Apartment Sale Near Swedish Medical Center Demonstrates Continued Velocity
Creekside Apartments, a 17-unit apartment community near Swedish Medical Center in Englewood, has sold for $2,450,000. The sale represents a strong value-add opportunity in an area poised for growth.
Matthew Beverly, Boomer Beatty and Peter Standley, all investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, Campus Apartments II, LLC. Beverly, Beatty and Standley also secured and represented the buyer, DJ-3 LLC. Phillip Gause, first vice president Capital Markets with MMCC in the firm’s Denver office, secured the financing.
“The buyer was based in Southern California and was referred to us by the Los Angeles office,” said Beverly.”The buyer was in an exchange and was specifically looking to trade out of California into the Denver area.”
The Creekside Apartments are located just blocks from the Swedish Medical Center and half-a-mile from downtown Englewood. Built in 1973, the property consists of a three-story exterior walk-up situated on approximately 0.38 acres and offers 14 one-bedroom/one-bathroom units and three two-bedroom/one-bathroom units.
MMCC arranged an acquisition loan of $1,760,000 on behalf of the buyer. Gause explained the special circumstances of financing this deal. “While the financing environment became very challenging towards the end of this transaction, MMCC was able to leverage its lender relationship to not only get to the closing table, but also obtain higher loan proceeds and a lower interest rate than had been agreed to at time of application, significantly improving the transaction from the borrower’s perspective,” he said.
Photo courtesy of Marcus & Millichap