Mountain View Capital Expands Colorado Portfolio
- Sep 03, 2020
Mountain View Capital has expanded its portfolio by purchasing Volta at Voyager, a 200-unit apartment community in Colorado Springs, Colo., for $52.6 million. Bayley Yandell Development sold the newly built property at 11275 Nahcolite Point, in the Northgate area of the city near the U.S. Air Force Academy.
JLL arranged the sale and led the $37.6 million financing on behalf of the buyer. The 4-year interest-only loan, provided by a national insurance company, features a 3.3 percent interest rate at proceeds equivalent to 71.4 percent of the purchase price, according to a statement by the brokerage.
Directors Mack Nelson and Christopher White led the JLL Capital Markets team that represented the seller, while Managing Director Josh Simon and Senior Director Kristian Lichtenfels led the team that secured the buyer’s financing.
The property offers a mix of one-, two- and three-bedroom apartments with five different layouts, ranging in size from 696 to 1,300 square feet. Most of the units have patios, balconies, large kitchen islands and walk-in closets, among other modern features. On-site amenities include a dog park, pool and hot tub, fitness center, clubhouse and Serenity Center for yoga and relaxation.
Volta at Voyager is about 10 miles north of downtown Colorado Springs. Residents have easy access to outdoor adventure sites, golf courses and parks, including the Garden of the Gods, and the retail and entertainment options of the Promenade Shops at Briargate and the InterQuest Marketplace.
Multifamily investor and developer Mountain View Capital currently owns more than 1,700 apartment units across seven communities, primarily along the Front Range of the Rocky Mountains in Colorado. The company secured a $40.3 million refinancing for Palisade Park, a 316-unit in Broomfield, Colo., late last year.
Elsewhere in Colorado Springs, Oak Coast Properties recently scooped up Cottonwood Terrace, a 200-unit community, from Peak Capital Partners for $37.3 million. The buyer financed the acquisition through a $28.5 million Freddie Mac loan.