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Multifamily Portfolio Secures $39M Financing

AUSTIN-The investment fund owner gets the Freddie Mac package for two class A apartment complexes, totaling 697 units, in Austin's far northwest submarket and a 224-unit holding in Boca Raton, FL.

By Tim Green | Updated on March 16, 2003

AUSTIN-The owner of three class A apartment complexes–two in Austin, one in Florida–has obtained $39 million in permanent financing.

Houston-based LJ Melody & Co. arranged permanent financing from Freddie Mac for the Income and Growth Fund II Inc., a co-mingled fund sponsored by LaSalle Investment Management, based in San Diego. The Melody team that put the deals together was made up of Sharon Kline and Troy Tegeler of its Newport Beach, CA office, Charles Foschini and Dan Sheehan of its Miami office and Tracy Kennedy in the Austin office.

The Austin apartment communities are in the far northwest submarket. They are the High Oaks Apartments at 11028 Jollyville Rd. and Canyon Creek Apartments at 11316 Jollyville Rd. The 460-unit High Oaks consists of one-, two- and three-bedroom configurations with rent ranging from $650 to $900 per month. It was built in 1983 and is situated on 30 acres. Canyon Creek Apartments has 237 units, also with one, two and three bedrooms, and rents between $654 and $900 a month. It was constructed in 1985, on 18 acres. Dallas-based Lincoln Property Co. manages the Austin properties.

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