PGIM Finances 267-Unit CO Community
- Dec 08, 2017
PGIM Real Estate Finance has provided a $48.1 million loan for the acquisition of Vistas at Jackson Creek, a 267-unit community located in Monument, Colo. Marcus & Millichap secured the 35-year HUD 223(f) loan and Greystar manages the property.
Located at 16112 Old Forest Point on 14 acres, the community is minutes away from Interstate 25 and offers convenient access to various shopping, dining and entertainment venues such as Colorado Springs, the U.S. Air Force Academy and the U.S. Olympic Training Complex.
The 12 three-story buildings feature one-, two- and three-bedroom units ranging in size from 762 to 1,336 square feet. In-unit amenities include custom cabinetry, granite countertops, washer/dryers, walk-in closets and wood plank flooring. Residents can enjoy common area amenities such as:
- recreation center
- cyber coffee bar
- fitness center
- yoga room
- resort-style swimming pool
- picnic area
- business center
According to data provider Yardi Matrix, Vistas at Jackson Creek was 98.9 percent occupied as of October and has an average rental rate of $1,426 as of November. PGIM Real Estate’s recent transaction was the acquisition of Hanover Hermann Park, a 29-story, 396-unit community in Houston.
“This transaction highlights our ability to utilize HUD 223(f) for acquisition financing. There were many moving parts and tight timelines, but we exceeded expectations through our focused and experienced underwriting and processing teams,” Patrick Kempton, principal & transaction lead for PGIM Real Estate Finance, said in a statement. “As a newly constructed apartment complex in a desirable location between Denver and Colorado Springs, Vistas at Jackson Creek makes a great addition to our portfolio.”
Image courtesy of Yardi Matrix