JV Lands $53M for Colorado Acquisition

The loan will fund the acquisition of a new Class A community in the fast-growing Johnstown municipality, where high-quality housing is in low supply.

Johnstown Plaza. Image courtesy of ACRE

A joint venture involving Graycliff Capital Partners and Buligo Capital Partners has obtained a $52.7 million loan to acquire Johnstown Plaza, a newly constructed 252-unit Class A multifamily community in Johnstown, Colo. Private equity firm ACRE finalized the loan, which was issued through ACRE’s debt fund ACRE Credit I. The two-year loan agreement includes options for three single-year extensions.

Bearing at address at 5150 Ronald Reagan Blvd., Johnstown Plaza is a garden-style property built and delivered by Carson Development. It features a blend of one-, two, and three-bedroom units ranging in size from 596 to 1,389 square feet. Features and finishes of the apartment homes include zebra blinds, wood cabinetry, walk-in closets, wood-style flooring and private patios and balconies offering views of mountain ranges.

Among the community’s common-area amenities is an out-parcel self storage facility offering on-site climate-controlled storage units.

Initial lease-up

Johnstown Plaza accepted first move-ins in the second quarter of this year. The apartment community is well into lease-up, reaching better than 35 percent physical occupancy in late August of this year.

Johnstown is situated between Fort Collins and Denver. Johnstown Plaza provides convenient access to the region’s primary thoroughfares, Interstate 25 and U.S. Highway 34. Also within easy motoring distance are Boyd Lake State Park, River Bluffs Open Space and Fossil Creek Reservoir Regional Open Space. Due to its proximity to Denver, just 25 miles south, Johnstown Plaza residents can readily reach numerous job centers, including a number of corporate headquarters. Also proximate is premier shopping destination Johnstown Plaza Shopping Center, within a 10-minute walk of the property and anchored by well-known sporting goods and clothing retailer Scheels.

In July, ACRE secured a $300 million investment from StepStone Group.