AUSTIN, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for The Parker, a 152-unit multi-housing community in central Austin.
HFF marketed the property exclusively on behalf of the seller, Icon Urban Group, LLC. Austin Capital Advisors purchased the asset for an undisclosed amount. In addition, HFF assisted the new owner in securing a seven-year, fixed-rate acquisition loan through LStar Capital.
The Parker is situated on 4.87 acres at 5106 North Lamar Boulevard immediately northeast of the convergence of North Lamar Boulevard and West Guadalupe Street. Originally constructed in 1967 and extensively renovated in 2015, the property is designed in a retro modern style and is convenient to downtown, The University of Texas and major transportation arteries such as Interstate 35 and Mopac Expressway. The Parker has a mix of one-, two- and three-bedroom floor plans averaging 643 square feet with community features, including two resort-style swimming pools with cabanas; outdoor bar; barbecue and picnic areas; life-size outdoor chess board and croquet; 24-hour fitness center; dog run; and a courtyard with fire pits and reflection pool. The property also offers guest rooms for short-term lease.
The HFF investment sales team representing the seller was led by director Forrest Bass.
HFF’s debt placement team representing the buyer was led by director Casey Wenzel.
About Icon Urban Group, LLC
Icon Urban Group, LLC (ICON) is a full service multifamily management platform that exclusively manages and owns its own properties. Founded in 2013, ICON’s 50-member team builds value and maximizes returns through the diligent application of asset and property management fundamentals. The firm’s growth and expansion of capabilities are the result of the hands-on involvement of its executive teams.
About Austin Capital Advisors
Austin Capital Advisors (ACA) is a private equity real estate investment company specializing in the acquisition and asset management of multifamily communities in Austin Texas. ACA and its affiliate, Austin Capital Property Management, manage more than 1,500 units in Austin.
About LStar Capital
LStar Capital is a credit affiliate of Lone Star Funds (“Lone Star”) that provides both commercial real estate and corporate lending expertise. Lone Star is a leading private equity firm that invests globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized sixteen private equity funds (the “Funds”) with aggregate capital commitments totaling over $65 billion. The Funds are structured as closed-end, private-equity limited partnerships, the limited partners of which include corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds and high-net-worth individuals. The Funds are advised by Lone Star Global Acquisitions, Ltd. (“LSGA”), an investment adviser registered with the U.S. Securities and Exchange Commission. LSGA and its global subsidiaries advise the Funds from offices in North America, Western Europe and East Asia.
About HFF
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.