CBRE Affordable Housing Arranges Sale & Financing of 140-Unit Property in Denver
Denver, CO – CBRE Affordable Housing has arranged the sale and financing of Diamond at Prospect, a 140-unit affordable multifamily property in Denver, Colorado, to Hamilton Zanze Real Estate Investments for $20.5 million.
CBRE Affordable Housing represented Security Properties Inc. in the sale of the property, which contains 98 units with income restrictions. The property has averaged 96 percent occupancy for the last three years.
CBRE Affordable Housing and Andrew Behrens of CBRE’s San Francisco office secured $12.3 million in acquisition financing on behalf of the borrower. The 10-year fixed rate loan was provided by Fannie Mae at CBRE’s lowest rate to-date – 3.07%.
“Diamond at Prospect demonstrates the integration of the CBRE Affordable Housing platform by providing the buyer and the seller—both valued, long-term clients—with seamless execution from listing through closing,” said Robert Sheppard, Managing Director, CBRE Affordable Housing.
“This loan for Hamilton Zanze was a win for our client. Our debt team secured one of the lowest rates of any CBRE-Fannie Mae loan and closed within 24 hours of locking the rate,” continued Sheppard.
“This was a flawless execution by CBRE Affordable Housing and Andrew Behrens and I look forward to many more,” said David Nelson, Managing Director, Hamilton Zanze Real Estate Investments.
Located in the highly sought after Prospect neighborhood of Denver, the property is in proximity to schools, restaurants, major shopping centers and Coors Field—home to Major League Baseball team the Colorado Rockies. At a 21% rent-to-income ratio, Denver’s cost of living continues to increase, keeping the demand for affordable housing high while maintaining Denver as a desirable location for investors.
Photo courtesy of CBRE