a correspondent life insurance company. Loan proceeds were used to acquire the property.
Riverton at Davis Springs is located at 10101 West Parmer Lane at the intersection of Lakeline Boulevard and near the U.S. Highway 183 and State Highway 45 interchange. Situated in the heart of northwest Austin’s Tech Corridor, the property provides nearby access to more than six million square feet of office/flex space and is approximately three miles northwest of Lakeline Mall. The property has 16 residential buildings with units averaging approximately 866 square feet each. Community amenities include a swimming pool with cascading fountains, hot tub, bark park, playground, 24-hour fitness studio and a recently-updated clubroom.
The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler, managing director Josh Simon and associate director Casey Wenzel.
About Griffis Residential: Griffis Residential is a multifamily real estate investment company that owns and manages approximately 7,000 Class A apartment units in Colorado, Nevada, Texas and Washington. 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. For more information, visit GriffisResidential.com.
About GE Asset Management: A wholly-owned subsidiary of GE Company, GE Asset Management Incorporated (GEAM) is a global asset manager with $115 billion in assets under management (as of June 30, 2015). GEAM and its predecessor organizations have been managing investments for GE’s U.S. employee pension and benefits plans for over 80 years. Today GEAM manages portfolios for global clients in all major asset classes, including U.S. and international equities, fixed income and alternative assets. Client assets are invested side-by-side with the corresponding portfolios of GE’s benefit plans and managed by the same investment professionals, aligning GEAM’s interests with those of its clients.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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 offer 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 hfflp.com or follow HFF on Twitter @HFF.