AUSTIN-Price Realty Corp. obtained financing to the tune of $19.4 million to acquire the 290-unit Acacia Cliffs, a multifamily property located in the northwest hills area of Austin. The buyer, located in Addison, TX, acquired the property from locally based Cypress Real Estate Advisors.
Located at 7201 Hart Lane, Acacia Cliffs was renovated in 2011 and is currently 98% leased. Acacia Cliffs’ is Price Realty’s second buy in the area; in August, 2012, the firm acquired the 166-unit Keystone Apartments at 5230 Thunder Creek Dr. from Falcon Southwest.
Financing for the Acacia Cliffs buy was arranged by HFF, which secured the 10-year, fixed-rate loan through the Federal Home Loan Mortgage Corp. (Freddie Mac). HFF will service the securitized loan through its Freddie Mac Program Plus(r) Seller/Servicer program. The HFF team representing Price Realty Corporation was led by senior managing director John Brownlee.