Denver-Area Community Nets $11M Loan
- Oct 16, 2017
A joint venture of Element Properties and Signature Partners closed $11 million in financing for a 60-unit community in Boulder, Colo. The securitized, 10-year, fixed-rate loan was placed with Freddie Mac and serviced by HFF. The debt placement team representing the borrower included director Leon McBroom.
Built in 1968 and renovated in 2016, 2121 Canyon is comprised of three studio, 41 one-bedroom, and 16 two-bedroom units, with apartments ranging between 550 and 815 square feet. The property is fully occupied and, according to Yardi Matrix, monthly rents average $1,527. Common amenities at the property include a swimming pool, laundry facilities and a grilling area in the courtyard.
The property is situated at 2121 Canyon Blvd., minutes away from the Pearl Street retail corridor and from the intersection of 28th Street and Canyon Boulevard, both of which offer plenty of dining, shopping and entertainment options. The community is close to several large employers, including Boulder High School, Naropa University, Google, University of Colorado Boulder and Foothills Hospital.
Earlier this year, Element Properties sold a Boulder community for approximately $600,000 per unit.
Image courtesy of Yardi Matrix