MGL Partners has landed $95 million in equity and construction financing for the development of Fitzsimons Apartments, a 355-unit in Aurora, Colo. Working on behalf of the borrower, JLL Capital Markets Managing Director Mark Erland and Director William Haass secured the loan through an institutional insurance company and a regional bank.
Spanning across 11.4 acres, the project is set to encompass eight buildings and a mix of studio, one-, two- and three-bedroom apartments, averaging 816 square feet. All units will be equipped with HEPA air filters, quartz countertops, in-unit washers and dryers, walk-in closets and stainless-steel appliances. Plans also call for a swimming pool, a clubhouse, a fitness center, bike storage, study rooms, as well as yoga and spin bike rooms.
Located at E. 13th Avenue & Peoria Street, the community will be next to Nome Park, offering residents easy access to green areas. The transit-oriented development will be within less than 2 miles of Interstate 225, providing residents with quick access to metro Denver. Various dining and retail options, including Walmart Neighborhood Market and Lowe’s Market, are within one and a half miles of the community. Additionally, the Fitzsimons Medical Campus, a newly developed 578-acre project with an expected economic output of $11.5 billion each year, will be within a mile of Fitzsimons Apartments.
According to Yardi Matrix data, MGL’s Denver portfolio currently includes three completed properties, and eight others in the planning stage and under construction, totaling almost 1,450 units in the metro area. Late last year, MGL sold Elevate @ Peña Station, a 218-unit community in Aurora to KG Investors for $61.3 million.