Brixton Capital, a privately held real estate California-based investment company, has acquired The Windsor, a 352-unit, two-story townhome and apartment community in Lakewood. Brixton purchased The Windsor from Boston, Massachusetts-based TA Realty for $124.25 million. The property will be rebranded as Brixton Townhomes at Bear Creek, accompanied by comprehensive renovations to unit interiors and enhancements to common area amenities.
Located at 8153 W. Eastman Place, The Windsor comprises 53 buildings, encompassing ±392,000 square feet of leasable space spread over ±29.05 acres (12.12 units/acre). Currently, 95% occupied, The Windsor boasts ±1,115 average square feet per unit and is led by one- and two-car direct-access garages, in-unit washers and dryers and nine- to ten-foot ceilings. Originally built by San Francisco-based Carmel Partners, the Property offers a blend of single-family style living at apartment rental rates on the west side of Denver, catering to families and young professionals.
“The Windsor stands out as a valuable addition to Brixton’s multifamily portfolio,” said Brixton Capital Founder and Chairman Marc Brutten. “In addition to being irreplaceable, the property is located near Denver’s largest employment hubs at the Denver Tech Center and Downtown. Given Denver’s robust growth prospects, it is slated to be a key focus market for us in the future.”
“Lakewood is a highly sought-after destination within the Denver metro that provides residents with a community-driven environment and great schools, coupled with proximity to the largest employment nodes in the Denver MSA,” said Rob Taylor, chief investment officer of Brixton Capital. “Couple this with the fact that The Windsor is one of the most desirable communities in the submarket, with its large floor plans, attached garages and low-density living environment. We are excited to be reentering the Denver market with this high-quality acquisition.”
In collaboration with Greystar, its professional third-party property management company, Brixton will provide asset management for the property, ensuring institutional standards and delivery of exceptional customer service that aligns with the expectations of its residents.
“We are acquiring this property below replacement cost and with positive leverage from day one,” said Brixton Capital’s Acquisitions Director Mark Mandala. “This strategic acquisition is integral to our portfolio and is further underpinned by disciplined growth assumptions.”
Brixton Capital represented itself in this transaction, as did TA Realty. CBRE secured $80.8 million in financing for Brixton Capital to purchase the property.
Scott Peterson, Mark McGovern, Colby Matzke and Brian Cruz with CBRE’s San Diego-based Capital Markets’ Debt and Structured Finance practice, secured the original agency loan.
“Given Brixton’s outstanding track record of successful real estate investing spanning three decades and over 800 properties, they have proven to be one of the country’s most adept real estate investors,” added Mr. Peterson, vice chairman at CBRE.
