Mountain View Capital Acquires Luxury Apartments in Downtown Denver
Point 21 Urban Flats, a 212-unit, luxury, core-plus, podium-style multi-housing asset in downtown Denver, has sold to Mountain View Capital for $84.25 million, according to public records.
JLL worked on behalf of Mountain View Capital to arrange a $52 million, five-year acquisition loan with four years of interest only through a JLL correspondent national insurance company. The financing reflects a 61.7-percent loan-to-purchase price and provides three years of fixed-rate and two years of floating rate with open prepay in the last two years.
Constructed in 2014, Point 21 Urban Flats consists of modern one- and two-bedroom units averaging 816 square feet that feature white Quartz countertops, vinyl hardwood-style flooring, in-unit washers and dryers, alarm systems, walk-in closets, large soaking tubs, and balconies in select units. The six-story building houses a full suite of community amenities, including a deck with a full-sized swimming pool and spa, rooftop lounge with sweeping city and mountain views, 24-hour fitness center, two outdoor courtyards, electric car charging station, dog wash station, dry cleaning lockers, garage parking and business center. Mountain View Capital plans to implement strategic capital investment into common areas, lighting and interior unit upgrades.
Point 21 Urban Flats is located at 2131 Lawrence St. in the heart of downtown Denver’s Ballpark neighborhood, which provides a dynamic urban lifestyle environment blocks from popular restaurants, entertainment, nightlife, fitness, and retail. Surrounded by affluent demographics, nearly 70 percent of the housing units within the area are renter-occupied, demonstrating the demand for urban live-work-play assets. Additionally, this true core location places the property within walking distance to some of downtown’s top employers, along with the highly sought-after LoDo, Ballpark and RiNo neighborhoods.
Driven by a high quality of life and job and population growth, Denver is recognized as one of the hottest markets across the country and a top destination for companies and out-of-state residents seeking work-life balance in a rapidly growing city. Coupled with an increasing number of residents seeking urban living environments with access to Denver’s core, downtown Denver’s population is projected to grow by four percent annually over the next four years. Properties like Point 21 Urban Flats are well-positioned to further capitalize on Denver’s growth story in the years to come.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Kristian Lichtenfels.
“Our JLL team was thrilled to help support Mountain View Capital in another great addition to their Colorado portfolio of multi-housing assets,” Lichtenfels said. “There was strong capital interest for this acquisition financing considering the great basis and expected near-term revenue growth. The JLL correspondent lender provided a creative loan structure with a fixed-rate, interest-only and flexibility of prepay – a perfect alignment of terms with Mountain View Capital’s business plan of capital improvements and strategic revenue growth.”
Photo courtesy of JLL