HFF Closes $38M sale & Arranges $31.4M Financing for 230-unit Multifamily in Denver
Denver, CO – Holliday Fenoglio Fowler, L.P. (HFF) closed the $38 million sale of and arranged $31.44 million in acquisition financing for Rockledge Bear Valley, a 230-unit, garden-style multi-housing community in Denver, Colorado.
HFF marketed the property exclusively on behalf of Jackson Square Properties. Advenir, Inc. purchased the asset. Additionally, working on behalf of the new owner, HFF placed the three-year, full-term, interest-only, floating-rate loan with two 12-month extension options through Freddie Mac’s (Federal Home Loan Mortgage Corporation) Green Program and Value-Add Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Rockledge Bear Valley is situated on a 7.25-acre site at 3550 South Kendall Street in southwest part of Denver near the Lakewood suburb. The property is proximate to Highway 285 and five miles from Denver’s financial center, which is home to the largest cluster of federal workers west of Washington, D.C. Additionally, the community is approximately 10 miles from downtown Denver. The seller has recently renovated 131 of the total units, which average 807 square feet. The 10-building property features apartment homes with vaulted ceilings, private balconies, upgraded kitchens and energy-efficient double-paned windows. Rockledge Bear Valley’s community amenities include a state-of-the-art fitness center, WiFi Café, dog park, business center, outdoor grilling oasis, outdoor sport court, bocce ball court, resort-style pool and outdoor lounge with a fireplace.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag.
The HFF debt placement team representing the new owner was led by senior managing director Eric Tupler and managing director Josh Simon.
Image courtesy of HFF