Advenir Dives into Colorado Springs
- Aug 14, 2015
Colorado Springs, Colo. — Florida-based Advenir has acquired a 310-unit apartment community in Colorado Springs with the help of a $29.8 million acquisition loan arranged by the talented folks at HFF. The services firm placed the seven-year, 2.49 percent, adjustable-rate loan with three-years interest only through Freddie Mac’s CME Program.
The property was known as Sunset Creek, but has since been rebranded Advenir at The Village. Advenir has plans to launch a capital improvement program to create significant rental premiums.
The asset is located at 5400 North Nevada Ave. about seven miles north of downtown Colorado Springs, and about nine miles south of the U.S. Air Force Academy. Advenir at The Village is also adjacent to 11,000 students at the University of Colorado – Colorado Springs, as well as the newly-build University Village Colorado shopping center that features Colorado’s only Trader Joe’s.
“Sunset Creek is uniquely positioned across the street from UCCS, the fastest growing university in the state and shares the property line with the city’s most robust retail center,” said Advenir’s chief acquisition officer Todd Linden. “We are confident that we can add value by making significant improvements to the asset in order to garner increased rents and asset appreciation.”
Amenities at the asset include a swimming pool, hot tub, tennis court, volleyball court, fitness center, picnic area and access to 40 miles of jogging and bike trails along the Santa Fe Trail.
The HFF debt placement team representing the borrower was led by Josh Simon and Eric Tupler.