Crow Holdings Lands $380M Refinancing Deal Fort Apartments

Crow Holdings scored a blockbuster refinancing deal for part of its Alexan apartment portfolio.

The Dallas-based firm landed $380.2 million in fresh financing from AllianceBernstein for 1,549 units across five properties in Texas, Colorado and Virginia, REBusiness Online first reported.

CBRE’s Andy Scott, Michael Cosby, Kris Lowe, Tom Burns and Bo Beidleman represented Crow Holdings in the deal.

The properties include:

Alexan Lower Greenville, a 475-unit complex at 5619 Belmont Avenue in Dallas;
Alexan Braker Pointe, a 314-unit complex at 10801 North Mopac Expressway in Austin;
Alexan Waterloo, a 272-unit complex at 700 East 11th Street in Austin;
Alexan Julian, a 202-unit complex at 3400 West 38th Avenue in Denver; and
Alexan Florence, a 286-unit complex at 400 Wythe Street in Alexandria, Virginia.

Crow Holdings developed the properties in partnership with Trammell Crow Residential. The properties were delivered between 2019 and 2023.

In total, the firm’s Alexan portfolio includes 58 apartment properties in Arizona, California, Colorado, Washington, D.C., Florida, Georgia, Massachusetts, Maryland, North Carolina, Texas and Washington, according to its website.

The refinancing deal comes as industry experts anticipate a rebound in Texas’ multifamily markets. Austin was hit hardest of the metros in the Texas Triangle (and, at some points, in the nation), with a deluge of new supply sending rents plummeting in the last few years. But, the rental rate freefall is easing, rental economist Jay Parsons said on LinkedIn recently. Rents for new leases were down 3.9 percent year over year at the end of June, a marked improvement from March’s 7.5 percent year-over-year drop.

It’s not Crow Holdings first major refinancing deal of the year. The firm refinanced its Dallas home, Old Parkland, in May. American General Life Insurance Company provided the five-year, fixed-rate loan for the exclusive office campus’ six buildings. Financial details weren’t disclosed.