LEM Capital JV Picks Up Denver-Area Community

The buyers financed the purchase with a Freddie Mac loan.

Eastglen Apartments
Eastglen Apartments comprises four three-story buildings. Image courtesy of JLL

Two Arrows Group and LEM Capital have acquired Eastglen Apartments, a 102-unit multifamily property in Longmont, Colo., near Denver. A private investor sold the asset for $18.6 million, according to Boulder County records.

The buyers financed the purchase with a $12 million Freddie Mac loan. JLL Capital Markets negotiated on behalf of the borrower to secure the five-year, fixed-rate note that will be serviced by Jones Lang LaSalle Multifamily LLC.

Eastglen Apartments is a four-building community located at 630 Lashley St. The property includes one-, two- and three-bedroom units with sizes between 700 and 1,025 square feet, Yardi Matrix data shows. Of the total, 20 apartments are affordable.

Each unit features a fully equipped kitchen, air conditioning system and private balcony or patio. Common-area amenities include laundry facilities, a swimming pool, a courtyard, a playground area and 130 parking spots.

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The 4-acre property is close to Interstate 25 and downtown Longmont, 5 miles from Vance Brand Airport, 15 miles from Boulder Municipal Airport, 22 miles from Broomfield, Colo., and within 36 miles of downtown Denver. Additionally, Eastglen Apartments is close to multiple retail options, such as The Home Depot, Walmart Supercenter, Target and Costco.

JLL Managing Directors Tony Nargi and Brock Yaffe led the Capital Markets Debt Advisory team that negotiated on behalf of the borrower.

Denver multifamily sales see year-over-year growth

More than 5,300 apartments changed hands in Denver in the first half of 2024, according to Yardi Matrix information. The average price per unit equated $276,422. During the same period of last year, only 2,600 units traded for $299,596 on average.

In one of the more prominent sales of this year’s second quarter, Pacific Urban Investors paid $117 million for a 420-unit community in Greenwood Village, Colo. The deal was part of a portfolio sale involving two multifamily properties totaling 832 units in the Denver and Atlanta markets.

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