HFF Closes $38M Sale of Denver Property
- Feb 22, 2017
Denver—HFF has closed the $38 million sale of Rockledge Bear Valley in Denver. The company also arranged $31.4 million in acquisition financing for the community on behalf of the new buyer.
Rockledge Bear Valley is a 230-unit, 10-building, garden-style multifamily community sited on a 7.25-acre parcel at 3550 South Kendall Street in southwest Denver near the suburb of Lakewood. HFF marketed the property exclusively on behalf of Jackson Square Properties, the seller. The company also worked on behalf of the new owner, Advenir, Inc. HFF placed the three-year, full-term, interest-only, floating-rate loan with two 12-month extension options through Freddie Mac’s Green Program and Value-Add Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily-Approved Seller/Servicer for Conventional Loans.
“We’ve done a bunch of work for the seller, and have been really active in that submarket,” Jordan Robbins, HFF managing director, told MHN. Robbins led the HFF investment sales team with associate director Jeff Haag.
“And we sold it to them a couple years ago,” he continued. “[The sale] was a pretty straightforward transaction, so I wouldn’t say there was a ton of challenges involved.”
Rockledge Bear Valley is approximately 10 miles from downtown Denver, and just five miles from Denver’s financial center, which is base of operations for the largest assemblage of federal workers west of Washington, D.C.
Seller Jackson Square Properties recently renovated 131 of Rockledge Bear Valley’s units. Apartment homes average 807 square feet in size. The property’s residences feature vaulted ceilings, private balconies, upgraded kitchens and energy-efficient, double-paned windows.
Common-area amenities include a state-of-the-art fitness center, resort-style pool, outdoor lounge with fireplace, Wi-Fi Cafe, dog park, business center, outdoor grilling oasis, outdoor sport court and bocce ball court.
The new owner was represented by the HFF debt placement team led by Senior Managing Director Eric Tupler and Managing Director Josh Simon.
San Francisco Bay-areas-based Jackson Square Properties is a 13-year-old private real estate investment company specializing in purchase and ownership of multifamily properties.
Aventura, Fla.-based Advenir Inc. was founded in 1996 and acquires and operates multifamily properties throughout the United States.