Mark Williams in Melody's Denver office and Paul House in its Houston office arranged the financing on behalf of American Property. They could not be reached by deadline for details of the loan.
Cantebra Crossing, in far northwest Austin, has 288 units in 16, three-story buildings. The gated, resort-style community was built in 2001.
The far northwest submarket's 9.4% vacancy rate was the city's highest at the end of the second quarter, according to Hendricks & Partners research. That was up from 5% from second quarter 2001. The average rent in the submarket increased 0.6% from the previous year to $804 per month. The city's overall vacancy rate was 7.9% while the overall average rent dropped to $721 per month from $728 per month.
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