Multifamily management firm Bell Partners has sold a 500-unit apartment property in the Denver area to an affiliate of Treeline Multifamily Partners for $154 million. The buyer financed the acquisition with a $103 million Freddie Mac loan.
Located in the northwest Denver suburb of Broomfield, Bell Summit at Flatirons was built in 2004 and has a mix of one- and two-bedroom apartments that average 960 square feet in size, according to Yardi Matrix data. In 2016, Bell Partners spent more than $13 million in upgrades and renovations to the property, including common areas, unit interiors and amenity upgrades.
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Resident amenities at the property include a fitness center and yoga studio, bike storage, business lounge, swimming pool and jacuzzi, barbecue areas and a resident lounge and courtyard.
A JLL Capital Markets team of Jordan Robbins and Pamela Koster represented Bell Partners in the sale. JLL’s Josh Simon and Rob Bova also worked with the buyer to obtain the seven-year acquisition loan through Freddie Mac, which matures in December 2027.
The property last changed hands in August 2016, when Bell Partners purchased the community from AMLI Residential for $116.3 million, according to Yardi Matrix data. The acquisition was financed through a $80.5 million loan that matures in September 2023.
Denver was recently ranked the number one metro for multifamily deliveries in the western markets, according to Yardi Matrix data. Based on new deliveries year-to-date as of November 2020, the metro ranked first with 55 projects encompassing 11,582 units.
Last month, Bell Partners acquired two adjacent residential properties in the Boston area with plans to combine the separate communities into one 420-unit property dubbed “Bell Westford.” The deal marked the firm’s fifth rental property in the greater Boston area.