Blunn Creek Apartments consists of 280 housing units within 12 three-story buildings.
AUSTIN, TX—Hunt Real Estate Capital recently provided a Fannie Mae loan in the amount of $19.5 million to finance the acquisition of Blunn Creek Apartments, an affordable housing multifamily community located at 701 Woodward St. The borrower is a Texas LLC, sponsored by Avanath Capital Management. Hunt Real Estate Capital was able to provide four years of interest-only payments on this transaction.
“ACM is a California-based investment firm that acquires, renovates and operates apartment properties with an emphasis on affordable and workforce communities,” says Paul Weissman, senior managing director and head of originations for affordable housing finance at Hunt Real Estate Capital.
Built in 2002, the property consists of 280 housing units and is comprised of 12 three-story buildings, a leasing office and a business center. Common area amenities include gated access, on-site management, a clubhouse, laundry facility, fitness center, business center, picnic areas, barbecue grills, covered parking, a playground and a pool.
In addition, 32 units are accessible by persons with disabilities. All of the units at Blunn Creek are restricted to individuals or families whose income is 60% or less of the area median income.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
