AUSTIN-HFF, working on behalf of Christopher Commercial Inc., arranged a $24.3 million loan for acquisition of the 309-unit Alexan Galleria from Trammell Crow Residential. The 3.23%, fixed-rate loan helped the local investor make its first multifamily property buy, which now operates under the name Avanti Hills.

According to HFF senior managing director Douglas Opalka, while lenders didn't exactly don the boxing gloves to fight for the right to finance the property at 12601 Bee Cave Pkwy., it was, in his words, a "hotly contested deal." "We did a full survey of the market, including Fannie Mae, Freddie Mac and the life insurance companies," says Opalka, who led the HFF team representing the borrower. Ultimately, Federal Home Loan Mortgage Corp., better known as Freddie Mac, ended up providing the securitized loan, which HFF will service through its Freddie Mac Program Plus Seller/Servicer program.

Opalka tells GlobeSt.com that the borrower and property excited a lot of interest because of the sponsor. Christopher Commercial, he notes, is a seasoned group, and has bought, sold and owned commercial real estate (retail and manufactured housing) for more than three decades.

Then there is the multifamily property itself. Built in 2008 by Trammell Crow and operated under its luxury Alexan brand, Avanti Hills is situated on 9.5 acres near the Hill Country Galleria, is 96% leased and, as Opalka puts it, is difficult to replicate. 

"This is tremendous real estate," he says. "It's in a mixed-use environment, but situated in the Hill Country (a location in Texas consisting of grand vistas and lovely views). There are other multifamily properties being developed in the area, but nothing that truly has the proximity as does this to a work-live-play type of environment."

Christopher Commercial retained Riverstone to manage and lease the property. Opalka says the new owners don't have to do much to the asset. "It's in great shape with not too many vacancies," he adds.  The multifamily property has one- and two-bedroom units averaging 949 square feet.  Rents range from $1,170 to $2,125 per month.