Sares Regis Spends $68M on Southeast Denver Asset
- Aug 21, 2020
Sares Regis Group has expanded its Denver presence with the $68 million acquisition of Allure, Yardi Matrix data shows. Evergreen Development traded the 252-unit Denver community two years after paying $55.6 million for the asset. JLL provided $47.6 million in 10-year Freddie Mac financing for the new owner.
Located on 12.5 acres at 1300 S. Willow St., the property is 8 miles southeast of downtown, within 2 miles of several dining and retail options. The South Havana Street retail corridor, home to Costco and Target stores, is a short distance to the east.
Developed in 2002, Allure has one- and two-bedroom apartments along with a handful of townhouse units in 12 two- and three-story buildings. Property amenities include a fitness center, spa, pool and business center. Detached garage parking is available for a monthly fee.
In mid-March, Sares Regis received a $65 million acquisition loan from Mesa West Capital. The debt financed the $86.8 million purchase of The Preston, a 169-unit community in Los Angeles’ Mid-Wilshire neighborhood.