Allure Apartments, a 252-unit, core-plus, garden-style apartment community located in Denver’s Cherry Creek South neighborhood, has sold for $68.25 million.
JLL Capital Markets closed the sale and the $43.177 million acquisition financing on behalf of the seller and procured the buyer, Gelt, Incorporated. JLL also worked on behalf of the new owner to secure the seven-year loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Built in 2002, Allure Apartments feature expansive one- and two-bedroom units, averaging 1,010 square feet. Unit finishes include stainless steel appliances, tile backsplash, plank-wood style flooring and in-unit washers and dryers. Community amenities include a 24-hour fitness center, detached garages, a business center, a coffee bar and a residential clubhouse.
Situated at 1300 S, Willow St., Allure sits within the coveted, A-rated Cherry Creek school district and boasts unparalleled access to some of Metro Denver’s largest employment hubs, including the Central Business District, Cherry Creek, Fitzsimons Medical Campus, Denver Tech Center and the Southeast Business Corridor. In addition, it is a five-minute drive to Gardens on Havana Shopping Center and a 10-minute drive to Cherry Creek Shopping Center.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Jordan Robbins and Director Alex Possick. Managing Directors Brandon Smith and Annie Rice led the JLL Capital Markets Debt Advisory team.
“When deals, like Allure, have high mission affordability with the agencies, it allows us to negotiate a competitive loan spread. The compelling spread on this transaction, which included a rate buy down, allowed the sponsor to purchase this asset at a low basis with positive leverage relative to the cap rate,” said Smith.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors.
