$11.8M Acquisition Financing Arranged for Westminster Apartment Community

JLL Capital Markets has arranged $11.8 million acquisition financing for Willowbrook Apartments, a 95-unit, garden-style, multi-housing community in Westminster.

JLL worked on behalf of Epic Investment Services to secure the seven-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Willowbrook Apartments comprises studio and one-bedroom units ranging from 517 to 715 square feet. A renovation project was underway by the seller, which demonstrated strong value-add potential. Renovated units include upgraded kitchen and appliances, new light fixtures and flooring, as well as washers and dryers. Community amenities feature a community picnic and barbeque area, swimming pool, leasing office, and laundry facilities.

Located at 7135 Raleigh St., Willowbrook Apartments benefits from its central location within Westminster and proximity to downtown Denver. Retail centers within five miles of the property include Planet Fitness, Home Depot, Sam’s Club, and Costco. The apartments are less than five miles from four high schools, 14 elementary schools, and a variety of other education centers. Residents have quick access to recreational locations such as England Park, Hidden Lake Park, Faversham Park, Secrest Rec Center, Apex Community Rec Center, and Little Dry Creek Trail.

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Eric Tupler and Associate William Haass.

“In acquiring Willowbrook Apartments, we expand our multifamily fund to the Denver metropolitan area,” said Allan Okabe, senior vice president at Epic Investment Services. “The focus of our fund remains acquiring multifamily assets that have significant value-add upside in select U.S. markets that demonstrate strong market fundamentals such as employment, population growth, and reliable infrastructure. Through the commitment of our team and key partners, including JLL, we continue to execute our growth strategy and deliver value for our investors.”

Photo courtesy of JLL

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