Virginia-based Willow Creek Partners (Willow Creek) recently purchased The Croft Apartment Homes, a 138-unit mid-rise property located at 7200 E. Evans Ave., Denver, for $29.5 million, marking their first acquisition in the region.
“Denver has long been a high priority market for us, and The Croft represents the perfect entrance into the region,” said Matt Brady, CEO of Willow Creek. “It is ideally located next to the High Line Canal Trail and it offers easy access to both Downtown Denver and the Denver Tech Center.” Brady added, “We are excited to partner with our residents and deliver an exceptional
living experience and it was a pleasure working with Adam Randall and the rest of the Newmark team.”
Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets represented the seller, a partnership between Colorado-based Summit Communities and DVO Real Estate.
Newmark’s Multifamily Capital Markets Debt & Structured Finance group, led by Vice Chairman Adam Randall and Vice President John Westby-Gibson, secured $21.8 million in Freddie Mac financing for Willow Creek.
“We were pleased to assist Willow Creek on another successful transaction and to help them achieve entry into Denver. This was a seamless execution, despite being in a new market which demonstrates the strength of the relationship between Willow Creek and Newmark,” said Randall. “The property’s strategic and high barrier-to-entry location provides a compelling value-add
opportunity and nicely compliments Willow Creek’s portfolio. We’d also like to thank the Freddie Mac team for their help throughout this process in achieving a great outcome for our client.”
The property offers a mix of one- and two-bedroom floor plans at an affordable price point. Capital improvements made over the past several years include a complete rebrand with new exterior paint, common area upgrades and system improvements to both buildings and units. The seller also recently completed an extensive renovation on most unit interiors, adding washers and dryers, new carpet, flooring, granite countertops, fixtures, stainless steel appliances and new window coverings. The property also includes a remodeled clubhouse, large fitness center, indoor pool and sun deck.
The property was 99 percent leased at the time of sale.
