AUSTIN – Griffis Residential has acquired Avendaro at Canyon Creek, a 296-unit apartment complex in northwest Austin.
HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.56 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan.
Avendaro at Canyon Creek is situated on 24 acres on Ranch Road 620 North, about 17 miles north of downtown Austin.
HFF debt placement team was led by senior managing director Eric Tupler, managing director Josh Simon, associate director Casey Wenzel and real estate analysts Leon McBroom and Bryan Harvey.
Griffis Residential is a multifamily real estate investment company that owns and manages approximately 6,000 Class A apartment units in Colorado, Nevada and Texas. With a property portfolio valued at approximately $900 million, Griffis Residential, the second largest institutional quality Class A multifamily apartment owner in Colorado, is headed by Ian Griffis, David Birnbaum and Tom Barta.