Transactions Report Week of 10.09.17
HFF Announces $11M financing for Mid-Rise Apartment Community in Boulder and a 291-unit Apartment Community in Centennial
Holliday Fenoglio Fowler, L.P. (HFF) recently announced $11 million in financing for 2121 Canyon, a 60-unit, mid-rise apartment community in Boulder, Colorado.
The HFF team worked on behalf of a partnership between Element Properties and Signature Partners to place the 10-year, fixed-rate loan with Freddie Mac. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Freddie Mac Loans.
2121 Canyon is situated on 1.26 acres a few blocks south of Boulder’s Pearl Street retail corridor. The centrally located property also offers nearby access to the University of Colorado Boulder campus, various forms of recreation in the Rocky Mountains and the Denver metropolitan area via U.S. Highway 36. Most recently renovated in 2016, the property consists of a mix of studio, one-, two- and three-bedroom floor plans with modern amenities, including new flooring in the kitchen and main living areas, kitchens with high-end cabinetry and stainless steel appliances, breakfast bars with quartz countertops, tiled bathrooms with new vanities, expansive closet space, private patios and views of the Flatirons or Canyon Park. Building amenities include an outdoor pool, lounge area with barbecue grills, courtyard with seating, resident lounge, indoor bike repair station and an indoor dog wash. The property is 100 percent occupied.
The HFF debt placement team representing the borrower included director Leon McBroom.
291-unit apartment community in Centennial
Holliday Fenoglio Fowler, also announced the sale of Greenwood Park, a 291-unit apartment community in Centennial, Colorado.
The HFF team marketed the asset exclusively on behalf of the seller, and procured the buyer, a joint venture between Holland Partner Group and Principal Real Estate Investors.
Greenwood Park comprises a mix of one- and two-bedroom units averaging 1,017 square feet. Units feature built-in shelving, garden tubs, gas fireplaces, in-unit washers and dryers, walk-in closets and attached garages. The 13.4-acre community is located at 6565 S. Syracuse Way in Denver’s booming Tech Center submarket positioning it near many major employers, including seven Fortune 500 headquarters. Additionally, Greenwood Park is convenient to the Arapahoe at Village Center Light Rail station and Interstates 25 and 225, providing access around the Denver metropolitan area. Common area amenities include a heated swimming pool, hot tub, fitness center, media room and business center.
The HFF investment sales team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.
Pinnacle Announces the Sale of 5745 New Abbey Lane in Castle Rock and a Mixed-Use Property in Downtown Brighton, CO
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 5745 New Abbey Lane, Castle Rock, 80108. The 40,000-square-foot premier fitness retail building sold for $10,650,000 or $266 per square foot. Tom Ethington and Rob Edwards, principals, represented the buyer in the transaction.
“After owning apartments for 25+ years, the client wanted to 1031 exchange into a more passive investment. The 24 Hour Fitness building offered a service oriented use with a long term corporate lease and we were able to close just 8 days after the sale of their downleg,” said Ethington.
Pinnacle Real Estate Advisors, LLC also announced the sale of 19-25 South 3rd Avenue in Brighton. The 11,878 SF property sold for a contract price of $800,000; $67.35 per square foot. The property, currently leased out to 6 tenants, sits on a 0.34 acre lot just off Brighton’s thriving main street. Jim Knowlton, Principal with the Knowlton│Lawson Team, represented the buyer in the transaction.
“The buyer owns another mixed-use retail/residential property right next to this property that he has done extensive renovations on over the past year and a half. He plans on implementing a similar renovation strategy here, which will allow him to significantly increase his NOI,” said Knowlton.